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Posted: 30th June
By: rlf

Property renovation: 3 top tips

With the popularity of TV programmes like “Property Ladder” and “Homes under the Hammer,” it seems that everyone wants to try their hand at property renovation. And there are lots of different reasons why. Maybe you bought your dream house in the ideal location, but in order for it to truly feel like home, it needs some work; or perhaps after many years, you want to modernise your property.

Either way, if done properly, home renovation can be extremely lucrative, but if not, it could be the most expensive mistake you’ll ever make.

Here are three top tips to help you succeed with your property project:

1. Planning

If you want your renovation to be done as quickly and inexpensively as possible, you need to have a clear idea of what exactly needs doing. For this, you need to speak to an expert – get someone to talk you through everything in detail and write it all down. Get as many quotes as possible, and choose the offer that represents the best value for money – which might not necessarily be the cheapest option.

Check out some reviews of the builders you are considering using, to make sure that other people have been happy with their work, as there’s nothing more infuriating (and costly) than a botched renovation job. Make sure you have a written agreement that states how long the work will take and how much it will cost before your builder starts work.

2. Financing

You need to know exactly how you will finance your renovation project. If you don’t have the cash to hand, you can make use of online tools such as Totally Money’s ‘Cheapest Ways to Borrow that can help you find a way to finance your project. It will advise on the cheapest way of borrowing money and the length of time it will take to pay it back, based on your individual circumstances. That way you can plan your renovation more efficiently.

3. Renovating for Resale

If you are planning on renovating your house to get a better price for it when you resell, you should make sure that you don’t put more money into it than you’ll get out of it. Focus on the property projects that will add value, such as turning the front garden into a parking space. In congested areas, this can add up to £5,000 to a property’s value.

The hallway is another important area; because it’s the first thing potential buyers will see as they enter your house. It should therefore make a good impression. Also, when renovating to sell, make sure you pick classic and neutral colours and designs to appeal to more people.