As a property investor, it reaches a time when your property requires renovation to restore the original look. Property refurbishment is a rewarding task, but if you are not keen, you can incur additional costs and surpass your budget or schedule. Below is our few guide to property refurbishment:
- Have a reasonable and strict schedule
A schedule acts like a plan and aims to prevent overlapping of roles. You should have a reasonable schedule and stick to the timeframe to complete the project on time.
- Do your research
Research other properties in the area to know the outstanding aspects that makes tenants to love the property. You should then consider incorporating all aspects missing in your property during the refurbishment.
- Consider hidden costs
You might identify other areas in your property that requires renovation. It could be a crack on the wall, leaking roof, bad smell from a damp area, leaking sewer, plumbing issues, and much more. That means you must have a flexible budget to compensate for these hidden costs.
- Plan! Plan! Plan!
Plan to add all essential things missing in your property during property refurbishment. It could be adding storage space, incorporating natural light, installing electricity, and improving aeration. Talk with your architecture about your plans and why they should be included in the property.
- Do some cost-benefit analysis
Your architecture can help you to estimate the expected value of the property and suggest whether it is worth making the renovation.
- Draft a realistic budget
A good rule of the thumb is to adjust the cost of the project by 10% such that you can have surplus money to cater for the unexpected expenses. This is an essential step because it prevents you from making adjustments in case of unexpected cost.
- Assemble reputable professionals
If you genuinely value quality, then you should hire a reputable team of experts like us for the renovation. You can also get recommendations from friends or a building firm.
- Add a finishing touch
Make your property stand out by adding quality furnishings and colours that match your taste. Finer touches can attract more tenants to your property.