Buying and renovating an old property

Jan

29

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Buying an old house with the aim of renovating can be fantastic investment and, if carried out correctly, can provide you with a great return on your investment. However, as we?ve all seen on popular TV programmes, it can all go horribly wrong. The key to success is all about planning and carrying out sufficient research before starting your project.

Initial Research

There are a number of points you need to check before buying the house. First of all you need to find out how easy it will be to get planning permission, particularly if you will be making any structural changes like knocking down walls, or adding an extension. It is also crucial that you get a surveyor to check the structure of the house and find out if there are any underlying problems.

When you have purchased the house

Once the initial research has been carried out and you have determined that the house is a feasible investment, your next step will be to purchase the house. After this has been done you will need to decide whether you will be living in the house during the renovation. This can obviously cause its own problems and stress, and the decision will be based largely on costing factors. Will it be more cost effective to live in the house, or is it worth renting somewhere nearby.

To carry out the renovation you will need to decide whether to hire a building firm to carry out the changes, or hire independent contractors. This will, again, largely depend on cost, but also on the amount of control you want to have over the work.

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