Property Refurbishment: what to focus on

If you’ve just obtained a property that’s past its best, or you’re looking to improve a property in your portfolio for rental or resale it can be challenging to manage the budget and know what to prioritise. To help you, our latest blog shares our top 8 of what to focus on when it comes to property refurbishment.

1) Plan around your budget
Knowing your budget and planning around it will help you ensure the cost of refurbishments don’t spiral out of control. To avoid an unforeseen costs we highly recommend a thorough property inspection so that you know exactly what needs to be dealt with before you get any quotes.

2) Safety First
The most essential part of renovating or refurbishing a property is ensuring that it is safe. If your vacant properties contain hazardous waste, vermin and unsafe outdated electrics these will need to be dealt with by experts before any other refurbishment work is carried out. It is also necessary to ensure the site is secure throughout the refurbishment process (e.g. hard hats & warning signs).

3) Structural problems
If your properties have structural problems it is essential that these are rectified before any cosmetic work is carried out. Structural repairs are often the most costly area of a refurbishment, but they are absolutely essential for both rental properties and resale. Even if a property appears structurally sound be aware of the areas which aren’t seen. For example, steel beams must meet a minimum specifications in case of the event of a fire. To find out more on the structural property issues you need to look out for click here.

4) Upgrading basic amenities
As we discussed earlier, rewiring of electrics is essential if there are safety implications. However, even if the electrics of a property are safe it can be beneficial to update an outdated fuse box, or take some time to add extra plug sockets throughout the property. If the plumbing system is past its best consider replacing the boilers or old pipes. This will not only improve water flow, but can also save space.

5)  Improve energy efficiency
Adding or updating central heating will add more to the value of a property than the cost of installing it, and is considered as an essential by most buyers, mortgage valuers or tenants. In addition to this ensure that any drafts around doors and windows are sealed, replacing any rotting or single glazed windows with uPVC double glazing.

6) Fix minor superficial defects
Although small details will not directly affect the value of your property they can put buyers or rental tenants off. Allocate a small budget for ad-hoc property maintenance such as replacing mouldy bathroom sealant, touching up peeling paint, carpet cleaning or repairing loose tiles or door latches.

7) Modernise kitchens & bathrooms
Attractive, hygienic looking kitchens and bathrooms are essential for prospective tenants, buyers and property valuers. If kitchens are outdated costs can be saved by replacing doors but keeping existing carcasses. When it comes to bathrooms neutral paintwork & tiling, removing unhygienic bathroom carpets and the replacement of an outdated avocado or pink bathroom suite can do wonders. If you need options for different finishes GMC are able to put together a selection of flooring, tile or unit samples which fit within your budget.

8) Don’t forget the exterior
When it comes to the exterior of your property first impressions count. Catch up on our blog on improving kerb appeal here. Take time to work out the type of tenant or buyer you’re expecting, and ensure that the exterior is tailored around their requirements. As well as the basics of making sure litter and garden waste are cleared away and any overgrown plants are cut back; consider raising boundary fences to increase garden privacy in built up areas. If the front garden allows it, adding additional off road parking to urban properties can also greatly help with the resale or rental value of a property.

Here at GMC we’re here to do the hard work so you don’t have to…
If you’ve got a refurbishment budget our account handlers will happily advise you on the best use of your money. Identifying the key areas which are essential for improving the rental or resale value of your property, and letting you know which areas can be cut back on. Your account handler will liaise directly with the project manager, receiving updates on the progress of the works involved and updates on building works. Whether it’s a property inspection, simple repairs or a full refurb we’ll take care of the contractors for you. We’ll manage the process from beginning to end, keeping you up to date on the progress of the work so you can rest assured your properties are in safe hands even if you’re miles away. To find out more give us a call on 01903 721020 or email info@genmaint.co.uk