90 % of Home Buyers Would Consider Purchasing a Fixer-Upper

New research from Rightmove has discovered that more than 90% of home buyers would consider purchasing a property that is in need of renovation. In order to help people who are ready to get their next project started, we spoke to a property expert who has decades of experience within the housing industry and asked him to share his best tips on how to create the ideal renovation house.

1. Come up with a Sensible Budget

Martin Tucker has 25 years’ experience running his own architectural consultancy firm. He says that his number one tip is to take the total price of what you think your renovation is going to cost and then work backward from that point. Don’t add things in as you are going along. He adds that, on average, a renovation or extension will cost £1,850 per square metre and it is £1,000 per square metre for modifications, decorating and upgrades. However, the cost of a kitchen can range from £10,000 to £100,000, so the costs are mainly dependent on the specifications of the job. Basements are becoming very trendy. They cost around £3,000 per metre square so they are expensive.

2. Conduct Thorough Research

Martin says that currently there are thousands of houses that are in need of modernisation or renovation. Before you get started, it is often worth it to consult with local estate agents or commercial property management companies regarding which features buyers are searching for in their ideal property to make sure that you end up with a sought-after and saleable property that will add more value to the home.

3. Understand the Planning Process

One common pitfall is people tend to expect much more than what can be realistically achieved, says Martin. For example, semi-detached properties have a 45-degree rule with neighbours that you need to be aware of. The rule is included in a majority of councils’ Residential Design rules. He adds, that what this means is that an imaginary line gets drawn at 45 degrees from the centre point of your neighbour’s closest window across the boundary and that no part of the extension that you are proposing should cross that line. However, the rule does depend on the site and may be flexible and not all cases apply it. It is critically important to be aware of any existing planning. Can you renew it? Has it previously been extended? Has it been extended already to its maximum? Is the property in a conservation area? Is it in a greenbelt?

4. Understand What Can Be Done

According to Martin, it is very important to know if the property is a World Heritage Site or is listed. For example, if it is a Georgian home, there might be a stipulation that requires certain original features must remain.

5. Make Modifications to the Interior

A renovation that provides sparkling clean bathrooms and kitchens with just a hint of luxury is going to be a winner, says Martin. However, don’t forget the outside as well, given that gardens are well-suited for entertaining friends and family can help to sell a relaxed lifestyle that so many people are aspiring to these days. BBQ, privacy, suntrap, and patio all tick the boxes for completing a successful renovation project.

6. On Building Work, Don’t Cut Corners

According to Martin, there are certain aspects where it is fine to cut corners. He says it would be best to cut on decor and decorating instead of building work; don’t make compromises there. You will not get good value for your money if you skimp on quality building. However, people are more aware today than they used to be about materials.

7. Make the Most of the Renovation Process

The main advantage of purchasing a house to renovate it is that it allows you to personalise it. Are you a developer trying to make a profit or are you purchasing a property for your own use? If you are planning to be there over the long term, don’t worry and enjoy it. Housing prices will fluctuate, and that is something to consider in the future.

8. Think about Your End Result

If you are renovating a property in order to sell it, note that the popular properties that have many buyers interest are the ones that are appealing from the street and are well cared for. Once inside, buyers want to see lots of natural light along with a well thought out internal layout that has plenty of storage to keep clutter hidden away. A renovation that provides sparkling clean bathrooms and kitchens with a hint of luxury will be the real winners, says Martin.

Categories: business intelligence