Iona Bain: Hi, I am Iona Bain and welcome to A Little
Iona Bain: Bit Richer, brought to you by Legal & General. Now, with
Iona Bain: the endless advice and inspiration available online, home renovations have
Iona Bain: never been easier, but with the rise in so- called
Iona Bain: property porn and cost of labor, there can be, shall we
Iona Bain: say, expectations on home makeovers. However, there are still plenty
Iona Bain: of ways you can make the most of your home
Iona Bain: on a budget. So here with lots of helpful advice
Iona Bain: is Paula Higgins from the HomeOwners Alliance. This is an
Iona Bain: organization that champions the interests of Britain's current and aspiring
Iona Bain: homeowners. They provide unbiased and practical advice whether you're buying,
Iona Bain: selling, or owning your home. So without further ado, welcome, Paula.
Paula Higgins: Thank you. Lovely to be here.
Iona Bain: Lovely to have you here. So let's ask the big
Iona Bain: question. When buying a place, what's better, a doer- upper
Iona Bain: or somewhere that's already been renovated, you don't have to
Iona Bain: do that much to it?
Paula Higgins: Well, to be honest, I think, for many listeners here,
Paula Higgins: they might not have a choice. Because with house prices
Paula Higgins: the way they are, if they need a mortgage that's
Paula Higgins: affordable, it might be a do-it- upper and a renovation project,
Paula Higgins: which can be brilliant. It's a place you can put
Paula Higgins: your stamp on your own property. You can probably maybe
Paula Higgins: add value to the property, and it's exciting. But saying
Paula Higgins: that, if you're time poor and you're not willing to
Paula Higgins: put that investment in and to really get involved in
Paula Higgins: the building work, whether you do it yourself or somebody
Paula Higgins: else, then perhaps maybe something that you can move in
Paula Higgins: right away, that might be best for you.
Iona Bain: So a doer- upper is a really great way to
Iona Bain: get a discount?
Paula Higgins: It can be, but also, you've got to really go
Paula Higgins: in with your eyes open. Because you might think about
Paula Higgins: a discount, but if you find out that the roof
Paula Higgins: is failing, there's structural problems, there's damp, that can cost
Paula Higgins: tens of thousands of pounds. So you really need to
Paula Higgins: understand what you're getting yourself in for. But saying that, if it's
Paula Higgins: just more cosmetic changes, it could be a really good
Paula Higgins: way of getting good value out of your home.
Iona Bain: You see, it's about trying to identify that potential in
Iona Bain: a property, isn't it? And it's something that I found
Iona Bain: really hard in the past, because you look at the
Iona Bain: Artex ceilings or the avocado bathroom suite, these things can
Iona Bain: initially put you off, but I've realized you need to
Iona Bain: try and develop x- ray vision when you are looking at a
Iona Bain: property and yet it's so hard. What are your tips
Iona Bain: for trying to spot those things that make a house
Iona Bain: have great potential?
Paula Higgins: Well, exactly that. You need to have vision. You need
Paula Higgins: to understand the local market, and you need to understand
Paula Higgins: the costs involved. Because you might go in, and actually
Paula Higgins: changing a bathroom suite might not be that expensive, but
Paula Higgins: rewiring, re- plumbing, that's where the expense is. So the
Paula Higgins: one thing, if you're trying to find that gem there
Paula Higgins: is location, location, location. That's what we always say. You
Paula Higgins: cannot change that. So if it's a place that's up
Paula Higgins: and coming, new businesses are moving in, lovely schools, good
Paula Higgins: transport links, other people want to live there, then it
Paula Higgins: probably will hold its value. Other things that you can
Paula Higgins: think about is buying a cheap property on an expensive
Paula Higgins: street is a good way, because actually, it's one that
Paula Higgins: maybe hasn't been done up, but the other ones have,
Paula Higgins: other people want to live on that street. Maybe once
Paula Higgins: you get over that hurdle and renovate, you might do
Paula Higgins: very good value out of that. And the other thing
Paula Higgins: we'd say is to buy your own front door. When
Paula Higgins: you have your own home, you can do pretty much
Paula Higgins: whatever you want with it. If you're buying a leasehold
Paula Higgins: property or flat, and I know, for many people, there
Paula Higgins: won't be an option, that they have to do that,
Paula Higgins: but there's a lot more restrictions in place. You can't
Paula Higgins: really put a stamp, and the value doesn't really hold.
