How do you plan a renovation project? This article looks at how to assess the potential of a renovation project and types of home renovation. Alexander Project Management provide commercial renovation project management throughout Leighton Buzzard, Bedfordshire and Buckinghamshire. Find out how long it takes to renovate a house and making a comprehensive budgeting plan.

How To Assess The Potential Of A Renovation Project

When judging the potential of a property, the best policy is to look at it objectively and ask yourself how it could be improved. Ask whether or not you could extend the loft or a room in the property to increase the amount of living space used. Two of the most important rooms to look at are the kitchens and bathrooms.

These are often the highlights that help landlords and previous owners sell their properties. If there is extra space inside for an extra bathroom, and you'd like to increase the value, the home may have some potential. With all this aside, you want to ensure you don't get lumped with paying an enormous amount of money to renovate the home, as it won't make the experience worthwhile.

Prior to purchase, you want to hire a professional that is a member of the RICS (Royal Institute of Chartered Surveyors) to conduct a complete survey. These surveys are used to provide feedback on the repairs that need undertaking before you move in. You can use this feedback to estimate the associated costs and decipher whether renovation projects would be too costly.

Alongside a complete survey, there are a few other factors that we highly recommend considering before you purchase and begin renovating. These aspects include the following:

 Look up the ceiling value for the street

It is a universal truth that often, to make money, you must spend money. However, there are a few limitations you should give yourself when dealing with a fixer-upper home. The best way to assess this is by always checking the ceiling price of the properties on the road of your potential home. Websites like Zoopla and Rightmove enable potential buyers to look at the price range of close-by or similar properties.

In doing so, you can get a rough idea of the area's maximum value. This will help decipher the return on investment when you have completed all post-home renovations. When researching, ensure you look at homes that replica your desired home in the structural content. For example, look at three-bedroom properties in the area if that is what you're seeking. It will provide more cost accuracy. 

 Keep an eye out for anything that will cost a lot to repair

You may find that repairing your roofing will set you back a couple of grand. Especially, in the realm of bowing timbers, and damaged or missing roof tiles. You want to ensure all aspects of the home and structure are functional before purchasing. Often missing tiles are a sign of trouble, as they could insinuate water leaks. If you're looking to avoid a costly renovation budget, check that the windows and their surrounding frames are in good condition.

To reduce heat loss and running energy costs, you can consider upgrading the single glazing to double-glazing. Therefore, it wouldn't be as expensive in the long term. However, we encourage homeowners to maintain characterful period windows where possible, as they may provide some uniformity to the surroundings. 

 Is there scope to extend?

Suppose the house you're looking out isn't large enough to accommodate all habitants, you must consider how best to remedy it. You may spot easy places to transform, such as the loft or garage. Garage or loft conversions are some of the easiest for labourers to complete. They are also the best way to add further space to your property and its value.

With the extra ensuite toilet or bedroom, you can have implemented by professionals, you can expect an increase in value by approximately 15-20 percent. Another excellent opportunity for an extension is a large garden. If you have enough room, you may want to contact local professionals and enquire about a rear extension. We don't recommend doing this if you have a smaller garden as this will prevent you from enjoying outside space.

Before ploughing ahead with such plans, you must also look at what neighbouring properties offer, and assess the opinions of your neighbours. There are a few ways to cut extension costs to achieve a cheaper extension build; however, we recommend taking the ceiling value in mind. 

 Will it need extensive remodelling?

You can do so much to improve the aesthetic and practical value of your home. However, in some cases, the cost to do so could be incredibly high that it limits your Return On Investment (ROI).

If you find that the property of interest requires extensive remodelling to become functional and beautiful, it might be best to search elsewhere. Search for options that better match your layout and size desires. 

Types of Home Renovation

Some of the most common home renovation projects across the UK include the following:

How Long Does It Take to Renovate a House?

Plenty of factors affect the duration of your renovation project, making it difficult to determine how long it will take. However, there are average timeframes allocated to the most popular household renovations, and these are:

Making A Comprehensive Budgeting Plan

For those looking to renovate a new home on a budget, we highly encourage the creation of a comprehensive budgeting plan. Before buying a home with the intention of renovation, you must be aware that aside from the house renovation cost, you mustn't forget to factor in the additional fees. 

These fees include:

  Reconnection Fees: When renovating a home, you may have to connect or reconnect the water supply, as when the home was left by the previous owners, it may have been disconnected. You may also need to pay for electricity to account for day-to-day living, or for the power tools needed by builders and engineers.

  Professional Fees: These are any costs involved in the development process, such as Planning Permission, Building Regulations, Structural Engineer Reports, and a variety of professional surveys that you may require.

  Contingency Funds: During the home renovation process, you may encounter a few issues or faults that you may have to remedy. In this case, you want to ensure you have extra cash on hand so that you can deal with these arising problems.

  Legal Costs: You should expect to pay around £500-£2,000 to conveyancers or solicitors to speak and act on your behalf throughout the process.

 Council Tax

 Valuation Fees

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Are you considering commercial renovation in Bedfordshire or the surrounding areas? Our chartered civil engineer specialises in project management throughout all stages of the process. 

Alexander Project Management work with construction companies and individual home builders throughout Leighton Buzzard, Bedfordshire and Buckinghamshire. Contact us  by following the link below.