Why To Buy The Best House On The Worst Road

A great many urban myths are just not true – but some are.

It is absolutely true that you can turn an ugly duckling into a swan and achieve a very considerable capital growth on a new home or an investment property by buying well and then imaginatively improving / extending to add value without spending a fortune. Harrogate being Harrogate there a lots of “ professional “ buyers out there that understand the above simple truth but nevertheless there are opportunities for a novice “ home buyer/ developer “ if they bear in mind a number of key things before taking the plunge.

Broadly speaking house owners can do what they like inside an unlisted property without planning permission. You can take down walls and tank basements etc provided that you are fully compliant with building regulations and , if applicable, all the provisions of your mortgage. There are even certain alterations / extensions to a property which do not require planning permission and it’s also possible to undertake certain works ahead of planning permission , although not advisable without expert advice , and then apply for retrospective planning permission.

Some properties very clearly lend themselves to simple and relatively inexpensive reconstruction in addition to the repainting and re-carpeting of the house.

Non-structural walls ( “ stud walls “) can be removed to allow a nice conversion into open plan living areas. Separate dining rooms can be incorporated into more modern “ open plan “ dinning kitchens whilst small dressing rooms can be converted into on – suite bathrooms. Other properties have less obvious potential which can often be best identified by an experienced Estate Agent ,Architect or experienced local Builder. These professionals are in a good position to make suggestions and also provide an idea of the costs.

It is especially important to listen to a good Estate Agent – I recommend Myrings !!! – so that you can get a realistic idea of the selling price of the property “ all done “ – ie once the improvements have been made.

Another useful idea is to talk to the neighbours. If for example , some of the neighbouring properties have been extended in a certain way you may find a neighbour very willing to show you her re-modelled kitchen  – or the Utility room in the basement. Very broadly speaking the costs of building works in modern houses are usually fairly predictable. The costs of modernising a bathroom , building a conservatory or carrying out a loft conversion can be reliably estimated. The reverse is sometimes true in older / old properties. It is not that uncommon when improving say a Victorian property to encounter unexpected problems when removing walls , installing / upgrading central heating or rewiring. Floors may need to be re-laid, rooms may need to be re-plastered  –  old “ lath & plaster “ ceilings once disturbed may need to be boarded.

Naturally finance plays a huge part in any restoration / rebuilding program. If the property to be improved has been purchased by a Developer with the intention of turning the investment over to achieve the maximum financial return then strict time deadlines are important. Buyers who want to create a dream home to live in and at the same time add in value can stage any works over a much longer period as funds become available.

Critical in all of the above – unless you are an expert DIY veteran – is both the availability and the cost of hiring tradesmen in Harrogate – as per bricklayers , joiners , electricians & plumbers etc. The reality is that the best local tradesmen are usually booked several weeks even months in advance. Careful “ time – line “ planning is therefore critical as is the financial planning.

(remember – if you intend to buy at auction you will need to put down a 10 % deposit on the day and complete inside a fixed time- usually 28 days. All this is on top of the administration fee and survey fees.)

Pebbledash, stone cladding and crazy paving can be removed. It’s not especially quick and easy but can be an imaginative part in the redemption of a very dated / unattractive property. The restoration of the façade of a property with either render / brick or timber is not cheap and you could be looking at several thousand pounds worth of works.

Pebble dashing of course can be covering up cracked and damaged brickwork. Filling & Repainting could be a more realistic / cost effective answer. Once again – do your homework , talk to your builder and calculate the costs of improvement. Changing tired / old fashioned windows can make a huge difference to a property – from both the inside and outside – and the cost is usually very predictable as are the costs of landscaping the front & rear gardens. Replacing broken iron railings can also help transform the kerb appeal of a property. In the same way a new front door can cost very little but can put a smile on the face of your property.

If you wish to discuss the above or are interested in the Property market in Harrogate then please come along and see us and enjoy a free no obligation chat about the services we provide.

Charles

About Charles

This blog follows the residential Sales and Lettings market in Harrogate, Knaresborough and surrounding villages.You will find information, analysis and guidance here along with news about Harrogate. I’m Charles Myring working in the Myrings Estate Agents Ltd business alongside my son Simon , daughter Gemma and dedicated sales teams. If you're thinking of Selling / Buying / Letting / Renting property locally Myrings would be happy to assist.