Many home owners will want, or perhaps need, to develop their property. The motivation can be to improve it for the sake of their own quality of life in the family home, or to add value, or perhaps both.
Some people will buy a property with the specific aim of extending and refurbishing it to sell on at a profit, while others may want to expand their home to make room for a growing family or to accommodate someone working from home. Whatever your reasons may be there are a few things you need to know before you begin.
Getting the finances straight
It’s vital to set a realistic budget. If you are moving home you need to factor in the not inconsiderable costs of buying and selling, including stamp duty and the removal fees. You will also need to have your mortgage in place and know how much it is going to cost every month.
On top of that will be the costs of developing your property. You need to get quotes from trusted and recommended trade’s people. Time is money but don’t always go with the person who promises to do the job the quickest, they may not be the best.
Have a contingency pot of money that you can use if you really have to, otherwise the work on your property could simply grind to a halt if you run out of cash. Lots can go wrong or change during the course of a project, especially if you are working on an older property where unexpected – and potentially costly – problems can be unearthed.
Set a realistic timescale for the length of your project. This can be vital if you have to move out and pay for rent while the work is done or if you need to sell on again quickly to realise your profit.
Getting the build and the finish right
Think carefully about how best to get the most profit from your property. Local estate agents can help you with guide prices and also what sort of homes and features, buyers are looking for in your area.
Make sure your property is balanced. There is little point in adding extra bedrooms in the loft if the kitchen is small or you only have one bathroom. The property has to work as a home and buyers will quickly spot if it’s not practical.
Shop around for the fixtures and fittings. Items such as kitchens and bathrooms can soon mount up. Don’t over spec your property, for example by adding in a high value kitchen that is completely at odds with the potential resale value of your property once it’s been refurbished. Similarly don’t put low budget ranges into a more expensive home.
Unless you are very confident or aiming for a specific market then generally speaking go for simple, timeless, classic styles that will weather changes in interior design fashion. That way your property will appeal to the broadest range of prospective buyers.
Remember that people can pay a premium to have the hard work of redeveloping done for them so do it properly. Make sure all the basics are in good working order and that the décor has been well finished. A shoddy paint job could make a buyer suspect that corners have been cut elsewhere and put them off making an offer.
When it comes to selling set a realistic price that will attract plenty of interest. If you aim too high then your property could end up sitting on the market unsold.
This post was written on behalf legal firm Hughes Carlisle – They are looking to promote a variety of informative posts on a range of topical subjects. View more here