Building Solutions (Midlands) Blog » Builders

Buying a property that needs repair

Richard — Sun, 11 Jul 2010 17:39:22 +0000

The are two main reasons that people chose to buy property that needs repair, firstly that they plan to give it their own look and feel or they are finding it difficult to get a suitable property in the location they need. The second main reason why people chose to buy a property that needs repair is that they plan to profit from property. Many property buyers simple cannot find the time or inclination to commit to building work, so these problem properties are often available at a discount. So this is how many canny property developers make a living buying up properties that are in a state of disrepair and renovating for a profit.

Investors wary as public sector starts to hold back on construction projects?

Richard — Wed, 07 Jul 2010 09:13:47 +0000

Investors are becoming increasingly wary of buying shares in construction companies as fears continue that last week’s budget will have negative impact construction companies’ profits. Those who specialise in local authority contracts have been hit hard and their share prices have suffered. Social housing projects have been one of the areas that have been identified as a potential casualty of the budget cuts.
There is no doubt that news like this adds further pressure to a business sector that is already suffering from some of the toughest times for decades. With a number of local construction companies closing their doors, it is clear evidence that only the toughest will survive.

5 most asked questions about home extensions

Richard — Sun, 04 Jul 2010 12:44:05 +0000

Where can I find a good builder?
This is a very important questions get it wrong and you could regret it for years to come, the best way to find a reputable builder is through recommendation particularly from an architect, surveyor or project manager.
Do I need planning permission for my home extension?
Changes over the last few years have meant that not all home extensions require planning permission, however previous development and the properties position play a big part. It is always advisable to get professional advice on planning permission and it will probably be necessary to retain an architect for the building regulation drawings. The architect will advise on the legalities of the UK planning system.
Finding a good architect for my home extension?
The fees of architects vary greatly if you chose an expensive architect you will probably get what you pay for but do you need it if your extension is a simple design? Recommendation is a good starting point, if you cannot get a good recommendation find a good professional, structural engineer or commercial surveyor and they should be able to recommend a good architect.
What specifications do I need to know for my home extension?
There are lots of choices to make, manly the external material choices: types of roof tiles, windows, gutters, brick types and external lighting. The other main area of specification is the internal specifications, things like heating, lighting, doors, skirting, paint types and colors, flooring and room lay outs. Again your architect or project manager will be able to help you chose the specifications and finishes for your home extension.
Should my home extensions be in Brick or a conservatory?
This is a question that many home owners regally ask when they are considering smaller or single story home extensions. There are obvious advantages to both options I would always advise that you discuss your unique requirements and project with an experienced project manager or architect.

How to find a good builder for your home extension.

Richard — Sun, 04 Jul 2010 09:43:16 +0000

There are an increasing number of home owners using project managers, commercial surveyors and P.Q.S. for their home extensions (P.Q.S. is a private/professional quantity surveyor). These property professional have the experience and network of building contractors that can tender for your building project or home extension.
This does cost more in professional fees but give the home owner a greater peace of mind as they know that the contractors have a track record of delivering quality work. Your surveyor can help you with the schedule or specification of works producing and managing the tender process and if you wish then go on to project manage the build stage. Fees vary but they really do mitigate your risk as they will produce a watertight contract that protects you the client from poor performance from your building contractor.

Increase in VAT gives the renovation and construction industry a temporary boost.

Richard — Thu, 01 Jul 2010 07:34:25 +0000

The planned rise in VAT will make many developers bring work forward to avoid another 2.5% extra renovation or build costs that they have not planned into their development appraisals. There is no VAT on new build properties so the new build development sector will remain unaffected. The other budget change that few have really given much thought is the capping of housing benefit. This will have an immediate affect of the purchasing behavior of landlords. They will now be very careful when considering adding properties to their portfolio that have high rents as the government has capped weekly rents. Those who hold this type of property will be looking to switch to professional tenants and move from those tenants on housing benefits. This will add further pressure to the private rented sector, and give more reasons for those accidental landlords to off load their investment properties. It appears that the world of the professional landlord is out of vogue and will be left to the hardcore that manage and repair their portfolios and keep expenditure to the minimum.

Making higher profits from buy to let?

