This is a collaborative post
Buying a property with renovation potential? It’s a great opportunity, but it’s important to not overlook the hidden risks in the rush to get started. A promising project can quickly turn into a financial and logistical nightmare if you fail to do the basics well enough.
Rushing decisions and cutting corners can leave you facing spiralling costs, frustrating delays and, ultimately, disappointing results. Avoiding these common pitfalls should save you time, money and a lot of stress.
Neglecting comprehensive property surveys
Skipping a thorough property survey or opting for a basic valuation might seem like an easy way to reduce upfront costs, but it often leads to costly surprises later. Issues like structural problems, damp, subsidence and outdated wiring are difficult to spot with the untrained eye, and yet they can derail even the most well-planned renovations.
A full building survey carried out by a chartered surveyor gives you a detailed picture of the property’s condition. Highlighting urgent repairs and potential long-term issues allows you to budget accurately and negotiate a fair purchase price.
If significant defects emerge, you can either adjust your offer or walk away before committing to a property that could be a financial disaster.
Underestimating renovation costs and timelines
Many buyers approach renovations within a set budget, only to find that unexpected costs quickly eat into their funds. Underbudgeting isn’t just common – it’s almost inevitable.
Material prices fluctuate, unforeseen structural issues emerge and delays from planning permissions or contractor schedules can push timelines further than expected.
To avoid this, get multiple quotes for each aspect of the renovation and add 10-20% to your estimated budget to cover unforeseen expenses. Setting realistic expectations from the start should help you avoid running out of money mid-project or being forced to cut corners.
Failing to vet contractors thoroughly
Hiring unreliable builders, plumbers, electricians or even surveyors can make the most straightforward projects a lot of hassle. Poor workmanship and missed deadlines are more likely if you don’t do your due diligence before hiring tradespeople. Professional negligence by a surveyor could lead to a misleading valuation or missed damage and defects.
Ask for recommendations from trusted sources and check online reviews carefully. You can also request references from previous clients. A reputable contractor should provide a written quote outlining the scope of work, materials and payment terms.
Don’t be tempted to pay large deposits upfront – stagger payments based on completed work to keep control over the process. If a builder is reluctant to agree to clear terms, it’s a warning sign to look elsewhere.
Choosing poor-quality materials or designs
Cutting costs on materials might seem like a smart way to stretch your budget, but it often leads to higher expenses in the long run.
Low-grade fixtures and fittings wear out quickly, requiring frequent repairs or replacements. Similarly, trendy design choices that don’t suit the property’s character can reduce its long-term appeal and resale value.
Invest in durable materials that balance cost and quality, and choose classic designs that won’t age poorly. If you’re updating a period property, consider how new features will integrate with existing architecture.
Disclosure: This is a collaborative post