The Renovation game: discover new territory within your own four walls
With the shortage of properties for sale these days, as many as 41% of people say they'd consider buying property requiring renovation according to our latest survey, and we're willing to spend an average of £18,500 on renovations.
Property renovation is a big business, fuelled by TV programmes and promises of big returns. One survey suggests that DIY spending has increased by 76% in the past ten years, amounting to a hefty £11.3b per year in the UK.
Renovations most likely to improve the monetary value of a home include loft conversions, a new kitched, painting and decorating, an extension/extra rooms, and new bathrooms.
But while it's tempting to rush headfirst into a renovation project, experts urge caution. Here is your guide to savvy home improvements.
Stay focused. Ask yourself 'what do I need/want from my home?' - more space, more bedrooms, more bathrooms, more light, somewhere to work?
Consider enlisting an architect or builder to help crystallise your thoughts. Experts can help guide you through the maelstrom of planning permission and building regulations.
Set a budget - and stick to it. Add in a contingency fund (about 5-10% of the total).
Get lots of quotes and find out how long the work will take.
Contact your local planning office. Planning permission is required in listed buildings, conservation areas, if you are changing the exterior of the house (extensions, new windows etc) or are altering its use, such as dividing your home into flats.
Be patient. Bear in mind it could take up to eight weeks to get planning permission.
House hunting? Consider bringing your builder or architect with you on viewings to assess how pricey/realistic your dreams may be.
Assess whether your proposed jop will boost - or lower - the saleability or value of your house. Contact your local estate agent to discuss the ceiling value in your road or area.
View the top 10 useful websites for renovators.
