EP5: Project Home Buying Tips
The Property Podcast with Wards Estate Agent
Tuesday, 8 August 2023 - 24 minutes
Episode 5 - Project Home Buying Tips
In this episode, we dive into the world of project home purchases. We're joined by guest expert Jonathan Carroll, Branch Development Partner at Wards, with over two decades of experience in property management.
Key Topics:
1. **Understanding the Local Market**: Researching local market trends and prices is crucial when considering buying project homes in Kent.
2. **Building Relationships with Estate Agents**: They can provide early information about properties entering the market.
3. **Financial Advice**: Seek professional advice before setting budgets or making offers due to fluctuating mortgage rates.
4. **Budgeting for Renovations**: Set aside at least a 10% contingency for unexpected costs like boilers, kitchens, bathrooms renovations which have seen price increases recently.
5. **Considering Hidden Costs & Issues**: Older properties may come with issues like dry rot, dampness, old timbers etc., that might surface during renovation process; unseen elements such as electrics and plumbing also pose potential problems.
6. **Government Schemes & Incentives:** Look out for grants available for listed buildings or energy efficiency savings on heating and insulation depending on your local authorities' offerings.
7. **Staying Updated on Regulations:** Regularly check back to stay updated about changes in legislation regarding things like insulation standards.
8. **Surveying Process:** Understand different types of surveys (mortgage valuation, home buyer's report and building survey) to gauge structural condition of homes effectively.
9. **Planning Permission & Building Regulations:** Certain areas might have restrictions so it’s important to consult your local planning office before starting any project work.
10.**Increasing Property Value through Extensions or Conversions:** This not only enhances its worth but also improves sustainability while complying with all regulations
11.*Professional Help:* Always hire professionals who are recommended and certified especially for electrics and plumbing works
12.*DIY Renovations:* Don’t shy away from doing some renovations yourself to save costs; resources are readily available online
13.*Negotiating Purchase Price:* Use your position as leverage if you’re not selling another property simultaneously.
Stay tuned till the end where our expert shares his valuable insights on how one could increase their investment by up to 30% if done right!
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