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Renovating Investment Property Guide

Renovating Investment Property
Buying a home cheap and selling it for profit requires a lot of renovation. Although this is a lucrative way to make money, careful planning and consideration should be taken before starting on a venture of this nature.

Research the Property
Get all the facts on the property in question and don’t be afraid to come back more than once with professionals to check the soundness of the structure and get estimates of needed work before you buy. If the property has been up for sale for a long time there is a reason for that. Look into it! Remember that you are in this for money, not to go into debt. Avoid potential money pits.

Budget
Once you have decided on a property, decide in detail what your planned renovations are. Write down a budget for each project and put away a little extra for unexpected mishaps. Renovating never goes 100% smoothly. Covered holes, mold, or other potential dangers may be found, especially in older homes. However, if you don’t set a limit to how much you are willing to spend you could very well dig into your pockets until there is nothing left.

Extensions
In homes that need more than just a little renovating, extending the home may be the best way to increase the value of the property. When this is the decided course, a few important things should be considered.

  • Bring in the experts: Unless you are a builder yourself, a job this big should be handled by the professionals. You wouldn’t want a wall to fall onto somebody while they are sleeping. When considering who to hire, contact the National Federation of Builders to see if they are on their list of members. Most reputable contractors would be.
  • Building regulations: Before you build, a detailed plan should be written up for the Building Control Office. If you do not, it may result in having to tear down what you built because it does not meet the codes. That is wasted money. Remember again, you are in this for the money, not to go in debt.
  • Where to add: Usually the best room to add as an extension is the kitchen. For most potential buyers, the size and quality of the kitchen will be the first thing they consider when looking at your property. With the addition of a new kitchen you can also add on another room above the kitchen, whether a bedroom, den or bathroom. Also the old kitchen is added space downstairs for a formal dining room or playroom or something of the sort. For homes with high ceilings, a loft addition is a good choice.
  • Be careful and plan well: A project of this size needs careful planning to ensure no mistakes are made or important things forgotten. Never assume that everything is going to plan. Have the building control inspectors come at the different stages of the building work to ensure you will not have to change things afterwards. This will also ensure that everything is done according to the building regulations. Check and double check everything. An extension with errors can actually lower the value of a home!
 
     
 
 
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