Property Renovation

Renovate - modernise, overhaul, refit, reform, renew, repair, restore.

Renovating property is an avenue that some property investors may wish to explore. The work may range from a fairly minor upgrade through to major structural alterations. Renovation possibilities are:

• Upgrading and modernising by installing new windows, heating, door entry systems, etc.
• Overhauling by replacing old plumbing, electric wiring, bathrooms and kitchens.
• Restoring and repairing walls, roof, disrepair in general.
• Splitting one large unit into two or more smaller units.
• Adapting layout to something more suitable by changing room usage, sub-dividing rooms, moving internal partitions.

Advantages of Renovating

• You may require a smaller initial capital outlay.
• You may increase your capital profit and/or your rental income.
• You get the opportunity to form the property to your requirements.
• Grant funding may be available, making it a financially attractive package.

Disadvantages of Renovating

• It will take time, increasing your property's downtime.
• It will take up a lot of your own time.
• It may increase personal stress levels.
• Mortgage providers may be less inclined to approve where major structural alterations are planned.
• It may increase the level of risk to your investment.

Gathering facts and figures

Deciding to renovate property is a matter for serious consideration. There are a number of methods you can employ in helping to assess the nature and extent of the work to be undertaken, the planning permission requirements and the costs. 

Assess the work carefully
Get a professional evaluation of the extent of the work required from an architect/building surveyor. 

Estimate the cost
Get a reliable estimate of the cost of the work from an architect/quantity surveyor/building contractor. 

Investigate planning permission
Check if planning permission will be required and if it is likely to be granted.

Investigate grant funding
Check if there is grant funding available to offset the costs. 

Secure your finance
Check your source of finance for approval.

Take advice
Talk it over with a professional adviser.