Have you ever watched a programme about property development and been tempted to try your hand at it?

All of those beautiful before and after photos make it look so simple. From the comfort of our sofas, we arrogantly condemn their design choices, belittle their progress, and express how we would do things differently. But how many of us truly understand either the possible challenges or the potentially life-changing benefits of renovating a property to live in or rent out?

So, what can you do to reduce the chances of your dream home renovation turning into a nightmare?

Set a goal.

What is your ultimate goal for the property? Do you intend to flip it, rent it out, or create your dream home? When looking for a property, keep your end goal in mind. If it is to be your forever home, it should be in a neighbourhood where you want to live. Alternatively, if it is to be a rental property, you must ensure that it is located in an area that is appealing to your target rental market.

Create a budget.

Establish a budget for every room and do your best to stick to it. Don’t be swayed by expensive tiles or paint, especially if you intend to rent out the property. Your tenants are unlikely to care if you use Dulux or Farrow & Ball paint. If you are renovating the property for your own family, you may be willing to splurge in certain areas, but always keep your budget in mind. You will most likely run over budget, just like in the television programmes, so make allowances for that when planning your budget.

Plan

Diverting from or changing your plan frequently will cost you time and money, so aim to stick to it. The more time you spend on improvements, the more money you lose in prospective rent. If you are flipping a property, the longer you have to pay your mortgage or utility expenses, the less profit you will make. If it is your forever home, you will be reducing the amount of time you get to live there.

Valuation

When all of your hard work is completed, schedule a valuation to determine how much your efforts have boosted the value of your property and how much its rental value has increased.

If you manage to accomplish all of those things then congratulations you are a successful property developer and will be able to reap the benefits of your hard work.

If you are looking for a property to renovate in Sheffield and Rotherham, please give me a call on 07920 097 175 or send an email to linda.stringer@exp.uk.com so that I can add you to my early bird list so you can be one of the first people to hear about my new listings.