The benefits of property refurbishment: Add value to your home and maximise your investment
- PRO PURE DESIGN
- Aug 7, 2024
- 6 min read
Your refurbishment project
If you are a landlord in London, you are likely to be looking for ways of boosting the value of your property. You are at the right place! No matter whether you are thinking of selling or renting your property, investing in home improvements prior to putting your property on the market is a key factor in enhancing its value and the return on your investment.
There are various ways to do so and you probably are aware of many of them. But do you know when to choose between renovation, refurbishment and retrofit and, crucially, what the benefits of refurbishment are over the other methods? Since we are talking about spending money in advance, you need to take an informed decision and invest wisely.
For this reason in today's article, we are going to go into details about refurbishment and its advantages when it comes to increasing the value of your property over time.
Read on.
Table of contents:
Property refurbishment: what is it?
Refurbishment is, generally speaking, the process of increasing a property’s value through non-intrusive, often aesthetic means. It may vary depending on your idea and budget, the project's scale, the types of materials used, how many rooms you want to refurbish, etc. Refurbishment is, as we mentioned, less invasive and mainly concerned with repairing or restoration. It is related to the appearance and overall condition of a building. What is more - it often involves upgrading your home with new materials.
What are the differences: refurbishment vs. renovation vs. retrofit
So, how does it differ from renovation and retrofit?
Renovation
It's easy to confuse refurbishment and renovation, and many landlords and home owners use the terms interchangeably. It may sound like they describe the same process, but in fact, they refer to different things. As the name suggests, while renovating we are also restoring the good condition of a house. However, unlike the less intrusive refurbishment, during a renovation, there may be a significant change in the property's structure (such as removing the wall between your kitchen and living room to create an open plan living space, for example). Let's imagine you bought an old house with a leaking roof. If only some tiles need to be changed this is likely a refurbishment, but if the roof needs to be rebuilt entirely - it is a costly renovation.
Retrofit
With the evolving tendency to be more eco-friendly and regulations around energy efficiency, retrofit has become more relevant. The most popular examples of retrofitting are things installing solar panels, energy-efficient heating, low-energy lighting, double-glazed windows and more.
Now that you already know the difference between the three, your next logical question would probably be Why choose refurbishment over renovation or retrofit?
Lower intrusiveness - you make smaller improvements, like painting and decorating, for a big impact; It's the most common choice if you're looking to sell or let.
Fewer limitations - you don't need any planning permissions, as opposed to renovation, where there are strict building regulations;
Added value - no matter how small or big your refurbishment project is, even the changes, like ambient lighting and fixing common areas of wear and tear, can make a big difference to buyers and add the perception of value in the eyes of potential tenants and buyers.
Which spaces in your home can be refurbished
Some of the most suitable, impactful and easy-to-refurbish projects include:
Kitchen
Have you noticed how estate agents always pay special attention to the kitchen when they come to evaluate your home?
The kitchen is the heart of your home and potential buyers and tenants always want to modernise it. It's therefore highly recommended to refresh the area by adding more amenities or upgrading the old appliances. For most people functionality is a top priority in a kitchen, so consider creating a well-designed and functional storage space, upgrading the appliances and white goods, and refreshing the design of surfaces, lighting, kitchen cabinets and cupboards.
Bathroom
Add a touch of luxury to the bathroom. A new lightning or sink and taps, a full deep cleaning and refreshing of the grout can go a long way - it may sound like a simple action to bump the value but don't forget that small things can make a huge difference.
Living room
Whether you choose to paint the walls with a new trendy colour, hang a piece of art on the wall, or install additional lighting on the ceiling or behind the TV to add a cosy atmosphere, you just can't go wrong upgrading the living room.
Main entrance
They say first impression is everything. Imagine you meet your potential tenants in your newly refurbished property, but the main entrance and front garden look neglected... Invest some money for a professional gardener's help, or go it alone! Give the door and fence a fresh lick of paint, trim the hedge, get a wheelie bin storage, make sure the paving is in good condition, etc. Your effort is worth it and it will not go unnoticed.
The main benefit of property refurbishment is maximising the value and marketability of your real estate
We can't say this enough. Investing in high-end property refurbishment offers significant advantages like enhanced market appeal, expanded rental yield, and lasting value appreciation.
Let's see more of the advantages and how can you benefit from them:
1: Improved Energy Efficiency
Refurbishment is an effective way to enhance your property's energy efficiency. Modernising your home to be more eco- and environmentally friendly can lead to significant savings on your monthly heating bills. This is good for you and your tenants alike.
How to achieve it?
Some of the potential ways to lower your utility bills and at the same time give your property a facelift include:
Choosing high-quality materials for better energy efficiency;
Installing double-glazed windows;
Buying new, energy-efficient boilers;
Applying insulation.
2: Improve your Property and Maximise Rental Yield
If you are looking to raise the rental value of your property (and aren't we all?), then making the necessary improvements in the areas we mentioned above will allow you to:
Command higher rental rates;
Appeal to high-income tenants seeking premium properties;
Achieve rental stability and tenant retention over time.
3: Long-Term Value Appreciation
Another significant benefit of home refurbishment that makes a huge impact is long-term value appreciation. Regardless of whether we are talking residential or commercial refurbishment, long-term buy-to-lets or flipping a property, a well-organised and completed refurbishment job could lead to:
Increased value due to the premium features added;
Potential for higher resale or rent value in London's competitive market;
Increased durability and excellent condition of your property over time.
4: Unlocking the Full Potential of Your Property
Taking into account the fact that it is up to you to choose the extent to which you will invest and the changes, improvements and upgrades you want for your space, refurbishing your property is a good place to start. Property owners are not the same and neither are refurbishment projects, but this doesn't mean your property can't benefit from customised options tailored to your preferences. The enhanced functionality of refurbishing your property is a good decision for benefiting from its full potential and a refurbished home means a potentially high return on investment.
5: Enhanced Market Appeal and Property Aesthetics
Once you decide it's time to improve your property, the costs associated with the whole process may vary from modest to pretty high. And while some light fixtures or coats of paint could slightly affect your pocket, you could consider that allocating more money to your project could not only increase the value of the property but enhance its appeal and aesthetics dramatically.
It's worth it to double think what is your final goal and how to optimise your results and future financial benefits.
We advise you to:
Choose high-quality materials and finishes;
Incorporate modern amenities and technologies into your property;
Keep up-to-date with recent lifestyle trends and be inspired by the best practices.
6: Reduced Costs for Future Maintenance of Your Property
You can lower your future maintenance cost for your property by simply using high-quality materials for your redecoration project which can help avoid full-scale renovation in the future. Some of the popular materials that tend to pay off in the long run include high-quality metals (like stainless steel), hardwood (for example oak or mahogany), and natural stone (let's say marble or granite).
Not only a cost efficiency guaranteed this way, but durability in the long run as well. Investing in premium, low-maintenance, energy-efficient, and aesthetically pleasing materials not only creates an elegant living space but also ensures longevity.
Conclusion
Refurbishment in London is a strategic investment for landlords aiming to boost their return on investment. Enhancing market appeal and aesthetics of your sell or rental properties can involve various improvements, such as upgrading kitchens and bathrooms, decreasing the impact on the environment, and increasing durability over time. Both landlords and tenants may be able to benefit from the advantages of refurbishing a property.
Now that you already know all the benefits of refurbishing, being a great way to improve your home or business premises adding market value, aesthetic appeal and functionality, you can think of a refurbishing project and how to leverage its potential.
Get a free quote from Pro Pure Design and begin your home refurbishing or renovating project to enjoy all its benefits as soon as possible.
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