Top five things to consider before you renovate

Making the decision to take on a renovation project is a huge challenge and commitment and should not be taken lightly. As rewarding as the outcome will be, it can be expensive, time-consuming and takes a lot of preparation. We reveal a few things to consider before you delve into a big home renovation.

Fail to prepare, prepare to fail 

Renovations are daunting, and so creating your own detailed schedule, with sections for each room e.g. ‘loft conversion’ will help massively. In each section, write time frames and assign job roles to ensure no jobs overlap or conflict with each other. 

When working on a big task, it’s always easier to take it one step at a time to avoid becoming overwhelmed. Without a detailed plan of action, the whole process becomes hectic and stressful. It’s normal to miss deadlines, but do your best to make a schedule and stick to it!

Budget for additional costs

Home renovation projects are never simple and rarely go exactly to plan. You will save yourself a lot of time and energy by pre-empting these potential pitfalls along the way. For example, old buildings will most likely require new electrics. 

According to Homebuilding & Renovating, rewiring a typical three bedroom terrace measuring around 100m² will cost between £2,500-£3,000, adding a modern heating system to a typical house will cost around £2,500-5,000 and a new roof can cost about £2,000-£3,000 for a typical three bedroom house.

Who are you renovating for? 

People renovate for different reasons, whether it is to increase the value of your property, restore an old or derelict property or enhance your return on investment, everyone has their own goal in mind. Renovating for you and your family to live in the home, to rent your property or to sell your home, tailor the renovation to meet your goal. However, even if you are renovating for yourself, think long-term and make sure that the decisions you make will not have a negative impact when you eventually decide to sell your home. 

Be realistic

Nothing ever goes perfectly, and renovation deadlines are almost always extended. Remember that you can’t rely on everyone all the time and you’re probably going to go over budget. It’s all worth it in the end though, and if you remain realistic with your expectations and vision, you’ll be on the path to success.

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Today marked a historic moment as King Charles III delivered his first speech, outlining the government’s priorities for the upcoming year. Among the key announcements were significant reforms impacting the rental and property sectors. Let’s delve into the three major takeaways that should be on every letting agent and landlord’s radar.

 Renters (Reform) Bill: A Balancing Act

The speech reiterated the government’s commitment to the Renters (Reform) Bill, signalling a renewed focus on the rights of tenants and the concerns of landlords. A notable highlight is the pledge to abolish Section 21, commonly known as “no-fault evictions,” a commitment that has been in the spotlight since the Queen’s Speech in 2019.

However, the timeline for implementation remains uncertain. The King’s Speech provided no further clarity on the criteria and deadlines for the significant court process reforms required before Section 21 can be abolished. Letting agents and landlords should stay vigilant for updates, as these changes will reshape the dynamics of the rental market.

Leasehold Bill: A Path to Fairness

King Charles III emphasised the government’s dedication to making homeownership more accessible by introducing a Leasehold Bill. The proposed reforms aim to streamline the process of buying the leasehold of a property and alleviate the burden of “punitive” service charges.

Estate agents need to monitor the legislative landscape, anticipating reforms such as simplified procedures for leaseholders to purchase the freehold or extend their leasehold. The introduction of a cap on ground rent at 0.1% of the freehold value could transform the leasehold market, while changes to ownership requirements may lead to a future where all houses are sold as freehold.

Net Zero and Energy Efficiency: A Green Commitment

The government’s unwavering commitment to achieving Net Zero emissions by 2025 is a pledge with broad implications, including significant changes in the property sector. King Charles III expressed the government’s desire to “safeguard energy independence” and invest in renewable energy sources.

For landlords and homeowners, the initial requirement to upgrade properties to an EPC C rating by 2025 on new tenancies, and 2028 for all tenancies, faced a revision in September 2023. Prime Minister Rishi Sunak announced the relaxation of these targets, relieving landlords and homeowners from the original deadlines. However, the commitment to energy efficiency and the transition to renewable sources remains a focal point in the government’s agenda.

As we navigate through this new era under King Charles III, the landscape of the property market is set to undergo significant transformations. Letting agents and landlords must stay informed and adapt to these changes to ensure a smooth transition into a more tenant-friendly, fair, and sustainable future.

 

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