A Building Survey is Critical
A building survey should always be commissioned from a chartered building survey prior to purchasing a property that you are planning to renovate. Typically, they range from £500 to more than £1,000, depending on the age, location, and size of the property.
A building survey highlights any major problems – like structural movement, dampness, or needing a new roof. A survey is also going to highlight any additional surveys that might be needed (like a specialist asbestos report).
Prepare Yourself for Competition
When a property has a lot of interest in it, it will frequently be sent to sealed bids. Your estate agent will tell you the time and date by which all bids need to be in. When you submit your bid you will need to submit a letter that states what your final offer is, in addition to your solicitor’s details. Ideally, it will also include a mortgage offer from a lender. KJM group.
It is often worthwhile to write a letter to the homeowner which explains why you are a good option – large deposit, no chain, etc. Some personal information should also be included on why you are a dependable choice and why you want to purchase the property.
Save on Surveys
Your lender is going to require a valuation if you need a renovation mortgage. If you want to have a full building survey done as well, ask the lender whether the surveyor you have selected is on their valuation reports panel. If they are not, ask if they can recommend a local one who is. This will save you £100s since you won’t have to pay for two separate surveys.
Pause Before You Start Working on Your Renovation
You might be tempted to start working right away, especially if you are planning on living in the house while renovating it. After all, no one wants to continue living on a building site for a longer period of time than is necessary.
New Electrics Budgets
The electrics in an old building will often need to be updated – watch for fabric-coated flex, round pin plugs, light switches, and old-fashioned fuse boxes.
Rewiring an average three-bedroom terrace is going to cost from £3,000 to £4,000. That price should include getting rid of the old wiring, getting a new consume unit installed, and taking out the floorboards and replacing them. It will not include doing any replastering.
If you decide that you want to install extra sockets and light fittings, your costs might be higher.
Check the Radiators
If the property is lacking in radiators, that should alert you that the place does not have a central heating system. Instead, there might be old storage heaters.
It will cost about £3,500-£5,000+to have a new heating system (radiators and a boiler) added to a typical house. Make sure this is factored into your budget. The cost might be higher if the property needs to be connected to mains gas, or an off-mains solution, such as a heat pump, oil tank, or LPG tank needs to be installed.
Be Smart About Subsidence
Cracks are not always a sign of a disaster. You often don’t need to worry about them. They tend to be the result of minor historic settlements and thermal movements.
However, when you are making a purchase, it is critical to consult with a building surveyor early in the process. In low-rise buildings, the BRE Digest 251 Assessment will be used to determine the damage and access flag areas and crack which might require further investigation (for example, by a structural engineer), and include their findings in the report.