Property Refurbishment and Renovation In Liverpool and Wirral
Saturday 14th January 2023
Property Refurbishment and Renovation In Liverpool
Developing property has been a British passion for many years, encouraged by TV programmes and glossy magazines, and is now within the reach of almost anyone with the right advice and desire. It can also be very lucrative financially if you source it right.
The important word above is advice. We often buy investment properties at auction where the original owner has tried to renovate or refurbish it and failed. In some cases, it was a lack of understanding of the requirement, and in others, a failure to do the maths. In all cases, there was no advice from experts with extensive experience and knowledge of renovation and refurbishment
How to Successfully Renovate or Refurbish a Property - a Checklist
Here are a few ideas for you to undertake further research, whether you are renovating property in Liverpool, Wirral, or elsewhere:
1. Acquire the right type of property, in the right area, with the potential to add value. For instance, properties where you can easily increase the number of bedrooms (two windows in a large master bedroom, divide well)
2. Before buying, do the maths. Don't do it afterwards.
3. Seek expert advice.
4. Know what you are trying to achieve. Is it a buy to let property - a pure property investment? If it is, then you need to be strict with your budget.
5. Obtain quotes. We would recommend three.
6. Ensure you undertake due diligence on the contractor and do not pay large sums of money upfront. Pay as you see results. Pay on the value of work, known as valuations in the construction industry.
7. Have a contract. There is no such thing as word of mouth in arbitration or court. Have a lawyer read the contract if it is for a large project.
8. Set deadlines and don't let the project drag on forever.
9. Keep an eye out for 'variations' which are sums above the fixed contract price.
10. You have a responsibility as the client for health and safety - read up on it.
11. If flipping, you should have a reasonable estimate of the development value. If letting, instruct a letting agent early in the process and many will be able to guide you on what tenants like and do not like. You must keep the spending on the project under control. Do not get carried away.
12. For larger projects, you may require planning and building control.
13. Don't forget to undertake a snagging list after the renovation or refurbishment and have a period in the contract where the contractor must fix snags within a given period.
14. At this stage, you may wish to refinance and buy the next one!
Good luck with your renovation or refurbishment project in Liverpool and Wirral. Tuna Fish Property has extensive experience of small and large projects and would be more than happy to help.
Please contact us for a chat. We can help.
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