Why Now, Is The Best Time To Take On A Renovation Project?
“It’s A Joy, That Makes Financial Sense”
Sterling’s weakness seems to be outweighing Brexit uncertainty for foreign buyers looking to buy a home in the UK. Aneisha Beveridge, Head of Research at Hamptons recently quoted “a property that would have cost an eurozone buyer £1 million in H1 2016, effectively cost £124,000 less in H2 2018 due to sterling’s depreciation.”
For domestic buyers however, prime property remains at a premium. This has caused many prospective buyers to consider acquiring older, unmodernised homes, which have a reduced price tag, but are located in the same areas and can provide them with an opportunity to update and customise the property for themselves. One of the many benefits of this approach is that stamp duty savings can be used to finance some of the refurbishment works, which otherwise would have been spent on the property acquisition. Similarly, some clients we’ve worked with have concluded that they should demolish their existing home and replace it with an entirely a new space that meets their contemporary aspirations and requirements, instead of spending the resources waiting for the perfect property to come to market. By working with Janine Stone & Co. in this way, these individuals have essentially become their own personal property developers. Consequently these projects are not just about creating a bespoke spaces and aesthetic to suit our client’s aspirations, but about doing it in a way that can add value to the property. As an associate of ours recently phrased it, “…it’s a joy, that makes financial sense“. Whether you buy and refurbish, renovate, remodel, or demolish and build, in both scenarios’ buying a project home or property for less than the average price of a ‘finished’ one in the same area can be a good way to build equity.
The primary challenge for buyers looking to undertake these projects is finding the right property. The key to success is always to talk to professionals early in the process. This shouldn’t just include your buying agent, but also architects and designers, who can evaluate the properties being considered from a design, planning and development perspective. This drastically reduces the chance of more costly problems arising later in the process, and massages out the stress involved in finding and evaluating properties yourself. Janine Stone & Co. are always happy to talk with those embarking on this journey. For those not quite ready to talk with specialists, Janine Stone & Co.’s buy and refurbish’ portal may be of interest. It’s a showcase of currently available properties we hold to have exceptional ‘project potential’.