Property renovation and refurbishment is a strategy used to add value to a property, mainly with the aim to increase its potential sale value. It involves improving the condition of a property and can be as simple as re-decorating or as extensive as layout changes (such as making properties open-plan) and extensions/conversions (such as conservatories and lofts). Typically, a renovation or refurbishment will include re-decorating the property and modernising the kitchen and bathrooms.
Who is property renovation/refurbishment for?
This strategy can be used by anyone who wishes to make improvements to a property! It is primarily used by landlords and property investors to make their properties more attractive to potential tenants (allowing them to charge higher rents) and to add value to their investment properties so that they can remortgage them or sell them for more; however, it isn’t exclusive to these individuals. Many residential homeowners renovate or refurbish their properties at some point of time and benefit from this property strategy.
In essence, this strategy is relevant to any one who has a property which is in need of refurbishment or full renovation. However, it isn’t as straightforward as walking into your local DIY shop. Individuals who would benefit from speaking to an independent property advisor (IPA) who has experience using this strategy are:
People who want advice on a property renovation, such as estimated costing.
People who want help managing their property refurbishment/renovation, such as landlords who do not live locally to their investment properties or individuals who don’t have the time to manage their own refurbishment/renovation for any other reason.
Benefits of a property renovation/refurbishment
There are several benefits to this strategy. It enables you to leverage someone else’s knowledge, experience and connections. This can help you:
More accurately cost your renovation or refurbishment.
Decide which modifications will add the most value to your property for the least expense.
Benefit from their powerteam and connections with tradies/contractors to get the job done faster!
Using an IPA to either advise you with your next refurbishment or to complete your next refurbishment, can reduce the stress associated with the project and potentially give you a hands-off involvement (if you get your IPA to fully manage the project).
Where can I find someone who offers property renovation/refurbishment?
If you would like to benefit from an IPA who provides a property renovation/refurbishment service for your next project, use Doormarked to search for an IPA who is local to your property.
Alternatively, have you thought of taking an IPA who specialises in property renovation and refurbishment on your next property viewing? Using their experience, they can help you judge the refurbishment cost and help you calculate your offer too. Use Doormarked to find an IPA in the area you’re looking to buy a property and organise for them to accompany you on the viewing.
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