Property refurbs: The Do’s and Don’ts
When refurbishing a property, getting things right the first time is crucial. Otherwise costs can spiral, and you could be left in a worst place than when you started. Here’s a list of do’s and don’ts before considering your next refurb:
DO your research
Careful research into the property will be needed to help understand where is best to demolish, extend or alter. Make sure you understand how to use the space creatively to raise the capital value and rental value of a property. Take the time to also research methods which will cut down on long term maintenance costs, as this is more likely to retain tenants.
Never start renovating without a budget of what you plan on spending. Work out your end rental value or how much value it will add to the property and work backwards from that amount. Making a list of everything you want to accomplish with your refurb will also be beneficial. However, also consider that all expenses associated with refurbishing a buy-to-let property are tax deductible and will either be treated as repairs or capital expenditure.
DO think clean and fresh
Keep things clean, white and modern. Anything too overpowering can be extremely off-putting, where a quirky design may not be to a lot of people’s tastes and will hinder the chances of a resale or renting. If still unsure, recruit the help of a good architect or interior designer who will be able to assist in improving the property.
DON’T take shortcuts
Working out the true measure of quality vs value is vital in your refurbishment. Making sure you get a good price doesn’t mean you should skimp out on vital items that need to last, such as taps or baths.
DO get planning permission
Depending on the scope of refurb you are looking at, you may need to seek permission from the local planning department. An experienced local builder can advise you on what permissions you will need to refurb the property and a what value you can add.
DON’T forget about unused space
Keep any mind the existing unused space and how it can put to better use. You could convert these unused spaces into an extra bedroom or larger living area depending on what you have available.