Value of the Property

publication date: Dec 13, 2011
 | 
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
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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:-

  1. Get at least three quotes for all the work as they will differ quite substantially (we can help with this if required)
  2. Assume a contingency of up to 30% if it's a period home
  3. Check out local sold property prices for similar properties
  4. Ask local agents and ideally a proper independent surveyor what the property will be worth when it's finished
  5. 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!


FREE HELP FROM THE DESIGNS ON PROPERTY EXPERTS!

Email enquiries@designsonproperty.co.uk for a one of our FREE Property Checklists.

Got a renovation or property investment question? GET AN ANSWER!  ASK US via our PROPERTY FORUM, email enquiries@designsonproperty.co.uk or call 0845 838 1763.


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See the full list of Kate Faulkner's unique Property Services here!



Need help with a property problem? Have a question? Why not call Designs on Property on 0845 838 1763 or Contact Us via email.
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