Paula Higgins: There's not really much places where you can add value
Paula Higgins: to the leasehold property.
Iona Bain: So it's really worth being aware of those differences between
Iona Bain: leasehold and freehold properties, because that will affect what you
Iona Bain: can do with it?
Paula Higgins: Most definitely. So even though you own your flat, as
Paula Higgins: opposed to renting your flat, you'll still have to ask
Paula Higgins: permission from your freeholder, from your other neighbors to do
Paula Higgins: work. And also, you've got things like service charges, all
Paula Higgins: these sorts of things.
Iona Bain: So what are the best home renovation ideas for homeowners on
Iona Bain: a budget? What are the things that will actually add
Iona Bain: value to a property? And what are the things that are a bit
Iona Bain: more debatable?
Paula Higgins: So there's always easy things you can do, like a
Paula Higgins: lick of paint, changing light fixtures, whatever, can really change
Paula Higgins: the feel of the home. So that's a bit of
Paula Higgins: a no- brainer. But if you're looking at bigger projects,
Paula Higgins: I would think things like an open plan kitchen. If
Paula Higgins: you talk to estate agents, they could add tens of
Paula Higgins: thousands, and it's actually not that expensive to tear down
Paula Higgins: an internal wall.
Iona Bain: Wow, tens of thousands of pounds just for tearing down a wall.
Paula Higgins: Yeah, so we did research a few years ago, and
Paula Higgins: it can cost between four or 5, 000 pounds. This
Paula Higgins: is all very ballpark figures. You'd need to look into
Paula Higgins: it yourself. And you definitely need to get it done
Paula Higgins: properly, because you don't want to be tearing down a
Paula Higgins: structural wall.
Iona Bain: True.
Paula Higgins: But it can really, really add value, because think about
Paula Higgins: it, if you're building, developing that home, that, for the
Paula Higgins: next person, who just wants to move in, they will
Paula Higgins: pay for that. Other things is getting an en suite
Paula Higgins: or downstairs loo is another one that actually doesn't cost
Paula Higgins: a huge amount, but it can really add value when
Paula Higgins: you come to sell. Also things that you've got space,
Paula Higgins: a garden room, people are working from home now, so
Paula Higgins: people really find that as an attractive thing when you
Paula Higgins: might become to sell. So really, what this thing to
Paula Higgins: add value, it's the potential to grow. So think of
Paula Higgins: your future self, and even though if you think that
Paula Higgins: the property you're buying is maybe too big for you,
Paula Higgins: but think about whether, can you sublet a room, get
Paula Higgins: a lodger in if you need it, can you go
Paula Higgins: into the loft and actually quite reasonably priced. Digging out
Paula Higgins: basements, definitely don't go there.
Iona Bain: Oh, really? So it's better to go up rather than down?
Paula Higgins: Oh yeah, definitely, way more affordable. And also things like
Paula Higgins: doing a side return or an extension. There's lots of
Paula Higgins: options there.
Iona Bain: And what about things like energy efficiency? That's not necessarily
Iona Bain: the kind of thing that gives the property the wow
Iona Bain: factor, but could that be a good investment over time?
Paula Higgins: Very much so. You should be looking, when you're buying
Paula Higgins: a property or when you're looking at properties, there's the
Paula Higgins: energy performance certificates. So that will give you not only
Paula Higgins: just an indication of much you might be paying in
Paula Higgins: bills, but also an indication what you could do to
Paula Higgins: improve the energy efficiency of your property.
Iona Bain: And they're graded by letters, aren't they?
