Taking on a run-down building and transforming it into something sellable is a hugely tempting idea to many people. At first, this can seem like a ‘get rich quick’ scheme since the initial cost of buying the unwanted building appears so much smaller than the potential price after you’ve spruced it up. However, undertaking this kind of project requires patience, dedication, hard work and, unfortunately, money. To successfully renovate a derelict building and attract buyers, take a look at these useful tips.
Learn the Skills
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A great way to save money when doing up an old or abandoned property is to learn many of the required skills for yourself. Of course, outsourcing is important and necessary. However, if you can teach yourself the basics of cement pouring or joinery, then you will be able to cut your costs in small yet significant places. Don’t set out with the notion that you can do it all by yourself. This will lead to exhaustion and potentially failure. Simply be prepared to add to your skills in order to maximise your profit margins.
Recruit Necessary Expertise
Finding the best people to help you is also a vital part of reaching success. If your building has no plumbing or electricity, seek the assistance of licensed and professional plumbers and electricians. If the property is derelict due to a fire, don’t assume you can tackle that on your own. Cleaning a fire-damaged property can be handled by the experts. You should learn when to do something yourself and when to recruit outside help.
Budget Generously
Next, outline your budget for the project, but don’t be too restrictive. It’s tempting to employ strict budgeting at the start in order to try and convince yourself a wider profit margin can be achieved. The flaw here is that you will inevitably go over-budget, and this can feel like a major setback, even if the budget was prohibitively tight to begin with. Instead of setting yourself up for this unnecessary stress, leave reasonable wiggle-room in your budget – just not too much.
Don’t Cut Corners
Another trap some people fall into when renovating an property is to cut corners in a variety of ways. Using cheaper materials or labour might seem like a money-saving idea at the time, but in the end you might fail to attract a buyer willing to spend what you hope to charge for the finished property. You don’t have to overspend, of course. Just remember that what you sell should be worth selling.
Appeal to the Imagination
In the last stages of your renovation, you’ll be decorating and fine-tuning the property to attract buyers. Take inspiration from interior design websites or magazines to gain an impression of what tastes are currently out there. You want your property to stand out and invite potential buyers to imagine themselves using the space. Be creative and enjoy the process.
