1. FIGURE OUT YOUR FINANCES

Calculate how much you can afford and how much you will need to spend, thereby ensuring your project does not become a money guzzling black hole from outset. It’s vital you are realistic at this stage; if you underestimate your budget and fail to have a contingency fund, you could run into financial difficulties later down the line.

2. PROPERTY SEARCH

Once you have planned your costs and organised your funding, you can use your estimated budget as a guide when viewing properties. The size of the project must fall within your price bracket. It may be wise to speak to a property broker at this stage, as they will hold key knowledge regarding properties that aren’t even on the market, along with a list of reputable contacts to use when you need them.

3. CHECK, CHECK AND CHECK AGAIN

When you find a property that you like, have a survey done and obtain quotes from renovation specialists, taking into consideration the expense of structural work, damp remedies, wiring, plumbing and cosmetic enhancements. If the projected costs are affordable, continue to check whether there are any restrictions upon the property and if planning consent is obtainable.

4. DO THE RESEARCH

If you are still happy at this stage, research the area, taking into account factors that could be appealing to potential buyers. For example, is the location a favourable one? Are there any good schools nearby? These are all things that will increase the value of the property, helping you to reap greater financial rewards when you come to sell

5. KEEP IT HIGH SPEC

When you have purchased a property that corresponds with both your budget and your idea of a ‘saleable’ home, you can begin the hard graft. Although at times it may be tempting to cut corners, it is important to prioritise exceptional quality. Buyers will quickly recognise poor workmanship and substandard finishes.

6. MAXIMISE YOUR SALE

You need to direct your focus on areas that will maximise your sale. Concentrate on rooms that are used the most, including the kitchen and bathrooms. Identify areas in which a small investment could considerably increase your profit margin. This could be as simple as painting a wall, or could be a larger project such as converting an outbuilding

7. APPEAL TO THE MASSES

When comes to aesthetics, remember that this is not for your own taste; keep sight of the fact you are going to sell and do not get emotionally attached. The aim is to renovate a property that is going to appeal to the masses. Too many fail to take this advice and find their time, energy and money has all gone to waste.