So, you've stumbled upon a house in the perfect spot, but it's not quite the right size or style for your family. Fear not! There are options to transform it into your dream home. Whether you're up for a big renovation project or prefer something move-in ready, we've got the lowdown to help you make the best choice.
Key Points to Consider:
- An extra bedroom and bathroom can boost a home's value by about 20%.
- Loft conversions average around £46,000, according to MyBuilder.com.
- Ensure your renovation costs don't surpass the value of the priciest house on your block.
Why Dive into a Renovation Project?
1. Embrace the Fixer-Upper: Buying a home that needs some TLC can be a savvy investment. These properties are often priced competitively and, while they may take longer to sell, offer significant potential for adding value. If you're ready to tackle some disruption, customising a fixer-upper to your tastes can be immensely rewarding.
2. Ideal Renovations to Consider: Thinking of revamping? Attic conversions and adding extra bedrooms or bathrooms are popular choices. A well-designed kitchen extension or creating an open-plan layout can also work wonders. Focusing on improvements that enhance space and leave a great impression.
3. Budgeting for Your Project: Let's talk numbers. Renovations, especially extensions, can be pricey endeavours. From loft conversions to kitchen, costs vary widely. if you're looking to renovate a kitchen, a small galley kitchen using low-cost units can be installed for around £1,200, with units costing around £1,000. While at the higher end, a top-of-the-range kitchen can cost upwards of £14,000, with installation costs running upwards of £7,000. It's crucial to get quotes from architects and builders early on. Prioritise your renovations and budget room by room. Consider saving up for the work or even remortgaging down the line if your home's value increases.
4. What else do I need to know about buying a fixer-upper
- Don't Overspend: Ensure your renovation costs align with the potential value of your home post-makeover.
- Stay Informed: Keep abreast of changes in planning permissions to simplify your renovation process. The devil is in the detail, so it’s important to seek professional advice before the builders arrive on site.
- Set Realistic Timelines: While timelines can be tricky to predict, get a rough estimate from your builder to plan accordingly. It will usually take eight to 10 weeks to do a kitchen extension and around four months to add a storey to your house. Loft conversions will take at least 2 months to complete.
Why Opt for a Ready-Made Home?
1. It’s much easier to buy an extended home: Sometimes, moving into a home that's already been spruced up is the way to go. It saves you the hassle of managing a building project and allows you to enjoy your new space right away.
2. Lower Risks and Peace of Mind: While renovating can be exciting, unexpected costs can crop up. Pre-renovated homes typically come with fewer surprises, providing peace of mind for homeowners.
3. You can still add value to a renovated house: Even if a home has already undergone extensions or renovations, there's still room for improvement. You can always add your personal touch through cosmetic upgrades and interior design tweaks.
Whether you're drawn to the challenge of a fixer-upper or prefer the ease of a move-in ready home, both options have their merits. It ultimately comes down to your budget, timeline, and willingness to take on a project. So, weigh your options carefully and embark on your homeownership journey with confidence!
