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The Advantages of Refurbishing Your Property

The Advantages of Refurbishing Your Property
This guest blog is brought to you by Affirmative Finance, who provide bridging loans and property development finance to all kinds of individuals, entrepreneurs and companies who are looking turn their ambitious projects into reality. 
 
Property owners often find it difficult to add any more value to their buildings or houses. However, even simple refurbishments can improve a property significantly. In this article we discuss how everything from a lick of paint to full renovation can make your property more appealing and increase the value. 

Improving Your Property Quickly

If you are looking to improve your property quickly, refurbishment could be the best option for you, as rebuilding and extending is often time-consuming and can also be stressful. Collecting the right materials, overseeing construction companies and implementing a watertight budget are all issues that can slow down your venture. 
 
Houses and flats, for example, can benefit greatly from just minor adjustments. Deep cleaning, adding new furniture, replastering, and installing basic safety features such as fire alarms can all add value.
The main advantage with refurbishment is that the property will be available to sell or let in a short amount of time, whereas extending or rebuilding a property will take much longer. By improving the building quickly, you will see a faster turnaround and be in a position to start making a profit within a shorter time span.

Fewer Limitations

Unfortunately, council restrictions on new builds can be prohibitive. Working with a council can also be frustrating, as you will have to provide many supporting documents to demonstrate that you are working within their limitations. New buildings are often restricted by limited floor space, parking facilities and heights. National Space Standards are currently being adopted by various Councils throughout the country. Councils can also restrict the types of materials that you can use. For example you may only be able to install certain types of windows. 

However, such restrictions on existing properties are much less stringent, allowing you to refurbish and improve your property easily. A huge positive when it comes to refurbishing an existing building is that planning permission may not be needed. It is not even needed if you are converting an office block into residential apartments, as you would be able to take advantage of the extension to permitted development rights.  In essence the permitted development rights allow for an abridged planning process, so that the go ahead to commence work can be given in a shorter timeframe with less points and documentation having to be considered by the relevant planning department.

Lower Costs

Unfortunately, building a new property or restructuring an existing one can be costly for homeowners and property developers. Ensuring that the build is safe, redesigning the property with an architect, and laying the foundations are just a few of the costs you can expect to incur if you develop a property. This process can also be very time-consuming and you may run into additional unexpected costs along the way. 
 
In comparison, taking steps such as re-plastering walls, fitting new flooring and repainting will cost comparatively little - whereas developing your property significantly can become very costly and frustrating. 

Adding Value

Whether you are hoping to improve a home, an office or another type of property, refurbishment can add significant value, so it is certainly something to consider should you wish to sell or lease your building. Simple improvements such as installing new lighting and adding new doors will make your property seem much more attractive to potential buyers and tenants.
 
Outside areas should also be given attention. For example, if you are hoping to add value to your house or apartment, fitting a new outside door, repainting the existing one, replacing your garage door and tidying your outside sheds are all attractive features for tenants and buyers.
 
If your property has a garden or any communal areas, make sure they are tidy. Cutting your grass and adding plants to your garden can also make your home seem more attractive to future owners.

For more guidance with investing in property, check out Affirmative Finance's advice on How to Avoid Financial Pitfalls When Growing Your Property Portfolio

Finally, if you are currently developing properties within your portfolio, or would like some advice for the future, please contact your local Martin & Co office today.

Disclaimer: Guest blog posts on the Martin & Co blog are written by external companies. Martin & Co do not endorse the products or services of these companies.