How to Find the Perfect Renovation Project

Renovating a property can be an excellent way of making some money when you resell it, or you can use it as a way of affording the type of home you dream about. Whatever your reasons for choosing a renovation project, you need to make sure you find the right one for you.

Research the Market

Finding a renovation property isn't a simple process and you need to look at all areas of the project before you decide on one. One of the best places to start is by speaking to estate agents. They generally don't publicise these types of properties, so you'll need to talk to them about exactly what you're looking for. It's a good idea to have a budget in mind, as well as the scale of the project you're prepared to take on. Auctions are another good way of picking up properties in need of renovation. This is often where houses that are harder to sell end up, and you could find yourself a bargain.

Think Differently

If you're prepared to take on some work, then you don't just have to be looking at residential properties. Buildings such as pubs, offices and retail units can be turned into family homes with a little bit of imagination and a fair amount of work.

What is the Potential?

Before you commit to a project you need to consider all the implications of the work and costs involved. There's no point taking on a project if you're going to end up losing money or not having enough to finish the work.

Is there potential to expand the property? This is one of the easiest ways of adding value and the work could range from a loft or basement conversion to a two-storey extension. A property with outdated decor is a great candidate for a renovation project, especially if the majority of the work is cosmetic. Many buyers can't see past the grime and tacky decorations, but if you can then these are easily rectified.

Improving the garden and outdoor space is another way of bringing a property to life. Even if there's not a huge amount of space, installing a balcony with glass balcony railings would change the appearance of the property and provide you with extra space for relaxing or dining.

If you get this part of the renovation process right, then you are more likely to have a successful end result.