Paula Higgins: They are. And it's actually becoming more and more important,
Paula Higgins: because the government in the future will probably be saying
Paula Higgins: you might not be able to sell your house or
Paula Higgins: rent your property out without a certain level of energy
Paula Higgins: performance. So you would think that future buyers might be
Paula Higgins: looking at this. So there are some great things you
Paula Higgins: can do to improve the energy efficiency of your home,
Paula Higgins: but take a look at the suite of options. So
Paula Higgins: there can be some things like better lighting, changing the
Paula Higgins: boiler radiator controls, but something like double glazed windows, which
Paula Higgins: we all love, they can be incredibly expensive. The payback
Paula Higgins: is not brilliant. And actually, the future buyer might not
Paula Higgins: really say, " Oh, I'm going to pay that extra, because
Paula Higgins: the double glaze." So let them find out what the
Paula Higgins: price is, but saying that, they are beautiful and it's
Paula Higgins: a great investment. If that makes you happy, your home
Paula Higgins: is where your happy place, and then, by all means,
Paula Higgins: go for it.
Iona Bain: But if a property already comes with double glazed window,
Iona Bain: that's a big tick?
Paula Higgins: That is, and that's probably also something that I don't
Paula Higgins: think others will probably value as much. So do take
Paula Higgins: a look at the energy performance certificates because the cost
Paula Higgins: of heating and energy at the moment is so high,
Paula Higgins: it is definitely worthwhile. So another thing is you can
Paula Higgins: even have two properties on the same terrace street, but
Paula Higgins: somebody who's invested in the insulation can really make it, not
Paula Higgins: even just cheaper to run, but actually a nice place
Paula Higgins: to live. And you're not freezing in the winter or
Paula Higgins: super hot in the summer.
Iona Bain: That's why you want to get up in the loft,
Iona Bain: because if you keep that well insulated, that will help
Iona Bain: the whole house stay warm as well, I imagine?
Paula Higgins: That's right.
Iona Bain: Yeah. And in terms of the energy performance certificates, what's
Iona Bain: considered a good EPC rating then?
Paula Higgins: It can vary. So I think that the government is
Paula Higgins: trying to get to C, but to be honest, it
Paula Higgins: depends on the local housing stock. So you can easily check
Paula Higgins: out the EPC ratings of the property you're in and
Paula Higgins: the property you're looking to buy and the neighbor's property.
Paula Higgins: But typical terraced houses, you probably look at C, D,
Paula Higgins: E. A, Bs are pretty much unattainable. Those would be
Paula Higgins: new built homes.
Iona Bain: Right, that's good to know.
Paula Higgins: But don't go for F or G.
Iona Bain: Okay, F or G, try to steer clear?
Paula Higgins: Yes.
Iona Bain: So there'll be people listening to this who aren't in
Iona Bain: a position to buy yet, and maybe they don't want
Iona Bain: to buy, they want to keep renting, but their options are
Iona Bain: more limited, aren't they, in terms of how they can
Iona Bain: make their space feel a little bit more like a
Iona Bain: home? Have you got any tips for them?
Paula Higgins: Yes, there's still lots of things you can do. Painting
Paula Higgins: is actually quite inexpensive. Of course, ask your landlord. But
Paula Higgins: also, there's things like peelable wallpapers, so you can put
Paula Higgins: the wallpaper up and then, take it down when you
Paula Higgins: leave. Other things you can do is that you invest in
Paula Higgins: furniture and storage, pieces that make you happy, that you'll
Paula Higgins: bring with you. Lighting is another easy way. It can make a
Paula Higgins: big difference to have maybe softer lighting. And that is
Paula Higgins: something that you can then take with you as well.
Paula Higgins: And we'd also say something we call curb appeal. So
Paula Higgins: the garden, the front step, it can make you feel happy
Paula Higgins: when you're coming into your home, having plants around your
Paula Higgins: home. Again, very cheap, very easy to take care of,
Paula Higgins: and it puts your stamp on it.
