Top Tips For Renovating Property: Maintenance And Refurbishment
Property maintenance and refurbishment can be a risky business, especially in the current housing market. House prices have not bounced back to pre-2007 levels and properties need to be refurbished to a high standard in order to achieve a sale in a realistic time period.
Here are our top tips for property maintenance and refurbishment that will help you make a profit when selling your home.
1If you are planning major redevelopments, make sure that you have the finances in place to cover the entire works, including a decent sized contingency fund in case things don’t go entirely as expected. A property that is stuck at the halfway point of property refurbishment is likely to be worth less than you originally paid for it!
2If you are buying property with the intention of refurbishing it and selling it to make a profit, you need to make absolutely sure that you buy the property as cheap as possible and cut costs as much as you can when carrying out the works. Doing the work yourself and saving the cost of expensive tradesmen will enhance your profit margin, but remember all works must be completed to a good standard. If you do not have the property maintenance skills to complete the job, it is better to employ someone in the first place, rather than having to pay someone to rectify any mistakes you may make.
3Don’t take on a property refurbishment project that you can’t handle. If you are new to the world of property maintenance it’s best to start with less challenging properties. Ideally, properties that just need decorative work are the best starting point. This type of property puts off the majority of buyers as they are ugly, by today’s standards, and most people are looking for a property they can move into straight away. As you get more experienced in renovating property you can take on houses with more work needed and potentially make bigger profits.
4The best way to add value to a property is to add square footage. Extending a property, when done right, will automatically boost its value. It is important to thoroughly research how much it will cost and how much value it will add to the property first, to ensure that it is a viable option. You don’t want to spend £15,000 adding a bedroom only to find out that it only adds £10,000 to the value. You also need to make sure that it will appeal to its target market. For example, dramatically increasing the number of bedrooms, but not living space is a bad idea as not many families will want a 5-bed house with only one reception room, unless it is priced cheaply.
5Always keep in mind the end goal: selling the property to make a profit. It is very easy when in the throes of property refurbishment to get too attached to the project and fit it out with fixtures and fittings that are to your own taste. It is important to remember that a neutral theme will always sell better at the end of the process and it is not worth paying more for a kitchen because it is the one you would want. If you fall foul of this trap you will be lucky to recoup the money you put into the project, let alone make a profit.
6If you are not planning on selling the property once refurbished, but want to rent it out instead, you need to think about the on-going property maintenance that may be required. It could well be worth refurbishing the property with more hardwearing materials in the first place, as you will only incur extra costs to replace worn or broken items in the future. A good hardwearing carpet and durable paint are worth paying that little bit extra for, as it will reduce the cost of the on-going property maintenance required.
Whatever your reasons for refurbishing a property, it is always important to decide on a budget and then stick to it. Keep track of your outgoings and keep an eye on the housing market to ensure that you do not lose money, as so many new property developers do. Property refurbishment can be a very stressful and costly process and you need to make sure it is going to be worth your while.
About National Homebuyers
National Homebuyers is based in West Sussex and have been helping to solve the UKs property problems for over 10 years. National Homebuyers is the UKs leading property buyer, assisting thousands of people by offering a unique service and specialising in a quick and hassle free sale for your home – We buy any home.
If you have a property or house you are trying to sell fast, don’t delay any longer, contact National Homebuyers to arrange your valuation today on 08000 443 911.
National Homebuyers are flying homes out the door fast for property sellers so if you want to sell your house fast then contact us today because we buy any house, any condition, anywhere in the UK for cash.
House improvements – are they worth it?
If you’re trying to sell your home, you may wonder whether you should do some substantial maintenance or development work to make it more attractive to buyers – but will you get a return on your investment?
If your house has dated decor, an ancient central heating system or energy-draining old windows – among a host of other problems – it may not represent good value for property buyers, so raising a few standards could help make you more likely to sell.
However, you have to measure the cost of these improvements against their potential to make a real difference to the house’s sale value, as well as the personal inconvenience of undergoing work where you live. The latter may be especially hard to bear if you’ve already decided you want to live elsewhere, as you won’t enjoy the benefits.
If you don’t have savings available to make the improvements, you may consider borrowing money to do them, but do you really want to get yourself into debt (or deeper into debt) for the sake of a house you don’t want to live in?
The alternative is to sell your home in its current condition for a lower price, which isn’t ideal, but saves you the expense and stress of invasive work. If you’re struggling to sell to ordinary home buyers in the UK, there are professional home buying companies which can make you a cash offer, enabling you to move to a new home much more quickly and easily.
If you’d like to sell your house to cash property buyers, ask National Homebuyers for advice, as we guarantee to buy any home. Call 08000 443 911 or request a call back to find out how much you could get for your property.
National Homebuyers – We Buy Any House
National Homebuyers are a UK based property buyer who really do buy any house or property! In fact we will buy anything, absolutely anything! Whether it is a house, flat or bungalow we will buy it!
If you are looking for a fast house sale then we are here to help you. Our team of property experts are always on hand to share their expertise with you and help you achieve you aim of selling your house fast in a time scale that suits you and not us. So if you want a sell house fast service then give us a call on 08000 443 911.
Get your no obligation cash offer now by using the Get Offer on the right hand side of this page and take the hassle out of selling your home!