Home renovation is big business these days. Many people buy a home that is run down and needs improvements works, in the hope that when the house is resold it will make them a nice profit.
Here we take a look at some of the advantages and disadvantages of purchasing a home that needs renovation.
After the costs of the initial purchase of the house and alongside its running costs you will need a realistic budget in order to pay for the work that is carried out on your home. Make sure you speak to various builders and architects beforehand to get an idea on costs so you can be sure you can afford the renovations themselves. If you are doing some of the work yourself be sure you are up to date on the costs of what you want to do on the house.
If you are able to, clear out the house in one go as hiring a skip for one day to get rid of the old kitchen, bathroom suite, carpets and wallpaper can be much cheaper if you dispose of them all at once, rather than take many trips yourself to the dump. Whether you are in London, Edinburgh or Cardiff skips can be hired all over the country and collected when full.
This does mean you will probably be living in a very untidy house while you prepare everything for the skip, so make sure you are aware of the consequences of no toilet or running water for a few days. There is no point in ripping out the bathroom and getting rid of it if you don't have the new bathroom suite already delivered and ready to be installed.
The bits you can't see
Unless you are a qualified electrician or gas safety expert, you probably won't know about how safe or modern your electrical and gas wiring is. Before you set to work with installing new kitchens and bathroom s and laying new floors it is always worth a visit from a professional so these things can be checked out. If you are looking to rent out the house once it has been renovated then there are certain conditions the electrical and gas safety will have to meet before you are able to let it to tenants.
Insulation is worth thinking about too. Check the loft and see the existing levels of insulation and add more if necessary. Check under the floorboards for any other insulation that may have been installed. Insulation can help keep energy costs down when keeping your house warm.
The roof should be checked too for any potential leaks. If previous leaks haven't been fixed then quite often the upstairs rooms will show signs of water damage. If a leak is only just forming then it will be worth getting it checked and fixed before any major damage is done.
Home renovation can be a costly business but also a very rewarding one. Do lots of research before you buy the house and be sure you have a realistic budget and timescale to carry out the work.