Renovate Don’t Relocate… Stamp Duty

By December 5, 2014News

Today’s changes in stamp duty rates mean stamp duty goes up on properties over £937,000.  If you are thinking of moving because you need more or better organised space, there’s an even more compelling case for investigating whether you can renovate or extend your existing home.

The financial facts are stark…

House price        Stamp Duty

£1m-                     £43,750

£1.5m-                 £93,750

£2m-                    £153,750

You can do a lot of renovating for that amount…

BUT the prospect of renovating can be extremely daunting-

  • Where do you start?
  • Which experts do you need?  (Architects, structural engineers, damp specialists…)
  • Do you need permissions?  (Planning permission, Listed Building Consent, freeholder approval)
  • How do you decide layout/ design for new or reconfigured spaces?
  • How do you choose fittings?
  • When you start looking into the detail, things can seem even more intimidating – you’ve chosen the bath – now the taps, the tiles, the grout colour, the towel rail…
  • Where to find quality, reliable but sensibly priced builders?
  • How to find the time to organise everything?
  • How long will it take and how disruptive will it be?

Organising renovations from start to finish is what we do – we’ll be delighted to discuss your potential renovation; contact us for help

In the meantime, some tips to help

  • Organisation and pre-planning is key – to price, timing and smooth running of your renovation.
  • Work out your budget, with a 10% contingency (15% if you live in an old house as you don’t know what you might find)
  • Keep a file (physical, on your laptop, or on Pinterest ) of images that inspire you
  • Be realistic about timescales – most projects will involve several steps, undertaken by separate trade specialists, who have to work sequentially.
  • Set up a timeline and monitor constantly
  • Ensure extra jobs are priced and agreed in advance