Most homebuyers prefer to buy a home that offers more space and is better performing than a new home. New builds can be on the small side. Renovation projects are not always successful, however so be sure to do your research before embarking on a major renovation project.

Six things you should know before starting a renovation project:

1. Make sure you have the correct planning permission

The council’s planning department must approve any renovation or construction work before you begin.

It is worth checking out what other homeowners have done in the neighbourhood.

2. Budget your money sensibly

You should not be so excited by a cheaper price of an old property that you overlook the future costs.

There are obvious discounts on unmodernised properties, but there is also a certain amount of uncertainty about the final price.

A careful remodelling will always cost more and take longer than you expect. A reserve fund can be useful in the event that you encounter unexpected problems or complications. For help from Cheltenham Builders, visit https://baytreehomes.co.uk

3. Choose experts

Find a reputable architect and builder that will be upfront with you about the cost and has many references and satisfied clients.

4. Do your research

In family-oriented neighbourhoods, finding a fixer upper home is “very common”. This means that serious buyers must act quickly.

The renovation of a Victorian terrace can be a hot topic. The interested parties will have conducted their own research and calculated their budgets.

5. Stress management is important

“Renovation” means different things to people. Others may be willing to knock down walls in order to achieve their dream of an open plan layout. Consider your primary motive and how much disruption you are willing to tolerate. Budget is important, but also consider the extent of the project.

6. Stay realistic

Do not spend more than you can afford.

You need to know your price ceiling if you want to make your renovations increase the value of your home. This is the highest price a buyer in your area will pay for a house before they find one in better condition for the same price.

You should not expect that a renovation will add much value to your house if you have already reached your ceiling price. When considering a complete kitchen renovation, consider the value of your home and how much return you can expect on your investment.