Home renovations
If you have just bought a property from auction, it may be in need of some work. Many homes that go to auction are those that can’t be sold on the open market, therefore they require greater improvement works. You may however, have underestimated the costs involved.
You had budgeted for the purchase price, stamp duty, fees etc, but what about the renovation costs? Huge numbers of people don’t fully grasp the overall cost of improvement works, especially with rising labour costs and the hoops you have to jump through to pass building regulations before your can rent your new investment property.
If your budget is limited, you should prioritise certain works over others. Here are some tips to help you.
The exterior, being the first thing potential buyers and renters will see, is of the utmost importance. Missing roof tiles, blocked guttering, chipped paint, a broken garage door and an overgrown garden are big no-nos. However, they are quite easy and relatively inexpensive to fix. They are also jobs you can do yourself. Certain things will need replacing, such as the garage door and the roof tiles, but the gutting can just be cleaned, the lawn mowed and overgrown plants and hedgerows trimmed back or removed and the walls given a new lick of paint.
Inside, there are two areas you should focus on, the kitchen and the bathroom(s). These are the areas that can see a house and give it the wow factor. They are also two of the major reasons people don’t buy a house.
Think about space. Nobody wants a small kitchen, most want an eat-in kitchen in fact, so knocking down walls, utilising old laundry rooms and wasted space can make a huge difference with just a few extra feet. Spend money on the surfaces and handles, but don’t overspend on the cupboard doors and insides. Appliances should also be top notch, but not excessive. Not everyone is a home chef.
In the bathroom, keep the suite basic and white, but spruce it up with stylish taps, a heated towel rail and attractive lighting. Also, if you have some money left over, splash out on a few statement tiles to add colour and interest without covering the whole room.
Santander offer rates of 8.9% on personal loans of £7,500 to £14,950 if you need some extra cash to make home improvements and developments. This is far cheaper than the major competition from HSBC, Barclays and Natwest.
