Renovating an apartment is a big undertaking and whether you are looking to give your home a facelift or are a budding young property developer yourself there are certain areas that you need to consider when embarking on a renovation project.
Following expert advice from experienced property developers is a great way to make sure you are on the right tracks. Here are 4 of the key areas to look at when you are starting out in the renovation business.
Plan out the Budget
You may be surprised at the lack of planning that goes on when renovating properties. When you are determining your budget you should consider what strategy you are following, buy to sell or buy to let.
Remember it is always better to overestimate your budget; you never know what may crop up when you start the redevelopment.
Buying to sell benefits from a smaller spend, but buying the property to let will allow more chance for a profit to be yielded in the long term. For example, buying a new build house to sell will require a different budget to an apartment you are looking to let.
Don’t obsess over too many details
If this is your first renovation project you may be tempted to get carried away with the details of the venture, creating designs and altering layouts to your own specification.
This is inadvisable as you may end up creating an apartment for you rather than the future buyer or tenant. Always stick to popular colours and styles to ensure you’re renovated apartment has no troubles on the housing market.
Consider the Location
Location is one of the main determinants of house prices in the UK and whilst you should consider the features of your renovation property location should be key.
A well-known tactic is to ‘buy the worst house on the best street’. This will give you the biggest opportunity to add value to your renovated apartment.
Cities like London and Bath have become notoriously pricey and owners of apartments in these areas are reaping the rewards. As trains and travel to the capital get more accessible house prices may rise in the surrounding areas to any new developments.
Keep an eye out for any properties available in popular cities like Bristol where bargains can be found.
Know when to hire Professionals
With any structural work that needs doing it is always best to get professionals in to avoid any complications further down the line. As always factor in the additional costs of hiring builders into the budget and profit projections for the apartment renovation.
Base your Renovations on Professional Examples
There are many factors you must consider when renovating an apartment for profit. Following the standards set up professional property developers is a must.
For some fantastic examples of home, restorations visit Urban Creation’s ‘Beech House’ apartment in Bristol for a great example on how to make a holiday home that is ready for market.
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