Do you feel like your dream home is just that? A dream?
You may have spent years thinking about the future and imagining the perfect home. In reality though, when you start to look at house prices or what’s available, it might become clear that you may never ever get that house.
You are not alone though. Lots of people would love a property that they could never afford. It’s only natural to have dreams after all!
What if there was a way for you to achieve close to what you’d like without having to sell your soul?
What is it about your perfect home that you’re so in love with?
The location? The view? Or perhaps the size of the property?
You may already be on the property ladder, or have some money put aside. Your next step might not be to the kind of level that you would hope to reach but there may be ways to get close.
Renovating a run-down home may be the way forward for you. Often, when a home needs a lot of work it will be reflected in the asking price. Houses in an even worse state that may need attention to their structure, wiring installation, or have a problem with damp can even fail a buyers survey. In that instance, a mortgage provider would not offer a loan against that property. For this reason, it is typical for houses that have seen better days to be listed for auction. And, if that is the case, you just might grab a steal.
Planning The Renovation
There will be a lot of work that will need to be done in your new home. A good starting point to try to decide the order that you will carry the work out in is to get a survey done on the property. This will highlight any issues that need to be rectified. If there are any safety or structural problems, these will be your number one priority.
You will want to look at whether the electrics need rewiring. Many older homes have inadequate wiring and too few sockets for our modern technological needs, so it can be a pretty big job.
Your central heating system may also need to be looked at. If your boiler is old or inefficient, it may be a problem. The radiators, windows and doors, and insulation may also need replacing.
Kitchens and bathrooms may need ripping out and starting again. And the whole home will need to be decorated throughout and flooring and carpets replacing.
Who Should Do The Work?
This will be one of your first decisions.
Who will be doing with the work?
If you are practical, you may be tempted to do some of the work yourself. Ask yourself if you have the right skills and experience, and if something goes wrong, can you fix it?
You could encounter many issues, and require a high level of expertise learned from years of experience. If you are a professional, go ahead and jump in. You will save yourself a considerable amount of money. If you are not, tread carefully, as mistakes can be costly.
If you are going to bring in contractors, make sure you get recommendations first. Saving money should high on your agenda, but don’t be tempted to hire the cheapest contractors as it may reflect in the quality of their work. You will need to know that the people you choose to do the job are not only capable but honest and reliable. Ask around and check reviews on Google and Facebook. Make sure that you have thorough conversations with the company before deciding if they are right for you.
Aim to get 3-6 quotations so that you can compare prices and work offered.
Working Out Your Budget
You will need to account for everything when working out your budget as you don’t want to run out of money. Make a list of everything that you need and get quotations. Think about finding cheaper bin hire so that you can dispose of your masonry waste. Include any materials that you may need, and the cost of all of your contractors.
Keep receipts and invoices and document your spending on your budget spreadsheet. Keeping constant tabs on your finances is the only way to stay on track.
Things may well end up costing more than you imagined. Typically, unforeseen problems occur, so keep a buffer in the bank for contingency.
Managing The Process
When it comes to getting the work done, you will need to project manage the renovation. This will mean liaising with your contractors to ensure they are on target for their completion dates. You may have a number of companies that you will be working with, and there might be an order that the work needs to be carried out in. Keeping to the schedule will mean that other tasks will not need to be postponed.
When dealing with contractors, be professional, honest, and polite. If you see a problem, raise it tactfully rather than going in all guns blazing. This will ensure you have a smooth relationship with no hiccups.