Before anything else, you need to get a survey for the property so they can tell you about what’s damaged and what is to be repaired or replaced. This will be done by the people in RICS. They can also give you an estimate on the associated costs.
Along with the report of the surveyor, you also need to consider about 7 other things that anyone with an untrained eye can just do. At least this list is from the expertise of realhomes.
When You Assess A Property, Location Is Crucial
Make sure that the property that you are interested in is near somewhere that the future occupants would need to go to. Places such as laundromats, coffee shops, grocery stores, and so on. Even better, if it is somehow near great schools then all the better. The value of the property would definitely rise after you renovate it and make it look like the house of everyone’s dreams.
When you assess a property, take note of the ceiling value for the street
Checking up how much the other similar properties cost will give you an idea of the max value for the home you want. It also lets you know just what the return on this investment will be.
Don’t forget about those that will cost a lot to repair
Just so you don’t miscalculate when you try to math your way through all the money needed here. And it would be a real setback if you have to repair a roof by the way. Anyway, you will have the surveyor to tell you what else is there however it cannot hurt to do a little looking yourself. You could even do a little of the estimating yourself though it won’t be the definitive one. Still, it doesn’t hurt to get in a few numbers yourself just in case.
What about the neighbors?
There will be a need to compare your property to the other homes there. You need to assess what their houses look like so you could get an idea of what you could do to yours for the renovation. This also sets as a standard of sorts. The improvements they have made to their own homes will be taken into account as well.
Is extending or adding additional value-inflating assets possible?
The space around the area should be enough of an indication if it’s allowed or not. And if you’re still unsure, then you can always inquire the surveyor about it. Check the neighbours about this as well just for further reference. To add further value-inflating assets, you could always get a quote for domestic electric sliding gates, which tend to add around 5% to the property value. You could also research loft extension potential and more on.
Is extensive remodeling needed?
If it needs to go that far, then maybe you should look somewhere else. Remodeling everything else to the point of actually changing the house itself is just the same as buying a brand new house, except it’s much more expensive to remodel than buying a house itself.
Electrics and heating, does the house have those?
This is a bit important and might not be a deal-breaker but it IS important to note that it would cost more than just three grand to renew and rewire everything else in it. B smart about your decisions.