Property Renovation in London
Did you know that London is one of the top three most expensive cities to live and work in the world?
The housing market in London is booming and the average home price has risen to over £300,000. This is fuelled in large by London being very attractive to foreign investors and those who are looking to make quick money with buy-to-let properties.
With the housing market skyrocketing, not only is it becoming near impossible for people to move into London, but it is also becoming difficult to move out.
So, what do you do when you can’t move out of your home but are dying for something new? Consider renovating property or extending – which is exactly what people in London are doing. This trend was demonstrated in the hit 4 TV program http://www.channel4.com/programmes/kirstie-and-phils-love-it-or-list-it”.
With the popularity of the show we have begun to see huge trends in renovating property. Other trends that we are seeing at the moment include: http://abbeymeadbuilding.co.uk/basement-excavation-and-conversion/
Basement conversions – There are many ways to transform that plain, unfinished basement into something spectacular. Ideas for a basement conversions are extra bedrooms, family entertainment rooms, game rooms, extra kitchens, laundry rooms, and apartments for a little extra income.
Specialised companies are taking professional renovations to the next level by creating one of a kind looks with the best materials sourced from around the world. This helps to create a premium finish that will be unlike anything else on the street.
Particularly where people are renovating a property that they plan to stay in, they are being more experimental with styles and designing to their own specific taste.
Tips and Advice for Renovating Your Home
Know when to call a professional – You may have decided that you can do the renovation work yourself. While this can be highly cost effective there are certain jobs such as electrical and plumbing that you should always hire a professional for. The same goes for decorating- though many think they can do it themselves, don’t underestimate the power of professional decorator.
You don’t want to undermine the quality of the renovation by giving it a poor quality finish.
Budget wisely and conservatively – You may be asking yourself what is the cost of renovating a home.
When making the decision to renovate, you must set a budget that is realistic and that has some flexibility for overruns and extra costs. This will protect you if unforeseen costs creep in, but also allow you to make impulse buys if you see something you like.
Set personal tastes aside – If you have decided to renovate a home to sell it, you have to leave your personal preferences out of the decision making process. Just because you like that lime green colour for the accent wall, does not mean that potential buyers will.
The Ripple Effect
Renovating property isn’t for everyone and many are looking to move out of London completely. Areas surrounding London such as Hertfordshire, Oxfordshire, Bristol, and Bath are seeing an influx of residents which is causing them to raise their property prices due to the “ripple effect”. Some say that is due to people getting older and wanting to start families. Others say it is due to the fact that everyone wants to live in London due to its appeal, and that the price rises are simply due to supply and demand. See also “http://www.telegraph.co.uk/property/house-prices/house-prices-londoners-flee-capital-highest-rate-since-2007/”
London House Prices
Whatever the case maybe, experts expect to see less Londoner’s buying outside of the capital in 2017. Maybe it is because the housing market is finally starting to settle down, or maybe it is because the property renovation trend has hit really big in London.
If you are considering renovating property or a basement conversion gives us a call to discuss your ideas and benefit from our broad experience.