Richard — Tue, 29 Jun 2010 09:47:25 +0000

Landlords and property investors are set to make higher profit margins as rents are rising and a shortage of suitable rental properties are coming to market.
The current increases in rents achieved are in complete contrast to the final quarter of last year as rents showed no increase back in 2009. Results from the Royal Institute of Charted Surveyors show their surveyors as optimistic about the future for rents. They reported the highest level of optimism for rising rents since the start of the survey in 1998. The increase in rents is driven by a direct decline in the number of properties available to let. With sound economic principles behind the increases in rental costs there appears little doubt that rents are and will continue to rise for the foreseeable future.
These statistics come at a time when many accidental landlords are choosing to leave the market as they have seen a recent rally in capital values. The demand for rental property also appears to be on the increase which coupled with less rental housing stock is a sure sign that rents will continue their upward course.
With the first signs of a freeze in the buy to let lending market starting to turn to a thaw and rents raising this is the best time for landlords for years! The banking and property finance market always follows a similar course. When things go bad the banks panic and stop lending, then they start to gradually lend to the “safest bets”, top earning domestic mortgages and low loan to value mortgages. With a marked increase in the number and type of buy to let mortgage products available, it bodes well for other sectors in the property sector. The next area that should receive positive news after the buy to let lending has recovered is the commercial property market. With time, better deals will make the commercial property market again a better proposition for property investors. Then that most interesting of all property sectors the world of speculative property development. This area of the property market has been brought to its knee’s by the worst lending drought for decades. This sector has been out of vogue with lenders and partly blamed for the financial crisis. It is true that speculative property development did play its part in the financial crisis. You only need to look at the volume of available property for sale in Spain. The whole country is crippled by a huge over supply of new build properties, with many experts in the European property market expecting fire sales and some real bargains as lending and reality bite.

Ten reasons to extend your home.

Richard — Sun, 27 Jun 2010 07:53:29 +0000

1. Financially it will probably make more sense to extend your house than move home, as you do not incur the stamp duty, estate agents fees, and other moving costs. The money you spend can be seen in your new living space.
2. Space this is the number one reason that people chose to extend, they simply feel that they lack the space in their home to enjoy the lifestyle they want.
3. To spend more time together in your home, many families lack a nice space to relax together or dine together and a home extension can really give them the beautiful space to be together in.
4. Many home owners are simply proud of all the hard work and they want to extend their homes to give them that “wow factor”, modern and contemporary home extensions really do set your home apart from your friends and neighbors.
5. Property development or adding value, some properties are simply crying out for a home extension. If you look at the rear of some streets you will notice that most of the home in the street have had an extension. There is just some housing stock that was not built to suite modern living, and really benefits from a home extension.
6. Is your family getting bigger? It may be a new baby or an elderly relative coming to stay and you might have decided that more space and a downstairs toilet would improve your lifestyle.
7. Have you received a lump sum of money and you want to make sure you spend it wisely a home extension will be there more many years when a new car or holiday will be long forgotten.
8. Are you starting or running a business from home and you need new space for a home office.
9. Football, golf, or motor sport? Do you find that your family is in conflict over the control for the T.V. with another room you could set it up as a snug or T.V. room and you could recline in comfort watching your favorite T.V. sport, or films safe in the knowledge you have complete control of the T.V. control.
10. Do you want to enjoy open plan living? Why not add a home extension and then remove the original external wall and open your home up into your new extension. This will really give your home that contemporary feel and give you extra space you need.

Extensions for listed buildings

Richard — Sat, 26 Jun 2010 07:44:05 +0000

Extending a listed building is something that requires sensible project planning there are several important factors that must be planned out and agreed prior to building works commencing. Many people do not realise but it is actually a criminal offence to alter a listed building without listed building consent. So it may well be necessary to obtain listed building consent, planning permission and building regulation approval before you even break ground. It is the conservation department who hold the responsibility of managing the approval of alterations and repairs to listed buildings and those buildings within conservation areas.
They will decide if your proposal keeps within the character, flavor and appearance of the original building and uses the same materials and techniques that were used in the original construction.
This can make extensions to listed buildings expensive; however the good news is that these repairs or alterations are zero rated for VAT. So you need to make sure your contractor is VAT registered and that he makes the necessary arrangements with the local VAT department so he can charge you zero VAT.

Small Home extensions can make a big difference

Richard — Fri, 25 Jun 2010 07:25:47 +0000

Small extensions especially in kitchens can make a big difference, a home extension of just one meter out for the full width of a kitchen can give you the extra room you may need for a table. The difference in lifestyle for the home owner being able to sit as a family and have a meal can far out way the cost of a small extension.
Small home extensions are usually single story extensions, the design of these smaller home extension can be made to really unique. Fitting roof lights and finishing the external walls in render or quality timber cladding can give a property a really contemporary feel. Clever design and expensive finishes can be used on smaller extensions as the square meters keep the project budget affordable.
Porches and entrance halls can improve the look of a home from the outside as much as giving you that extra bit of space you need to keep shoes, coats and hats tidy. This kind of small home extension can also add value not only because of the extra space but as well it gives the house a unique appearance and a quality feel.

Building a home extension building regulation approval

Richard — Thu, 24 Jun 2010 08:21:20 +0000

Due to recent changes in planning law not all domestic home extensions require planning permission but all require building regulation approval. There are two routes to the all important completion certificate, one is a full plans submission and the other is a building notice. Without a completion certificate it will be very difficult to re-finance or re-mortgage your home and it will also make it difficult to sell. So that is a very important point of focus during your home extension project.
If possible a building control full plans submission is a safer option as it allows the building control department to spot any flaws in the basic design. Things like means of escape which can become an issue if the property has had previous development works or the thermal efficiency of the new home extension.