Some properties need a little work to unlock their full potential. Whether you need to repair and secure a run-down home to transform it to its former glory or want to modernise a house to bring it in to the present day, renovation projects are necessary for many owners.
But such projects can be tricky to pull off. If a renovation is done well it can add value to your property and bring in a healthy return on your investment. Done badly, however, and you risk knocking value off your asset.
So, what do you need to do to ensure you fall into the former category and not the latter?
Project manager
No matter how clued up you are, it can be impossible to keep on top of a renovation project. Finding and appointing a project manager can be a masterstroke to make the whole thing fall in to place. They can help you to avoid legal issues and to keep a close eye on any tradesmen you need to employ to ensure the work is carried out to the highest quality.
Quality tradesmen
Simply appointing a project manager isn’t the end of your involvement – but it will give you a knowledgeable ally to take much of the hard work off your shoulders. Make sure you work together and that any tradesmen you employ are qualified to do the job and, where possible, try to find examples of other projects they have worked on so you can be sure they will carry out the task in hand to the required standard.
Get the right project manager, with the right team of workers and you’ll get the best results.
Laws
Bear in mind that you may need planning permission to carry out some aspects of renovation work to your home – especially extensions. Make sure this is in place before you begin to avoid a costly battle with the planning authority.
You should also look to draw up a contract with the people you employ to carry out the work. This sets everything out in writing from the start so that you can go forward with the project with confidence.
Buyer’s mindset
You need to think about your property and what it needs to command a higher value – even if you don’t intend to sell straight away. Take a look at the pictures of homes on FT Property Listings for inspiration on the types of rooms that can become big selling points – and the design required to bring them to life.
Don’t get distracted from the task in hand either. You might think that a swimming pool will give your home the wow factor, but actually it can prove more trouble than it’s worth whereas kitchens, bathrooms and extensions can be more sound investments that have the widest appeal among would-be buyers.
Remember too that anything that needs to be fixed must be your priority.
Don’t leave any problems outstanding. Any more creative additions to the building should only be invested in once you have eliminated these issues as even the smallest problem can detract from the strengths of a home when it’s on the market.
A renovation project is all about calling on the right expertise to tackle the right issues. Getting skilled people to help you design and improve the property you possess can get a big return on your investment.