Iona Bain: That's such a good shout. Okay, soft furnishings and plants.
Iona Bain: That's what you can do to make your rental home
Iona Bain: feel a little bit more cozy and like it's yours.
Paula Higgins: And what I would say also is that something that I think
Paula Higgins: renters don't do so much is that there's such a
Paula Higgins: wealth of places you can go locally, join your local
Paula Higgins: Facebook groups, your WhatsApp groups, your Nextdoor. Because you might
Paula Higgins: have somebody down the street moving out, has a lot
Paula Higgins: of furniture they need to give away, and you'll be
Paula Higgins: able to pick up.
Iona Bain: That's a great tip if you're looking to buy a
Iona Bain: home as well, because you're on a budget and you
Iona Bain: need to get furniture however you can.
Paula Higgins: Yes. And you can mix old with new. You don't
Paula Higgins: need all the designer. There's some brilliant affordable brands out there.
Iona Bain: Totally.
Paula Higgins: So buy well. Better to buy maybe one piece that
Paula Higgins: makes you really happy that you'll keep forever.
Iona Bain: Oh, absolutely. Yeah. And hooray for the return of vintage
Iona Bain: interiors as well, because it means that you can borrow
Iona Bain: things from your mum and dad, as I sometimes do,
Iona Bain: or go to a charity shop or go to a
Iona Bain: secondhand store and get stuff on a budget. So if
Iona Bain: you have got your place and you're wanting to put
Iona Bain: your stamp on it, you'll probably have so many things
Iona Bain: that you want to do, and yet, you're on a
Iona Bain: budget. So how do you prioritize?
Paula Higgins: So the first thing we'd say is don't rush into
Paula Higgins: anything. So go in, live in the space, see where
Paula Higgins: the light comes from, see the rooms that you're using.
Paula Higgins: You might want to think about doing one room at
Paula Higgins: a time. It might be a way to sort of
Paula Higgins: budget and learn what you like and what you don't
Paula Higgins: like, but you also need to make sure you've got
Paula Higgins: to stick to plan and a budget. Because you might
Paula Higgins: end up with half- finished rooms. And one thing we'd
Paula Higgins: say is also that you might have to look at
Paula Higgins: the fundamentals. So what you don't want to do is
Paula Higgins: to redo a room and then, find out you've got
Paula Higgins: to rewire and you've got to tear it all out
Paula Higgins: again. And that's a waste of money really.
Iona Bain: So you've got to start with the basics, how the
Iona Bain: house is wired, whether there's any structural issues. Is there
Iona Bain: something that you can do to really uncover those problems
Iona Bain: in advance?
Paula Higgins: So what we would suggest is that, when you're looking
Paula Higgins: to buy the property, that you've done a building survey.
Paula Higgins: If you haven't, you could probably do one afterwards. It's
Paula Higgins: a really good manual for maintenance. And sometimes, if you get
Paula Higgins: the right building survey, it'll even give you an estimate
Paula Higgins: of cost, so you can plan out what you're going
Paula Higgins: to do in the future. And then, other things you can
Paula Higgins: do, kitchens are a really good way. We know it
Paula Higgins: adds value, but don't go for the designer. Affordable brands,
Paula Higgins: really easy to do. Sometimes, you can just repaint cabinets,
Paula Higgins: add a bit more storage, redo the taps, some easy
Paula Higgins: quick wins there, and you can really make a stamp
Paula Higgins: and add a value to your home.
Iona Bain: Yeah, when I moved into my place, I kept the
Iona Bain: frame of the cupboards in my kitchens, but I just
Iona Bain: replaced the doors and I replaced the kitchen top. And
Iona Bain: it made it look like a new kitchen without having
Iona Bain: to rip it all out and start all over again.
Paula Higgins: And another tip is also what a lot of people
Paula Higgins: do, they can get IKEA cabinets, so IKEA cabinets are
Paula Higgins: quite cheap, and get your own doors on there. But
Paula Higgins: the more bespoke a kitchen it is, the more likely
Paula Higgins: the next person might not like it.
