Renovating properties can be a challenging yet rewarding journey. Whether you’re a novice seeking guidance or a seasoned renovator aiming to refine your skills, we’ve teamed up with two experienced property developers to provide you with their top tips when renovating property. Their insights offer a glimpse into the strategies that have propelled their projects to success, elevating properties from ordinary to extraordinary.
Gillian Green – Property Developer & Mentor, Co-Host of the Scottish Property Podcast
Tip #1 - Work out basic renovation costs before you make an offer and refer to these throughout the project.
“Whenever I undertake a new project, I've already done my basic renovation numbers before putting in an offer. I always take this information and put it into a project plan, which I'll use throughout the project. This is always my "go-to" to check on progress, keep to the all-important budget and most of all to keep me calm!”
Tip #2 - Get the right team for the job.
“Put the time and effort in up front to get the right team for the job. Initially, my husband Darren and I used a builder who could take on the full project as we lacked experience and time. To find them, we got recommendations and checked out "check a trade" type sites. We invited 3 builders to quote the job and based our decision on their credentials, the quote itself and how well we got on with each other. We worked with that builder on seven projects and since then, have built up a team of trusted trades who I use on most of our projects.”
Chris Brown and Andrew Harkins – Property Investors and Owners of Brightstone Property
Tip #3 - Ensure a good schedule of Works.
“If you’re running the project yourself, ensure you have a good schedule of works in place for all stages of the renovation. This allows you to plan and coordinate trades, anticipate if timescales are slipping and make changes.”
Tip #4 - Start with the end in mind.
“Depending on the type of renovation, whether it’s flip, Buy-To-Let or serviced accommodation, start with the end in mind when it comes to your standard of finish. For flips, a slightly higher end kitchen and bathroom along with staging can break the ceiling price in the area, but on a buy-to-let there’s more of a focus on durable and functional finishes. On serviced accommodation, you really need to know your target market to get the right finish, but modern flourishes make all the difference and create that ‘Instagrammable’ effect.”
Tip #5 - There’s one tip that both our experts agreed was one of the most important, and that’s contingency.
"Whilst you want to be realistic when you’re planning your renovation budget, unexpected issues can (and do!) crop up which can play havoc with your expected spend. Having a 10-15% contingency can take the stress out of these situations and allows you to continue with your project."
