If you’re looking around for your dream home, then arguably the most cost-effective way of making it happen is to buy a run-down property and do it up to make it your own.
Alternatively you may decide that you want to purchase a smaller house and extend it or convert the loft, so you can re-imagine the whole space, turning it into your special place in the area you want to be. Whatever kind of project you have in mind, it’s important to remember that renovation and conversion projects often take longer than expected and swallow up more finance than planned. There are however certain things you can do to protect yourself and keep your focus during any project. Renovation Insurance Many people choose to take out renovation insurance, as standard policies for buildings and contents insurance as a general rule will not cover a property during a period of renovation. This is particularly true if the property is left unoccupied for longer than a month. The terms and conditions of renovation insurance policies will vary, so you will want to assess anything put in front of you by providers like UK Insurance Net to find out what is covered. Empty properties are especially vulnerable to vandalism and fire, so remember that both the original structure as well as new renovated work needs to be covered. The owner also must cover the additional risks associated with the building works. All of these things need to be considered, and ultimately covered by any policy you choose. Assessing Risks These will also typically involve a higher level of coverage for public liability. An owner has obligations and responsibilities when it comes to looking after the workers that he or she employs to carry out the renovations. In order to cover these, you’ll need employer’s liability cover as well as insurance for the materials and equipment on site. These risks will generally need to be insured if the owner of a property intends to conduct all the renovation work personally. And in addition, even if the builder contracted to work on the project has their own insurance policy as they typically will, the owner will require cover for their own obligations and liabilities during the works, whether that is site safety and security or employers’ liability. Ultimately you need to ensure your property and the people you bring onto the site are protected, so that you can avoid any nasty problems in the future.