Renovating property is the best way to boost its value, if you know the right tricks of the trade. If you’re thinking of a buying a property to do up and sell or you’re giving your own home a makeover in order to increase its value, here are a few renovation tips to help you along the way.
Create a time schedule
Prevent half-finished projects by giving yourself a deadline to get your renovation plans done. This is particularly important when buying property to renovate and sell that isn’t your home. You want to get all the renovation done as quickly as possible so that you can sell fast and make your profit. Hang onto the property too long and you may become attached or work up a debt through the extra mortgage. Create deadlines for each task to keep yourself focused.
Convert, don’t extend
Whilst extending can add value to a property by giving it another room, it’s a much more expensive process than converting an already existing unused space such as a loft or a garage. When extending, you’re paying for masonry to build the foundation, ceilings and walls. With a conversion, the walls, ceiling and floor are already there (although with some lofts you may need to raise the roof – adding up costs).
Update heating and electrics
Old houses may need heating and electrics updated. Old wiring could be on the edge of posing a safety risk, something that could take away from the value of your property. Replacing boilers can be an expensive job, but may be required if the current boiler is having problems. Get these issues fixed and consider other added extras that you could fit in to increase value such as extra plug sockets, extra radiators and even underfloor heating.
Know when to call in the professionals
Taking a DIY approach to certain jobs can dramatically save costs – if you know what you’re doing. Calling in professionals may cost a little extra, but will ensure the job is done properly. Some jobs may be less complex but very time-consuming such as repainting a large property to be used as an office – it may be worth calling in a commercial painter. You should note that when it comes to electrics and masonry work there may also be a lot of building laws that need to be abided by, in which case hiring a professional electrician or builder may be easier.
Eco-vate
Improving energy efficiency can also increase your property’s value. Insulation is the biggest way that property developers are cashing in on eco-vation. This could include adding loft insulation, insulating cavity walls, adding double glazing, blocking the chimney and fitting draft protectors on doors. Ensure that there are also no cracks in the property – even if they don’t pose as a structural risk they could cause the property to lose heat. You can meanwhile eco-vate the property’s electrics by adding solar panels on the roof or fitting solar exterior lights.