Top Tips For A Profitable Renovation In North London
Renovating your property for profit can be easy if you know what you are doing. With various television programs such as Homes Under The Hammer or Property Ladder it seems everyone wants to try their hand at property renovation. On the face of it, it seems like a good idea and can be highly profitable, but the truth is that very few renovators make money, and worse still some lose money.
Our following guide will offer tips for a successful project renovation.
Do Your Research
If you are investing in a property that needs considerable renovation, check how long the property has been up for sale. A property that has been on the market for more than a few months suggests there isn’t a great deal of profit to be made. Research your chosen location thoroughly consider who you’ll be pitching your finished property to and the type of local amenities important to them. For example, if you are renovating a family home, are the local schools in the area good ones.
What Should You Look Out For?
Ensure you aren’t buying a property that will put an instant drain on finances. With an older property you really should be prepared for anything. Stripping wallpaper could involve the walls themselves coming away with paper, incurring further plastering costs. Don’t be afraid to make various appointments to every type of tradesmen or contractors in order to know what you’re letting yourself in for.
Ask The Experts
Engaging the services for estimates of specialist contractors in roofing, damp specialists, electricians, and plumbers will charge nothing or very little to offer estimates on work and will be more beneficial to you than a surveyor in the earlier stages of property investment.
How Much Work Is Involved?
This really does depend on the type of property you are choosing to invest in. But don’t bite off more than you can chew. A good place to start try doing up a dated property rather than a complete wreck. Renovating a new kitchen, bathroom, re-decoration, adding central heating and new carpets can transform something dated into a modern new home.
Finances
Be prepared. Set yourself a budget and build in some contingency funding, fifteen percent of the total cost is a good guideline. With multiple quotes from qualified contractors this will offer a guide of how much your renovation will cost.
Manage Your Project Ensure you liaise with the builder or contractor to make sure work is carried out to specification. If you are confident enough you could manage the renovation yourself or employ an independent project manager. Get all quotes well in advance from tradesmen or contractors, this way you can calculate your expenditure. Never expect scheduled timescales, things can go wrong and may not always go as planned. Seek as much advice as possible, especially from people who’ve done it before. If you’ve brought a property to renovate and live in be prepared to live in a building site until things are settled.
Employing A Tradesman or Contractor In North London
Decide exactly what work you’d like to be undertaken before asking for any quotations. A JCT a Joint Contract Tribunal is an independent body that has produced a standard contractor for use between you and the builder. This is a legal document that avoids technical and legal jargon. It will however confirm the precise arrangements for the work to be done, the price, payment terms, working hours, insurance and guarantees and how to resolve disputes if they arise. It sets out clearly what’s expected of you and the builder or contractor. In addition, it’s important to remember that any builder or contractor will be spending a lot of time in your home, and therefore should be someone you feel comfortable with. Good communication and a professional relationship is important. Request references of past work, in some instances you may even be able to visit previous jobs in the North London area to view completed projects.
Above all make sure you don’t get emotionally involved in the buying and selling process of your homes. Remember you are doing this to make a profit and the best results will be achieved by people that stick to their budgets.
