The search for a new home can be a difficult task. Finding a London property that is the right size, in the right area, and within budget can feel impossible. In these circumstances, it could be a better option to find a house that has potential and is under budget with a view to update or extend the property to make it your dream home immediately after purchase.
If you have found yourself a “doer-upper” and are thinking about renovating the property before you move in then you will need to know the cost of these renovations, to build that into your budget. This is where a pre-exchange renovation quote can help you understand the true costs of transforming the property and whether you can make all these changes before you move in or whether the scale of the renovation would be beyond your budget.
What is a pre-exchange quote?
A pre-exchange quote, also known as a pre-purchase quote, is exactly what it says – a quote for renovations of a property that you get before you have exchanged on a property with a commitment to purchase. A quote to complete the various updates you would like to make to the property can help with your decision to buy the property, keep the purchase within budget, and help you plan timelines for moving in.
What are the benefits of a pre-exchange quote?
Few properties are perfect when you buy them, but some will need more substantive work than others to meet your needs. If the property just needs a lick of paint, or a new back door then you probably do not need to get quotes before purchase as you can relatively accurately estimate the costs yourself. However, if the property requires a new bathroom, a new kitchen, or more major works like a new rear extension or attic conversion then it is useful to get real quotes for the work so that you can better understand the costs and timelines involved in the renovation.
If you got your survey back and it highlighted structural issues that need to be addressed, such as damaged roofing, damp, or brickwork issues, then getting a pre-exchange quote to remedy these issues can be a deciding factor as to whether or not to buy the property. You may even be able to discuss reducing the purchase price with the seller to cover some of these works, and a pre-exchange quote from a reliable contractor will give you a number to add to discussions.
When should you get a pre-exchange quote?
If you think you have found the right property, but believe it is only worth buying after some works are carried out then a pre-exchange quote will be useful. A property may be in the right place and within budget, but if the required works make it unaffordable then it is probably not the right property. A pre-exchange quote will help you work out what is in budget and how long any work may take, which can help you determine a timeline for moving into the property after purchase.
How to get a pre-exchange quote
It is critical that you trust the people that are quoting for the renovations so that you can rely on them to be accurate in their assessments and that they can complete the works on time and on budget. No one likes surprises when it comes to big investments!
Most tradespeople will charge a fee for a pre-exchange quote. Some may offer to quote for free, but do note that these contractors will be busy with other paid projects which will take priority and so it can take weeks or even months for them to visit the property and generate a quote. Contractors that charge for pre-exchange quotes will often offset the cost of the quote against the cost of the project if you do decide to purchase the property and employ them for the renovation.
As the sellers will still own the property when you are getting these quotes, you will need their permission for access to the property, and so it is important anyone that you have lined up to quote will turn up on time and be respectful to keep your relationship with the seller on good terms.
Good London Builders can help you find the right people to quote for each of the elements of the renovation and make sure everything from the quotation process to the build itself runs smoothly. Whether you are looking to renovate the kitchen on a property in Clapham or extend the basement of a property in Chelsea, we have the expertise and experience to make your property into your dream home. A pre-purchase renovation quote gives you the confidence to make informed decisions before making a purchase. Contact Good London Builders today on 0207 978 5097 if you are interested in buying a property but need a quote for a renovation before signing on the dotted line.
