As there are more older buildings in Sudbury and the surrounding areas, and some people choose to buy properties to renovate and turn into their dream home. Finding the perfect property is tough. There’s so much out there on the market and Sudbury is no exception. The advantage to moving somewhere in or around the town is that you tend to get more land for your money. Ipswich and Colchester are bigger towns, but because of this, there is a bigger demand for housing so properties and gardens tend to be smaller.
Renovating a home is a big commitment and is not a decision that should be made lightly. There’s much to consider when renovating. As a local estate agents in Sudbury, we wanted to put together a list of pros and cons to house renovations that could be beneficial to you.
- You get to create your dream property. If you have the time, money and foresight, you can turn a property into a home that you can live in for years. The layout can be however you want it and you have the power to dictate what materials are used to build it. You will also spend the same amount of money on the property, if you bought a home in a condition you would be happy with.
- The property will be cheaper. If you’re renovating a rundown property, the price it is on the market for should reflect that. Cheaper properties are ideal for renovations and have so much more potential.
- Add value to the property. Renovating a property is a good way to make a profit. Spending money on things like a new bathroom and kitchen could add serious value to the property. Giving your home more space, modernising it and having quality equipment could increase the value by up to £30,000! Equally, if you have any unused space such as a loft or basement, or you have the room for an extension, this too could add immense value to the property. Particularly if you can use the space to add another bedroom or annex on.
- Extra income. If you have the money to spend on an extension, you can rent the space out. This extra income would near enough pay your mortgage each month.
- The cost. As nice as it is to build your dream home, 9 times out of 10, you will end up overspending. It is always difficult to predict how much you will spend and there will be costs you didn’t think you would incur. It is advised to allow for an extra 20% on top of your budget for any issues.
- Time. Planning and executing a renovation takes a lot of time. Once the initial excitement has worn off, you may find that you’re running out of patience and struggling to find the time to complete the project and do it to a high standard. Doing it yourself will save money, but if you take shortcuts, you may make mistakes. Spending money on tradesman could be the best investment of the project. Before undertaking a renovation, you need to properly plan what you want to do, and think of timescales. Is it realistic? Are you fully committed to completing it? If you’re not, it may not be for you.
- Planning permission. Having an extension may sound great, but you may need planning permission that could get denied. Have you thought of a back up plan if this happens?
A renovation could be something that you desperately desire and as a premium ARLA estate agents in Sudbury, this is something support. Our team of experts will be able to find you the perfect property to turn into your dream home.
Palmer and Partners is located in the heart of Sudbury and we also have branches in Ipswich, Colchester and Clacton. Get in touch today to book your free valuation and discover what properties we currently have on the market.