Iona Bain: That's a very good point. So spend a bit of
Iona Bain: money on the kitchen, but maybe don't be too design-
Iona Bain: led with it, try to be a bit realistic about
Iona Bain: what future people would want.
Paula Higgins: Yes, exactly. And you might want maybe plainer colors, but
Paula Higgins: then, go wild with the wallpaper, go wild with the
Paula Higgins: backsplash, put your own mark on it, but something that
Paula Higgins: somebody else can think, " Okay, I can redo it or
Paula Higgins: do something different."
Iona Bain: Yeah, that's a great tip. And also, if you're moving
Iona Bain: into a place, is there a case for roughing it
Iona Bain: for a while, if you haven't moved all your furniture
Iona Bain: in there, so long as you've got a running tap,
Iona Bain: a kettle to make some tea, and you can keep
Iona Bain: the place warm? Is there something to be said for
Iona Bain: just setting up a camp bed in the house and
Iona Bain: then, doing the works as you go?
Paula Higgins: Yes. And also, if you are planning to do a
Paula Higgins: whole house renovation, to be able to live in the
Paula Higgins: house while the builders are there, it can be a
Paula Higgins: bit of a pain. You might have a lot of
Paula Higgins: takeaway pizzas, but it's actually quite good to keep an
Paula Higgins: eye on the builders and you save money then having
Paula Higgins: to decamp somewhere else. And so, we always suggest that,
Paula Higgins: if you can, rough it a bit.
Iona Bain: Rough it, put up with the takeaway pizzas, it's worth
Iona Bain: it in the long run. So are there some common
Iona Bain: pitfalls of home renovations that we need to watch out for?
Paula Higgins: Well, the big thing is budgeting. So it's expensive. Construction
Paula Higgins: costs are very high. And then, the one thing to
Paula Higgins: make clear to people is that the fact that tradesmen
Paula Higgins: or builders, they're not regulated. So find the right tradesmen
Paula Higgins: to do the job. We've got great platforms out there
Paula Higgins: on websites to find a builder, but they're not regulated.
Paula Higgins: So a good builder is one that has got good
Paula Higgins: reviews, you've got local recommendations, and you might have to
Paula Higgins: wait six months to get them around to you. And
Paula Higgins: that's a good sign. So unfortunately, anyone could be a
Paula Higgins: builder, and if you don't know what you're doing, they
Paula Higgins: can take advantage of you.
Iona Bain: It's really surprising to learn that builders are not regulated
Iona Bain: in that way, when they could potentially do a lot
Iona Bain: of things to your home and take a lot of
Iona Bain: value off the home, and there wouldn't really be that
Iona Bain: much comeback.
Paula Higgins: Yes, and it's really, really hard to get to redress
Paula Higgins: for that. So what we'd always say is that, if
Paula Higgins: you do find a builder that you want to use
Paula Higgins: or a tradesman, is make sure you have a contract
Paula Higgins: in place, make sure you don't hand over all the
Paula Higgins: money in cash, because that won't protect you. Really get
Paula Higgins: involved in the building work. So don't just rely on, "
Paula Higgins: Oh, I think this will be fine." You really want
Paula Higgins: to become an expert on that. And the thing is that that
Paula Higgins: will really help you for the future, because you'll always
Paula Higgins: have to do some sort of project in the future.
Paula Higgins: So you've got to get yourself involved in it.
Iona Bain: And do you have to get used to potentially budgets
Iona Bain: overrunning as well?
Paula Higgins: Of course, if you get three quotes and not going
Paula Higgins: for the cheapest quote, making sure you get everything done
Paula Higgins: in writing. Sometimes it's surprising that you might say, " Well,
Paula Higgins: it'll cost X amount to do a bathroom." But they say, "
Paula Higgins: Oh, well, by the way, but you have to pay
Paula Higgins: for all the grouting, and of course, you've got to pay for
Paula Higgins: the tiles." You can cut costs, but if you can
Paula Higgins: source some of the tiles, the furniture, the sanitary ware,
Paula Higgins: that could be a brilliant way to save money.
