Without doubts, a nice cheap house renovation gives more chance to sell your property faster on the UK market.
Most buy to let buyers are expecting to find the right opportunity to buy a house or property that need a cheap renovation, this because it is better negotiable, and with a low initial investment the UK buyers could generate a top profit in the long-term.
It also becomes an important selling point after the cheap renovation has been placed, so even the buyer, who is looking for a buy and sell investment opportunity, must take an eye on the properties in a good location, but in need of an improvement.
A house or property that looks in good condition, attract much more tenants and quality clients, and if the cheap house renovation has been done really well, probably the tenants will become a successful long-term income or a fast sell.
Please read our last article about the best UK buy to let areas in the UK in 2016 to have a clear idea about the UK estate agent market and hot to spot the best occasions.
Now that you have enough knowledge how to spot a good property investment, we want to share with you, UK property developers, our 18 simple tips on how a cheap house renovation will help you selling your property better or gain a better income return. Our tips that come from more than 10 years of experiences on the real internet estate agent market
When it comes to a cheap house renovation, the budget is everything!
Keeping the budget cheap is everyone’s priority mission when it comes to a house renovation. This because can be really expensive, even if you have programmed a cheap one. It’s hard not to end up spending out more than the necessary or what you have planned to. This simple because it is a process involves more parties and request a detailed planned cost business plan. But also a psychological factor: your investment must be calculated at the price you can afford, thinking that the house renovation will be an improvement of your return investment and a more long term strategy, so must be done structurally.
With some inventive thinking about your house renovation, including design, materials, timing, cheap suppliers, you can cut investment costs without letting down the quality you had in mind, down. On the following online estate agent blog, we want to give you more knowledge about big house renovation (rebuilding the property and start over from scratch) to smaller house renovation (walls, lights, spaces etc.).
House renovation budget must be kept really strict because new furniture, materials, time and planning can be expensive. Building constructors, plumbers, electrician etc. are specialised worker professionals and trying to save as much as you can, even for the small things, could really help you save lots of money.
Never skipping market research and homework
As any investment, a deep research on what you are going to financially invest and a deep analyse of all options available can be only profitable. Not only for the amount of money will you save doing a proper cost/effective pre-investment work. But also, the final results will be the first beneficiary of all the time you invest trying to find the most cheaply and reliable solution. If you are doing the house renovation yourself probably you have everything under control, but what happens when someone else does the job?
Prepare what you need to know about contractor’s job, the timing and how they will do it for you.
You are reading this blog at this moment; this is the first step of your market research for carry a perfectly cheap house renovation. Well done, keep reading!
Keep the house renovation simple
A cheap house renovation can take time and stressful. Keep the things really simple, organise your work site schedule, the contractors and the max budget you want to invest. Knowing your limits will help you make a successful UK investment. Having a business plan is fundamental and if you can strictly follow your plan you have high chance to have a good and fast investment return.
First thing to avoid: investing in cheap materials
A house renovation can be quite expensive and sometimes, must be done up quickly. The UK market is fast and time costs money. Any month the house is without tenants, it means serious money can be lost. Because the time influences also the quality of the house renovation, it is a common mistake investing less in quality material. One of the biggest mistakes that UK investors make when it comes to cheap home renovation is investing too cheaply in materials. Less you spend in materials more you will pay in the closest future, with high interests. House renovation is a financial investment and if you can’t afford it, don’t even think to start it. Investing in a cheap material can actually be more expensive than buying better quality ones. A typical example of a cheap investing material is the excessive use of Duct Tape. The duct tape can be used for small decorative purposes, but never as a final solution.
Green technology is a good investment
If you are building a house from the scratch or you planning to update your energy system, then we suggest the UK investors go green. Applying the latest technology to generate clean electricity and being energy independent is really important for a smart long-term investment. You can save lots of money and also helps the environment around you. Find out how UK government is promoting renewable energy and how you can calculate your yearly saving.
Instead, as happening in the last years, few people is interested trying to build a total self-made, low-cost house from scratch, because you own your piece of land, you can read this interesting article:
2016 and still happening: Inaccurate house measurement
You need to keep in mind when you planning to start a house renovation, that every single inch can cost you a fortune. Also, the final looking of the house renovation will have a different impact if not all the measurement is taken in the right way. If you trying to save money and if you are not totally sure how to take the correct measurement or you can’t follow the planning coordinate, please call a professional. The correct planning is a normal procedure to build or apply for any future UK building construction, are requested as standard from council representative, UK government helps investors and landlord. Understand better how house planning is calculated here.
You should use an exact planning strategy even for a cheap house renovation to maximise your investment
Avoid destroy everything…..
Don’t demolish some areas or present part when you actually can remodel them. It is a waste of resources, time and money. When you planning a cheap house renovation fix up or remodelling the present areas can be really convenient! You can find here this interesting example of remodelling.
Having the right tools
For your safety and the safety of your investment, double check to have all the right tools before starting a self-made house renovation. Renovating your house with wrong tools could be really dangerous and not profitable. Don’t underestimate the amount of work a house renovation can take.
Lighting is really important
The lighting in a property can really increase the value and the cognition of people feeling while is actually inside your property. Lighting makes the ambient more comfortable and creates an illusion of space. Most of the UK buyers prefer a good general lighting when they looking for property investment. The lighting gives an extra to the property, so if you are planning a cheap house renovation, don’t forget this point. Choosing the right windows could be solving this problem in most of the time. Windows can be expensive and if you don’t buy the right one, also the lighting can suffer. Lighting is also really important when comes to interior design. Read about the importance of lighting in interior design here.
Too trendy can cost you a fortune
You need to think about the house renovation as a profitable long-term investment. So you need to create something that will last many years. Don’t follow too much the yearly fashion. It can be too expensive. Try to buy long lasting materials and try to provide simple design and furniture. Tenants usually prefer comfortable and robust houses. Being too trendy is extra that can cost you a fortune.
Keep materials safe.
An incorrect storage of material can be an extra cost. Keep materials in a dry and safe place, material is part of the investment of your house renovation. Many times happens that materials are stored in the wrong place and extra material must be bought. The right storage can be a saving solution.
Common mistake when house renovating: The safety factor
Gloves, working boot, glasses and a first-aid ready if something goes wrong. Never underestimate your job site even if it is only a cheap house renovation. Keep yourself safe and the people around the site.
We know can be expensive, but for the safety of the tenants and also of the investment, you should really take care, check and update the electrical system when you make a house renovation. Everything must be up to code and run properly. Download this guide for electrical safety and procedures to follow.
Any houses got their own house style
Don’t copy others style. Each house investment is different and singular. Create a comfortable living property when you plan your cheap house renovation.
Insurance and permits
Check always the council permits (if needed) and the insurance. If you hire contractors and something wrong happens you want to be sure you are fully covered. Check here if you need any permit.
Choosing the best contractors
Don’t be in a rush to choose your contractors, they will decisive for the success of your house renovation. Ask people you know if they know someone trustworthy and with good skills. If instead you will need to compare different contractors check their references and availability, how long they will take for the job and if their price is affordable.
Overbuilding is not an efficient solution
House renovation is already a quiet big investment, as much it can be made in cheap ways, it is a proper investment. Overbuilding in an area where the average price is not so high can be an unsuccessful business. Keep the house renovation simple, without exaggerating in any aspect.
All these house renovation tips can help you sell your house better or get a better income. Please read all our posts about online estate agents markets and general information about house pricing and tax in our news blog section.
Marketing Director, iMoveEstates