How To Renovate on a Budget

If you want to become a property developer, you need to be smart when buying a property. You should get all of the relevant checks done before you buy, including structural surveys and electrical testing. If major works such as electrics or structural repairs need carrying out then it is best to get a professional in and budget accordingly - there's nothing better at killing a renovation project than getting a big bill that you didn't expect.

If you know what you are getting in to, you should only be left with the smaller jobs. Funding property development can be tricky, but it is a lot easier if you only have to budget for the following:

Painting

Painting is a straightforward and simple job for improving the look of a room. For the best finish always strip walls of any wallpaper. Make sure you fill in any holes or cracks, sand the wall down, and then paint your prepared surface. This may be time-consuming but it's a lot cheaper than plastering - and this can give the impression of fresh plastering. You can buy "trade" tubs of paint which are larger than standard tins of paint, and often don't cost much more than standard size tins. It's worth getting a tester though, as some trade paints are thinner than regular, which leads to poor coverage. This is a waste of time, as you will need to apply two or more coats - which also causes you to use more paint than necessary. Also, always use matt rather than silk paint as you get a much better finish and blemishes are harder to see!

Flooring

Carpet is usually the cheapest way to refresh the flooring in a property, but if you have no experience with putting carpets down it's time to call in a professional. I always go for the cheapest plain beige/light brown carpet, and you can usually get away with no underlay. In the kitchen and bathrooms go for vinyl instead of expensive tiles.

Kitchen

Shop around and get the cheapest flat-packed kitchen you can buy. You don't need to put expensive appliances in, you can always obtain appliances second-hand at a fraction of the cost. Remember, the appliances are not necessarily to be sold with the property. You can make the kitchen look more expensive by getting nice handles or a great work surface.

Bathroom

Bathrooms can usually be bought for less than you think - a basic bath, basin and toilet are very cheap to buy. If you can't fit the bathroom yourself, get a local handyman to do it for you - a handyman is usually faster and cheaper than a plumber. When it comes to tiling then either have a go yourself or get the handyman back in!

Garden

The best plan is to use the resources you have available - so just tidy up what is there. Trimming back trees and bushes can have an amazing effect on the look of a garden. You should make the garden one of your first jobs as it can take a few weeks to turn yellow grass green again! Failing all else, take up any grass and lay new turf yourself - you will often find growers selling turf in your local area via Google or the Yellow Pages.

Hopefully this should give you a few ideas on keeping your budget down when you are trying to fund a property renovation!

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