1. Start by choosing the right property, making sure it is an unemotional investment, as opposed to an emotional home purchase.
Are you looking to buy, renovate and sell, or buy, renovate and hold? If you’re selling it’s imperative that there is an immediate and almost guaranteed profit in the deal. If you’re looking to hold, you need to
buy the right property that will continue to grow strongly forever.
The renovation profit in a hold strategy is more about icing on the cake, maximising your rental return and ensuring you have minimal maintenance to do in the future.
2. Assess your lifestyle.
Before working out the design and layout of your home, the first thing for any renovators to ask themselves: how do I like to live? Is your lifestyle casual? Do you like to entertain? Do you hate cleaning or noise? These different lifestyles will not only effect how the layout is but also the surfaces and colours you end up choosing.
3. If you're going for planning, go to the council YOURSELF and meet the planners.
Introduce yourself and book in a Pre-App - this is essential. Also ask the planners for a list of recommended architects to speak with.
Planners love it when you ask their opinion on things!
4. Research your architect
Establish a shortlist of architects you feel are best equipped in terms of aesthetic and technical prowess. Spend time reviewing the work of different practices, including speaking to past clients. Remember to keep things simple, trends come and go. If you're going for planning permission, definitely try to meet the architects recommended by the planners - they know the local mentality and the lay of the land and are best positioned to advise you and push your scheme through planning.
5. Put your hard earned cash where it shows.
Make sure you put your hard earned cash where it shows. Quality kitchens and bathrooms will always add value to your home and a smart facade will make your house the envy of your neighbours.
6. 5% of the value of your house should be in your kitchen
Your kitchen needs a wow factor, including good storage; quality hardware, drawer runners and soft closing draw mechanisms. 5% of the value of your house should be in the kitchen.
7. 1% of the value of your house should be spent on your bathroom
Aim to spend between 1% to 1.5% of your current property value on your bathroom renovation. If your property is worth £400,000 you would spend around £4,000 renovating it..
Once you know your budget, allocate your money according to howimmediately obvious each component is. If the vanity is the firstthing you see when you come through the door, spend more moneyon a nice vanity, splashback and mirror. Your bathroom is the second most important room in your house, besides your kitchen, in terms of adding real fiscal value.
8. Invest in good quality appliances. Kitchen cabinets look pretty (and it's important to get this right) but it's the appliances that do the heavy lifting. Make sure you proportion 70% of your kitchen budget for quality
9. Go Green
Go green and cash in on the latest change in buying behaviour. Buyers can’t get enough of solar hot water, rainwater tanks and drip-feed irrigation systems.
10. Avoid doing the work yourself to “save money”
A small budget means there is always a temptation to do some or all of the work yourself to save money but DIY renovations can easily backfire. If the quality of workmanship is substandard this will diminish your sale price, possibly eliminating any profit you might have made in much the same way as under-capitalising on a