publication date: Dec 13, 2011
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
Value of the Property
Renovation and Refurbishment
We regularly answer consumer property questions for FREE via our Property Forum.
Here's just one of the many property questions we have recently answered:-
Q - How do you work out how much to spend on a renovation project as presumably there is a ceiling in terms of what you will get back when you sell? I'm buying a 2 bed house and trying to work out a budget for the refurbishment.
I may only want to live in the house for a couple of years so probably need to be cautious about doing too much. How do I decide what is too much? SEE THE FULL QUESTION HERE
A - Ideally you will need to:-
- Get at least three quotes for all the work as they will differ quite substantially (we can help with this if required)
- Assume a contingency of up to 30% if it's a period home
- Check out local sold property prices for similar properties
- Ask local agents and ideally a proper independent surveyor what the property will be worth when it's finished
- Work on the principle that you are unlikely to break the ‘ceiling' price in the road ie the highest price someone has paid for a property to date
To be completely safe and particularly in view of current property market conditions, you should also run a scenario that checks what would happen if property prices dropped and you had to sell within a year or two. FULL ANSWER CONTINUED HERE!
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