Old, run-down homes can be a great opportunity to make some serious cash when in the hands of the right buyer. If you’re prepared to take on a whole lot of work, you stand to reap the benefits in the future. However, many budding property developers can be put-off when faced with the cash injection needed to get the house back into liveable condition. If you want to rebuild a derelict house without breaking the bank, then follow these simple steps:
Get a Survey Done
Before you embark on any work, get a survey done by residential conveyancing solicitors. They’ll be able to alert you to any concerns that weren’t picked up before. You can also get advice from roofers, electricians and damp experts for free if you’re simply enquiring for a quote. This can help you to work out your budget. Without getting a survey, you risk leaving yourself in the dark over some serious issues.
Do You Need Planning Permission?
You should also check whether you need planning permission to start tearing down walls and rebuilding the structure. There is a lot of leeway when it comes to permitted development, but it’s always worth checking if you plan on changing the integral structure of the house. You could also contact an architect who will be able to advise you on this before you go ahead.
Figure Out a Budget
Get lots of quotes from different builders, and don’t just settle for the cheapest one. Ask around and read reviews to gather more information about who you’re letting rebuild your home. In the end, if you go with a cheap builder who doesn’t have a reputation, you may end up with a poorly executed job that’ll cost you more money to repair further down the line.
Take on Easy Jobs That Will Have a Big Impact
Moving around internal walls can be messy, but fairly inexpensive as it’s not a supporting wall which needs a joist. It can make a really big difference to the layout of the home. One of the more common renovating jobs is knocking down two reception rooms to create one large kitchen/dining room area that’s open plan. You may also be able to make a small ensuite for a bedroom if there’s room.
Save a Contingency Fund
You should always have a backup in case of emergencies. Many building renovations take twice as long as anticipated, and this can mean you spend more than you planned. Manchester solicitors recommend, as a rough guide, allowing 10/15% of the overall budget to be set aside, because you never know what you’ll find.