House Renovations in Devon

The Builders SW TeamBuilders, RenovationsLeave a Comment

As we are all aware, the last few years have not been very kind to anyone who has cash to save. Interest rates have been at an all time low for several years and, as a consequence, people have been looking for  other things to invest in. One particular type of investment has gained great popularity in recent years – property development. The process of identifying the right property for the right price, planning its renovation and finding a  buyer at a price that produces a healthy profit can be an exciting and effective way of beating the low interest rates that are offered by the banks. However, there are certain pitfalls that should be avoided to maximise the investment and in this article we provide a few tips, as experienced property developers and specialists in house renovations in Torquay, Newton Abbot, Exeter, South Devon and the South Hams, as to how you should go about the entire process.
Finding the Right Property
When you are trying to find the right property you need to ascertain certain important issues. Find out how long the house has been on the market. If it has been for sale for many months is indicates that there have  been no other developers who have considered it to be worth buying and you may not make much of a profit from it.
It is also important to be absolutely sure about what yo are looking at. In order to avoid the risk of purchasing a property that is going to take all of your resources because of the state that it is in you should visit it and inspect it many times, preferably with a team of contractors who will be able to give you an accurate appraisal of the nature and extent of the work that needs to be done and the likely cost. Experienced builders, roofers, plumbers and electricians will be happy to provide you with a free estimate for any works that are required.

South West builders renovations

Project Costs
Funding is a crucial issue and it is essential that there are sufficient funds to complete the project. The job should be carefully costed in collaboration with your builders and you should always include a contingency fund. It is almost inevitable that during a major renovation project some unforeseen costs will arise. If this is catered fro in advance it will avoid potential problems with contractors and suppliers in the future. We would normally suggest a contingency fund of 20% of the overall cost of the renovation project.
Managing the Development Project
It is possible either to manage the project personally, employ a project manager or leave it in the hands of your builders. The matter is one of previous experience, choice and funds. However the project is managed you should always ensure that all quotes from your tradesmen and in respect of materials and supplies are obtained in good time. You should also be prepared for the schedules to slip, even without the intervention of unavoidable issues such as inclement weather. You should always be prepared to ask for advice from tradesmen and other developers on what can be a pretty steep learning curve.
The Builders
When looking to engage a builder you should bear in mind that he will be working for you over a significant period of time. You should make sure that the builder is someone you are comfortable with on a personal basis and who you feel able to communicate with if the project is to run smoothly.You should also ensure that the exact arrangements for the renovation are agreed with your builders. The contract should cover the work to be done, the price of the works, the payment terms, the agreed working days and hours, insurance, guarantees and dispute resolution.

Leave a Reply