Get more property for your budget
Published Nov 8th 2016
2 mins read
There are many things to consider before moving to a new home (refer to Taking the stress out of moving for top tips). Financial constraints being one of them, which can quickly add up if you think in terms of; estate agent fees, removal costs, solicitors’ fees, stamp duty and home improvements. However, the biggest factor for most people is the ever spiraling house prices, making it essential to obtain the best advice possible for making a wise purchase.
Once you have assessed the costs of moving, the option to extend or improve a current home can often look appealing. After all, if the root cause of weighing up moving options is simply down to a lack of space then improving upon an existing home can often work well. Those willing to adopt an open-minded approach to the condition of a property taking on a home requiring improvement works can really pay dividends and ensure you end up with what you really want and get more property for your budget.
These are the top considerations that you should take into account before renovating and rejuvenating your home:
- Permitted development: Your property may come under permitted development rights. This allows you to extend the property without going through full planning application, and enables you to have written approval from your local council at a much ‘speedier’ rate – So well worth checking
- Architect planning permission: By appointing a local architect they will help you understand the requirements of the local council, particularly in regards to obtaining alterations and developments under permitted rights
- Cost to build: Your cost to build should be cheaper per square foot, than the value it adds to your property per square foot i.e. if you live in an area that averages £250 per square foot (on sale) and you spend £150 per square foot on your alteration; then essentially you are a £100 per square foot better off on that part of the property – This, however, assumes that your property does not have a ceiling value and that you are gaining every £ (pound) of improvement from your alterations
You may also wish to think about a short term letting whilst you are renovating. This is, of course, an extra cost, but it can offset the disruption of efficiency of the build and hassle and stress involved.
Having been part of major renovations myself, whereby I have tried to save money by living within the property, I have found that this can cause more hassle and stress; particularly as developments can take longer because builders have to work around you and your belongings. Not only can your possessions get damaged with dirt and dust, it causes delays in the finishing touches which can take longer if you are living in the renovated room.
Renovate, rejuvenate or ‘renovating and rejuvenating’ homes can be an exciting and rewarding goal, but nonetheless you should not underestimate the complexity of this challenge. Seeking guidance from the right advisor is a necessity and taking the time to fully understand and appraise your options is an important part of the process, ensuring a successful property decision this year. If you would like further information on how I can help you to save time and money, then please get into contact today.