Top tips for a profitable renovation

Property is big business and with so many people trying to make extra money, many are looking to their homes to inflate their bank balance.  Buying, selling, letting or renovating – the rules are the same across the board, but there are some extra tips if you’re thinking of renovating in order to sell.

Act swiftly

There is no ‘bad’ time of year to start planning your renovation.  With the rise of the internet, millions of people are shopping online, and that extends to property too.  Quite often during holiday periods, people will find themselves with time on their hands and they come to the decision to be proactive about taking on a project, whether that be moving house, or redevelopment.  With this in mind, take action – start the ball rolling!

Choose experts

We might all think that we’re the king or queen of DIY, but when it comes to property renovation, take no chances.  Obtain at least 3 quotes for each job and make sure you follow up references from some of their previous clients.  Make sure you know the timescale for each job and tie each contractor in to fit that timescale.  Ensure that a written agreement is drawn up to keep track of timings and costs, making sure that you have a 5% buffer for snagging.  Don’t forget to factor in all costs, from all important renovation insurance to cover every eventuality of your build, down to the carpet cleaning when the works are finished.

Keep an eye on the money!

The reality is, that most of us don’t live in multi million pound properties.  If we did, costly renovations would be worth every penny and would undoubtedly add phenomenal value.  Sadly the same can’t be said for more modestly valued homes.  Make sure that your spend doesn’t exceed the expected value added to your property post build.  The blood, sweat and tears involved in a lengthy renovation has to show a return on your investment!

Make light of it

There’s nothing worse than a dim and gloomy house.  Let the light in.  This may cost a little extra, but experts say that by adding skylights or replacing walls with windows, letting in more natural light will immediately lift the space you’re trying to sell.  If your budget won’t stretch that far, then fake it with mirrors – hung in a well-lit position, light can be reflected back into the gloomiest of rooms.

The finishing touch

Personal taste is all well and good if you’re planning to stay put, but if you’re in it to make a profit, then keep things simple.  Decoration should remain neutral – after all, the buyer is looking to buy your house, not your décor style.  Gaudy colours could put people off!