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Buy, Renovate and Sell - Money


It's the details that count

You'll need full 'to scale' plans as the planning stage is the most critical. Also do plumbing and electrical plans. With a complete finished plan before any work starts will eliminate expensive mistakes. These plans will also ensure that work is done in the right order.

If you are going to have to submit plans to the local authorities, get professional help. It is often worthwhile having a meeting with them before you start to check that what you want to do is within their rules. Better to ask now than have plans rejected.


If you are going to employ builders or a project manager, do check out the quality of their work and get in touch with past clients if you can. Get all quotes in writing, together with a timeframe of the work to be undertaken and a payment plan. There should be penalties for late completion - but on the other hand, you could add in a clause for a bonus if they finish early?


With a renovation project it is all too easy to see the money slipping away. It is really tempting to splurge on extras, particularly fixtures and fittings. Think carefully about where you allocate your money for maximum effect. When considering decoration, neutral is best - it is usually brighter and most buyers won't object as they can then make up their own mind about colour.


Towards the end

Once all the works are finished, don't forget to "snag" the property. This is a step often overlooked with self-renovations but is critical to the future sale. Tip - if you can affford to furnish the house, do so as it is much easier to sell a furnished property than one with empty rooms.


Contact agents to value the property. You can place your own advertising and endeavour to sell privately or sell through an agent(s). Either method can work.

A last thought - get a photo album together showing all the works undertaken and progress. Buyers love to see how the property was transformed from ruin to comfy home.