You’re not buying a new house, you’re investing in your future. This blog will tell you everything you need to know about what to do when you buy a bungalow that needs a major renovation!
This is an exciting time for anybody who has just purchased a derelict old bungalow. Perhaps it’s been decades since the last owners took any pride in their home, or maybe they were never able to live life to their full potential because of their surroundings.
This is one of the most common scenarios for any buyer who is buying a derelict, so let’s have a look at some of the best things to do when you buy a bungalow that needs a major renovation.
- Make an appointment with your local council before you buy your home. Before you even move in, make sure you have an appointment with your local council officer. It may be the first thing they ask, but it’s a vital piece of advice you absolutely cannot afford to overlook.
There are several things you’ll need to do on your behalf, and you may also be asked for some proof of income.
- You’ll need to get your house assessed by a local building surveyor. One of the first things that your local council officer will do is have a building surveyor assess your property and give you a report.
This is often done in advance, so that you can see what needs to be done, and go ahead with the renovation.
- Make sure you have a council building surveyor’s report of your property to show the buyer before they view it. The sooner you get this report done, the sooner you can show potential buyers the full potential of your home.
You don’t want to give them the opportunity to pull out from buying your property because their surveyor found something that wasn’t mentioned in yours.
- Getting it valued pre-renovation will help you establish how much it’s worth after. A valuation pre-renovation is also a good idea as you can use that valuation to help sell your home for a higher price after its renovation.
- Find out whether you can keep your old furniture and appliances for the renovation. This is a question that should be answered as early as possible during your buying process.
Some homes will have fixtures and fittings that cannot be removed, so make sure you find out about this ahead of time to save yourself some money.
- Arrange a loan as soon as possible after you purchase your home. The sooner you can arrange a loan, the quicker the renovation and the quicker you can move in to your new home.
Make sure you have enough money spare for the deposit and any fees involved, such as legal costs to make sure that everything goes smoothly.
- Get a reputable building contractor to start the renovation process. This is the most important piece of advice that you can follow when you buy a bungalow that needs a major renovation.
It’s very easy for someone to take advantage of your position and make more money out of the job than is necessary, so it’s vital that you seek someone who will do what they promise and deliver on their promises on budget and on time.
- Find out about the paperwork and permits that you need for your home. Speak to a building contractor about the documentation process.
It may seem like a lot of work, but it is all worthwhile as it will be worth every penny once your home is finished and you can move in.
- Take pictures of any damage to your home before the renovation. This will give you something to show potential buyers if they are worried about any damage that’s already present when they view your property.
- Get an inspection of your property after it has been completed to ensure that it was done properly.
By requesting an additional inspection after the renovation, you’re making sure that everything has been done properly and per the building code and you can rest easy at night knowing that your home is safe for you and your family.