So, you are feeling inspired and excited to give your home a new look. As exhilarating as it is, a renovation project is a huge undertaking that calls for serious attention. However, if you have a clear plan in mind, you will spare yourself the common headaches. That being said, we have created a list of things you have to know before renovating a property you have recently purchased.
Conduct a Building Survey
It’s always important to have a survey of building by a qualified surveyor, especially if you’re purchasing a new property. The survey of building from a professional will set you back anywhere between £500 and £1,000 according to the location, age and size of the property. A survey will reveal all the major issues like the need for a new roof or issues such as structural movement or dampness. The task will ideally reveal any additional survey you may require, like a professional asbestos report.
Be Ready for Competition
When there’s huge interest in a property, it will usually go to secret bids. The realtor will tell you the exact date when the bids will be submitted. When submitting yours, you’ll have to include a letter to state your offer, solicitor’s details, and a mortgage-offer from the lender. Usually, it needs to write a letter to property owner, stating why you are an excellent choice- big deposit, no chain, etc. Also, include some personal information as to why you’re an ideal choice and why you like the house.
Save on Surveys
If you need a mortgage renovation, your financier will ask for a valuation. Also, if you like a complete survey of building, ask the lender if the surveyor you want use is for valuation report. If not, ask whether they can recommend on in their panel. This will end up saving you substantial money for replacement conservatory roof panels.
Take Your Time
It can be attractive to embark on the project right away, especially if you like to move into the house as soon as possible. However, it’s wise to take your time and ensure everything is in place.
Budget for New Electrics
Electrics in older buildings usually call for updates. So, be on the lookout for old fashion light switches, fuse boxes, fabric coated flex, and round pin plugs. The cost of rewiring a typical 3 bedroom terrace is about £4,000. This includes removing the present wiring, changing the floorboards and installing new units. Keep in mind that the cost will be more once you choose to install extra sockets and light fittings.
Be Subsidence
Savvy Cracks are not always a deal-breaker. In most cases, they are the result of slight important settlement and thermal movements. That being said, it is imperative to consult a surveyor in the early stages. These specialists will utilize the BRE Assessment if there are flag places and cracks that may need a civil engineer to intervene.
Look For Radiators
If a property does not have radiators, this is a sign there’s no main heating system. Installing a fresh heating system (radiators and a boiler) in a conventional house will set you back between £3,500 and £5,000. So do not forget to include this in your budget. Keep in mind that the cost will be more if you have to manage the house to main gas, or install an off-mains alternative like a heat pump, oil tank, or LPG.
