Renovation Properties, Where to start…
1) Before you start, work out what you plan on spending on refurbishing the property. When it’s an investment the idea is to make money and therefore it would be silly to spend £15,000 on a renovation that could only add £5000 to the property value. Speak to local agents and ask for their opinions on the possible returns available. They will also be able to give you advice on what style and type of property buyers or renters in your area are looking for.
2) Who are you aiming your renovation properties at? Students will want an entirely different style of décor and fittings to a retired couple. Consider your target market when making your plans. Don’t be tempted to use fashionable fixtures as they will date quickly and may not be to everyone’s taste. In order to appeal to the widest possible market, keep the fixtures, fittings and décor of the property simple and classic.
3)Shop around for your fixtures and fittings. If you know exactly what you want, the internet can be a great way to find what you need at the best price. Also Ebay has some great deals if you can find one-off items or end-of-range products.
4) Be clear on how much money you are going to spend and keep to that amount, its very easy to carried away. (Remember throughout these are investment renovation properties not your home to live in.) Set aside some cash as a contingency fund for unexpected expenses or emergencies.
5)Be organised as planning is everything in property development. A detailed project plan will help to keep you on schedule, plus you’ll know exactly what’s happening and when. Remember the quicker the project is completed the sooner you can sell or rent it and you get a return on your investment.
If you have an investment property in need of renovation, Mistoria Renovations specialise in complete project management. We offer a holistic and complete renovation/building solution specifically designed and tailored to meet your individual needs and requirements. We provide a complete ‘one-stop shop’ ensuring your ideas and dreams are transferred from the conceptual into reality, leaving you with a high quality, professional job that will bring you pleasure for years to come, in addition to adding considerable value to your property.