Iona Bain: And it may be that you can put up the
Iona Bain: tiles yourself. There is always YouTube to help. Yeah, so
Iona Bain: keep an eye on the builder, make sure they're doing
Iona Bain: what you want them to do, and possibly build in
Iona Bain: a bit of a buffer in terms of your budget
Iona Bain: as well.
Paula Higgins: Yes, we always say 10%, and this 10% is always for stuff
Paula Higgins: that is not expected, especially if it's an old house.
Iona Bain: No, you very quickly learn what is doable when you
Iona Bain: move into a place and all these dreams that you
Iona Bain: have in your head.
Paula Higgins: But what you really don't want to do is to
Paula Higgins: put yourself in a position where you're vulnerable to a
Paula Higgins: builder that just walks away, takes your money, or holds
Paula Higgins: you to ransom, pulls out your kitchen, says, " I want
Paula Higgins: more money before I carry on." And unfortunately, this stuff does happen.
Iona Bain: That's the worst.
Paula Higgins: My philosophy has always been almost do it first yourself,
Paula Higgins: and then, even if you make a mess of it,
Paula Higgins: then you understand, when you get somebody professional in to
Paula Higgins: do it, you can then make sure they do a
Paula Higgins: professional job.
Iona Bain: Those issues around making sure that you're getting good word
Iona Bain: of mouth, et cetera, they don't just apply to builders,
Iona Bain: do they?
Paula Higgins: Not at all, really. For smaller jobs, like if you
Paula Higgins: need a handyman or a decorator, you can go to
Paula Higgins: these find- a- builder platforms, but also, go local. The
Paula Higgins: decorators locally, they're relying on their local reputation. But I
Paula Higgins: would still suggest that you still try to get stuff
Paula Higgins: in writing or really hone down exactly what they're going
Paula Higgins: to do. Are they going to do one coat of
Paula Higgins: paint? Are they going to be plastering? So you really
Paula Higgins: want to understand, so you're both on the same page
Paula Higgins: and you're not disappointed if they're not doing as much as
Paula Higgins: you thought they would do.
Iona Bain: So this is going to be really tough, Paula, because
Iona Bain: you've just given me so many great hacks here. But
Iona Bain: if we had to whittle this down, what would be
Iona Bain: your three top tips for doing up your home on
Iona Bain: a budget?
Paula Higgins: So I would say get your sequencing right. You do
Paula Higgins: not want to do something and then, have to pull
Paula Higgins: it out again. So look at the fundamentals, look at
Paula Higgins: the wiring, the plumbing. You need to get that stuff
Paula Higgins: done right. Make a plan, cost it, and stick to
Paula Higgins: it. Be patient. As we said, the best tradesmen are
Paula Higgins: booked out for months in advance, so don't feel you
Paula Higgins: need to get done by Christmas. Because then, you'll be
Paula Higgins: vulnerable to get things done.
Iona Bain: Fantastic, Paula, you've given me so much inspiration there. When
Iona Bain: it comes to doing up my next place, I'm going
Iona Bain: to take all those hacks with me. Thank you very
Iona Bain: much for joining us.
Paula Higgins: You're welcome.
Iona Bain: Paula, that's been so helpful and inspiring. I can't wait
Iona Bain: to do a bit of DIY after that conversation. Next time,
Iona Bain: I'll be joined by Joe Ryle from the 4 Day
Iona Bain: Week Foundation to talk all about flexible work and getting
Iona Bain: that crucial work- life balance. I'd love it if you
Iona Bain: could follow the podcast, leave us a review, and help
Iona Bain: others get a little bit richer too. You can keep
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Iona Bain: Legal & General. Thank you so much for listening. Until next
Iona Bain: time, see you soon.