Property renovation can be a great way to make money, but it’s important to do your research and plan carefully before you start. Here are a few tips to help you get started
Starting Your Property Renovation Project – The Process
Choose the right property
The first step is to find a property that has the potential to be renovated and sold for a profit. Look for properties that are in good condition, but that could use some updates. You should also consider the location of the property and the current market conditions.
Set a budget
Once you’ve found a property, you need to set a budget for your renovation. This will help you stay on track and avoid overspending. Be sure to include the cost of materials, labour, and permissions in your budget.
Get the right permissions
Before you start any renovations, you need to make sure that you have the proper permission. This will vary depending on the type of renovation you’re doing and the local laws in your area. You may require planning permission from the local council for example, or your project may be considered permitted development, but there are many different factors to take into account here. If you are at all unsure and want some support, then Flawless Design & Builds project management services can help you ensure your project is all above board.
Doing the work
Once you have the correct permissions or have confirmed you don’t require any, you can start the renovation work. Be sure to hire qualified contractors to do the work, and make sure that you’re overseeing the work closely.
Selling the property
Once the renovation is complete, you can sell the property for a profit. Be sure to factor in the cost of selling the property, such as an estate agents fees and legal costs.
2023 Housing Market and Cost of Living Crisis
The housing market in 2023 is expected to be challenging, with rising interest rates and a slowing economy. This could make it more difficult to sell a renovated property for a profit. However, there are still opportunities to make money on a property renovation, especially if you’re willing to put in the work.
The cost of living crisis is also impacting the housing market. With rising inflation and food and energy costs, many people are struggling to afford a home. This could make it more difficult to sell a renovated property, especially if you’re asking for a high price.
How a Renovation Can Support a Sale
A renovation can be a great way to support a sale, especially if the property is in need of some updates. A well-renovated property can attract more buyers and sell for a higher price.
Here are a few ways that a renovation can support a sale:
Increased curb appeal
A well-renovated property will have more curb appeal, which can attract more buyers. This is especially important if you’re selling a property in a competitive market.
Updated features
Buyers are looking for properties with updated features, such as new kitchens and bathrooms. A renovation can help you to update the features of your property and make it more appealing to buyers.
Increased value
A renovation can increase the value of your property, which can help you to sell it for a higher price. This is especially important if you’re selling a property in a declining market.
If you’re thinking about selling your property, a renovation can be a great way to increase its value and attract more buyers. However, it’s important to do your research and plan carefully before you start any renovations to ensure you get the results you are looking for.
How We Can Help?
At Flawless Design & Build we offer a number of services related to property renovations, from full management of your project & design needs, to providing bespoke joinery and kitchen/bathroom renovations. You’ll find all the services we offers and areas we cover on our homepage, and we encourage anyone looking to start a renovation project to reach out to us for a free consultation.
