Refurbishing - Getting It Right
Some of you may be too young to remember the days in when the entire country gathered around the television to watch Changing Rooms hosted by Carol Smiley. Whilst viewing in part for inspiration but also a little bit in each of us hoping for a horrified reaction from the returning home owners due to Laurence Llwellyn Bowen having painted the entire room with red and black dragons.
Needless to say any form of refurbishment needs careful planning, particular when trying to add value to a property.
Of course, it's easier said than done.
Before carrying out any works of repair, renovation, modernisation or improvement, you need to know that it will add value either to the property or increase the rental value. That is of course unless there are other valid reasons for doing the work such as being obliged by law.
It is crucial to remember, cost does not equal value. It is important to remember when planning to refurbish a property that the cost of the refurbishment will not always be directly reflected by increased value.
There are of course professional refurbishment teams available for hire who will have expertise in ensuring that all the lawful changes are made along with best practice in adding value to your property for either the home owners or rental markets.
Where can you find a refurbishment property?
- Property auctions: These are an excellent means of picking up a property bargain since in most cases the seller is looking for a quick sale. Get the catalogue prior to the auction and if you see a potential property then do plenty of research into the area and the house itself before even thinking of putting in a bid.
- Estate agents: Go inside and ask! The likelihood of them advertising a complete wreck on their notice boards is a little slim to say the least.
- Land Registry: If you happen to be out walking and see a derelict property but there’s no-one else around to ask for details then it’s possible to find who owns the house by checking out the appropriate HM Land Registry.
- Hidden opportunities: You’ll often find a derelict house where land is being sold.
The amount of improvement that adds value to a property will almost always be market driven and will depend on the demand, requirements and expectations of the market in that area.
Do your research! Converting a cupboard under the stairs into a downstairs toilet can add £26,708 to an averagely priced home in Surrey. It's vital you research what the market wants so that you can plan accordingly.
While it’s wise not to inject too much of your own personal style preferences into a property to sell, you could still make a statement with broader market appeal. It could simply be making a room brighter by forcing more natural light or creating a multi-functional room that will appeal to buyers in various ways.
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