Renovation & Refurbishment South Devon, South West

Our Top Tips on Buying and carrying out a House Renovation Project:

If you're thinking about buying a run down house or other building and making it your home, whether it's a modern or listed building, it may save you some money plus you could stamp your own style on the property.

Taking on a property that needs renovating and updating can be a real challenge. It is extremely rare to find a property now-a-days that is cheaper, solely due to its superficial or decorative state, more serious problems may become apparent later. A property's value is more to do with its structure and location than its interior décor, painting and decorating is usually the first job on the new owners list. Certain rooms in a home are often altered following a house purchase even if these rooms are newly installed, buyers understandably prefer a fitted kitchen and bathroom fitted & designed in their own style, tailored to their own specific needs. Therefore less than perfect properties can be an ideal investment, but it is vital to enter into any project with both eyes open.

Start by comparing properties on a like-for-like basis in a specific geographical area. What is the price difference between a "ready to move in" home and one that needs a lot of work? The savings might not be that great. But if you are like most people, the original décor and layout may not be exactly what you want. Refurbishment or remodeling could be your best option. Ask local estate agents how much the property is likely to be worth after the renovation is complete, then take off 10%, this figure is more likely to be the property's selling price. If you are still interested in the property why not ask a recommended builder or tradesman to take a look at the property with you. Get estimates and time scales for the works needed, this will help you make an informed, final decision. Use these figures in your purchase negotiations. (If you are looking at a property in South Devon and you would like us to accompany you please give us a call or click here with your requirements).

It is better for all parties if you are realistic about what you can take on, but a ‘run down’ house should pose few real challenges if you have the right tradesmen at your disposal. If the place is a real wreck, it may be worth considering renting before moving in. All builders are able to work quicker if owners are not under foot. No-one really wants to live on a building site, but if you do have to live in the house think about the disruption and the time-scale of the works involved.

You should also consult the professionals from an early stage. Find a good chartered surveyor; but one who is thorough and knows about refurbishment. If you are buying a period property find one who has had experience dealing with historical buildings. A surveyor may be willing to give a property a quick "once over" for a few hundred pounds, or even visit several properties on a shortlist for a day's fee. Once you have picked a property, pay for a full, independent structural survey. A bank or building society valuation on its own will be next to useless for this type of property. It is also worth baring in mind that surveyors only comment on what they can see and usually incorporate a statement at the end of the survey to that effect. If there is a problem hidden within the structure of the building which is only uncovered during building works, you will not be able to make a claim against the surveyors insurance. It is imperative that you organize a contingency fund for unforeseen expenses.

Buying a property that has had no structural or decorative work done to it for many years is a better (but not a definitive) indication that something untoward is not lurking within its structure. Look for bad workmanship that has been carried out on the property, it might be an indication of hidden issues within the building.

If the building project is large it may be worth considering employing an architect. Architects' fees come to around 15 per cent of the total cost of the work, but often an architect can save more than this by better use of space and materials.

If you are planning any conversion work, such as converting flats back into a house or changing a commercial building to residential use, you need to consult the local planning office. Most planning departments are helpful and will give you basic advice, this can save serious headaches later on as the project progresses.

How are you financing the building project? If you need a mortgage then speak to lenders at an early stage about the work. Most banks and building societies will cap loans for less than perfect properties until the work is carried out. Any cash retention by the banks will cause cash flow problems unless you budget for it in advance. For large-scale projects, a phased release mortgage might be what you need - the lender releases the money to key stages, such as roofing or plastering etc. There are lenders who understand and are sympathetic to refurbishment projects.

Most importantly you need to budget your build!

Allow a good margin for error. SBR Property Services are here to help you keep within your budget, but you still require a good safety net, at least 20%+ contingency is a good start.