Love Downton Abbey? Consider Renovating A Period Property

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Have you ever considered Investing in property? It is a potentially lucrative option if you manage to buy the property at a good price and in a sought after location. If you are creative and practical you could buy a property as a renovation project.

Buying a renovation project is ideal if you are taking your first steps onto the housing ladder, as the price will be well below market value. Ensure you take into account the costs relating to renovating the project, you don’t want to lose money.

Buying a renovation project could also be a business venture, you may soon have a whole portfolio of properties that you have renovated and sold on for a profit, or you could rent your properties out. The rental property market is particularly buoyant, as there is a shortage of properties to meet demand. There are websites dedicated to giving  tips for entering the investment property market and advice should be sought before parting with any cash.

Do you love old period properties from particular era’s in time? A property from a bygone era would be a wonderful project for sympathetically restoring original features. Often original features are destroyed and replaced over the years, but you may recover a boarded up original fireplace or you could restore cornicing and sash windows. Period properties, sympathetically restored can fetch premium prices.

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Choosing your property

There are resources online available that focus on selling renovation properties. It is important to do your research and not be swayed by thoughts of huge profit. Your property should be situated in a popular area, with good facilities. Look at the general housing market in the area. What are the house prices like and are they selling quickly?

Once you have spotted your ideal property ensure that you get a thorough survey done. This will highlight problematic areas and will enable you to estimate costs. Expensive tasks that may need doing include tackling damp, structural work, roofing problems and rewiring the property. Of course you are expecting some associated costs, but ensure there are no surprises.

Get quotes

Some of the work you may be able to do yourself. Unless you are a tradesperson in your “day job” some of the more complicated parts of the renovation will need to be undertaken by the experts. Ensure you get at least three quotes for every job, remember that the cheapest or most expensive is not necessarily the best. Ask to see previous work and seek out reviews from previous customers.

Kitchens and bathrooms

Most potential buyers place kitchens and bathrooms at the top of their “most wanted” list. So it is worth spending a little time and money to achieve a quality finish. If you are aiming for your home to be sold or go onto the rental market after the renovation, ensure you choose a relatively neutral design. This will attract all tastes as they will be able to imagine living there.

Finishing off the renovation

Once the structural tasks, electrics and kitchen is installed you will be able to decorate the property. Decorating your house is the part that most people enjoy, as it an opportunity to stamp your style on the property. Most people are adept with a paintbrush, so you can save money by decorating the property yourself. Like kitchens and bathrooms – keep it neutral.

If you have renovated a period property there are paint colours available to buy which will reflect the heritage of your house. There are also styles of wallpaper available, sympathetic to a bygone era.

Finally scrutinise your property and create a snagging list of tasks to complete. This will ensure your project is completed to a high standard.