Renovation projects are extremely popular with those looking to build up an enviable property portfolio. Similarly, many people enjoy purchasing a renovation project when they move home, giving them a unique challenge and the perfect opportunity to create a home that is tailored to their exact specifications.
Renovation projects are typically sold at auction or go to final bids or best and final offers. Consequently, if you want to bag yourself a renovation project, you’ll need to be confident in how these processes work.
If you have no previous experience in undertaking a renovation project, you should make sure that you look into and set aside appropriate funds for the following things:
Reconnecting the water and electrics
Professional fees for things such as structural reports, planning permission and building regulations approval
Contingency funds – these are especially important for a renovation project as things aren’t always what they seem
You are responsible for a site once your exchange contracts, so having renovation insurance set up is highly important.
The cost of your insurance will vary, depending on the nature of your project. The insurance you take out will need to cover public and employer’s liability, cover for building materials and works, plant, tools, temporary buildings, the existing structure, personal accident cover and legal expenses.
Another thing you may consider taking out is a warranty. Whilst it is not a necessity to have a warranty, this type of policy will cover flaws in the design of the house, the quality of the build or materials and any problems that occur as a result of this.
Grants and Concessions
In the instance that you wish to apply for a grant, you must apply for the grant before the project begins.
You may also be entitled to VAT concessions on residential buildings that have been empty for two years.
Here at Boss Construction, we have been helping individuals complete their renovation projects to the highest standards for many years. We understand that you want the best you can get for your project and we’ll work closely with you to ensure your complete satisfaction with the final product. To speak to a member of our dedicated team about your project, please call 0121 353 8181 today.