Working on a renovation project means you want to bring an unloved property back to its former glory by upgrading the condition of your rental property. Or perhaps you are interested in buying a run-down property cheaply, renovate it, and earn a profit after re-selling it. Particularly if your aim is property development, you will need a deep commercial sense of property management. However, Property Maintenance and Renovation are exciting, it can develop organization, skills, and profits. In this article, we’re going to take you through a step-by-step guide for complete property renovation that may be useful for you to understand how a property renovation project works.
What is Property renovation?
Property renovation is one of the best ways to achieve more profit from your existing and new property. It is a great investment for your money if you can simply renovate your property and upgrade its condition in the way you want. If you did it in the right way, it will reap fantastic profits from that property.
In other words, property renovation is the result of proper planning and research with an experienced and efficient team that works together and works hard for weeks or even months on a renovation project.
What kind of property should I renovate?
Before moving forward, ask these questions from yourself:-
● Why am I doing this? (e.g. renovation for-own home, resale,
buy-to-let)
● What is my budget?
● How much time I can spend on the renovation project?
● How much can I do myself?
● What extra help might I need?
● What are the key risks? (e.g. overspending, over-running, a falling property market, pressure on the family)
● How will I manage those risks?
These questions’ answers will work as a kick for you. And now you know your limitations and work on a suitable property for renovation.
Budgeting and preparing for a renovation
Budgeting is essential before you begin. When you already own or are doing a new property renovation project, it’s important to determine how much money you can put into it. You should also figure out the local sales price and end value you want to achieve. It is recommended to have a contingency plan of at least 10 to 15% that allows you to cover unexpected expenses that usually arise when you are renovating an old property. Always
split your budget into some parts. It will be easier if you determine separately the price of structural work, decoration, and furnishing part.
Where do I start with a renovation?
1. Insure
Before starting renovation work, you will need to have renovation insurance in place to exchange the property or start work. It’s much similar to building insurance. It covers building materials and works, legal expenses, public and employer liability, and accidents.
2. Protect the structure
If the property is at risk then it is necessary to protect it immediately. You should board up any broken windows, cover holes in the roof to secure the site as far as possible.
3. Enquire about grants
Sometimes grants and VAT concessions are provided by the local authority or Home Improvement agency. It is beneficial for you to check out before starting any work. However, property developers are not eligible for any grant.
4. Get planning permission (if needed)
It is important to check the renovation restrictions of your area. Once you are set with planning for the renovation then you must identify which aspects require a permit. However, for some areas, permission is needed if your work is likely to change the outer condition of the house.
5. Hire a structural engineer
If there is a need to change structural aspects of the property such as knocking down walls, moving beams, and widening doors, it’s very important to have a structural engineer or
property management team who checks your plans because it is necessary to ensure that your plans meet legal regulations.
6. Hire a trusted builder
If you are not handling the renovation work yourself. Choose your property management company for rennovation and management with great care. Renovation is the biggest task and requires serious commitment and expertise. Describe them briefly and check their quote properly. Don’t go with the cheapest estimate, go with benefits.
Renovating step by step
Renovation is a crucial task. It is a part of property management because renovation is a step which can boost profits of rental property, HMO, etc. Some property owners manage all the works from advertising to renovation themselves. But there are various companies of Property Managment In London that handle renovation projects on behalf of owners. Let’s have a look at some thumb rules of property renovation.
1. Make it safe and workable
Get proper structure and stop any decay and make it safe for work. Ensure water and electricity running as both are essentials for work. You should begin with demolishing and salvaging the material to make the site as clear as possible.
2. Tackle the structure and exterior
Now you can move forwards towards the interior structures and extensions. Connect property to sewers, make it weather tight with doors and windows, and work on rendering and gutters. Once the exterior is done, you can start external decoration too.
3. Make it yours inside
You can start work of plaster on internal stud walls, clipboard, staircase, plumbing, and wiring. Once plaster dried out you can move forward for flooring, doors, skirting, kitchen and bathroom fittings, and radiators. Finally, you can paint and decorate your property.
Benefits of Property Renovation
● Property Renovation Attract New Clients
● Helps in Increasing Earning Potential for Business Owners
● Property Renovation Increase Property Value
● Long-Term Profit Potential
● Return on Property Renovation Investment
● Developing Property for sale
Final words
If you’ve developed your property to sell it for a profit. Keep track of spendings on property. Decide what kind of profit you want from your property, and so work out according to the minimum price for which the property should sell. Keep it realistic, but be ready to struggle to reach your reserve price. For more details regarding property maintenance services, you can Contact Us.
