With house prices rising in the UK, many buyers are finding it increasingly hard to afford the home of their dreams, leading to an increase in the purchase of renovation project homes. In fact, a survey carried out by Confused.com in 2016 revealed that 35% of Brits have bought a property in need of repair and have subsequently been living on a building site while the work is carried out.
Home buyers looking to move with the intention of renovating the property must prepare their new house (and finances) for the upcoming renovation. Moving home with a view to renovate is no easy task – careful planning is key to ensure that the process runs as smoothly as possible. Follow our top tips below to help you get organised.
Know your budget
Make a spreadsheet of all of your outgoings for moving into and renovating your new home. Be sure to have a contingency of 10-20% to allow for unexpected expenses that can arise when renovating a house and remember to have a separate budget for decorating and furnishing the property once structural work has been completed. It may be tempting to take shortcuts by skipping on a removals company or cutting out professional contractors and tradesmen at this stage to save some money but beware that this could lead to costly mistakes further down the line. Write a list of tradesmen and services you require and spend a good amount of time researching the best in your area.
Assess the project
Before you move house or dive into any renovation, it is important to be clear on what you plan to do to the property and prioritise work that will stop further decay and stabilise the structure of the building. In many cases, there will be a crossover of work from room to room (especially where plumbing and wiring are involved).
Create a realistic schedule
Choosing to live in a house while you are renovating it will dictate the order in which you renovate your new home so be realistic about the work you can afford to do and when. It is important to create a schedule detailing the work you are planning to carry out, the timeline of how long it will take to complete and the order in which each job will need to be completed. For example, you will want to make sure that the re-wiring is finished before the walls are plastered.
Choose a reliable moving company
Hiring a professional removals company is highly recommended when looking to move house especially when you have the added pressures of renovating the new property. Having this professional guidance throughout the process will give you peace of mind and take the stress out of moving, which is cited to be one of life’s most stressful events. It will also let you focus your attention on your renovation. “Research and contact three moving companies that are at least accredited and approved by the British Association of Movers (BAR),” advises John Watson, Managing Director of UK Services at international removals company, Abels. It may also be worth asking your removals company about their storage services when asking for a quote but “be sure to check that they have on site security and fire prevention in place at their warehouse,” as Watson warns.
Moving house with plans to renovate can be very stressful but it can also be very rewarding. Reportedly, nearly one in five homeowners make a profit of between £25,000 and £50,000 on their renovation property with the market value of their property exceeding the combined cost of buying and renovating their home.