The Benefits of Property Refurbishment
Property refurbishment can be a great way to improve your home, office, or workspace. People begin property refurbishments for a number of reasons. Perhaps your property is in prime location but needs some renovating to get it to how you want it. Or perhaps your workspace needs a drastic refurbishment to make it more functional and modern.
Property refurbishment is the process of renovating or making changes to an existing property. This can be anything from a simple redecoration to a complete gutting and rebuilding of the property. Refurbishments can be as small or as large as you want or need them to be.
Property refurbishment is a worthwhile investment for homes, but particularly commercial properties such as restaurants and offices greatly benefit from refurbishment. Purchasing a tired or outdated office building for your company gives you the opportunity to transform the space and create something entirely bespoke to you.
Why do people refurbish properties?
There are many reasons people choose to refurbish their properties. For some it is simply because they want to modernise their home or office and bring it up to date. This can be done through simple changes such as a new coat of paint, or new light fixtures.
For others, refurbishment is a way to increase the value of their property. This is often done through more extensive changes such as adding an extension or converting unused space into something more practical.
Refurbishments can also be a way to make your property more energy efficient. This can be done by ensuring that your insulation is up to date and efficient, or by installing double glazed windows.
Another reason to refurbish a property is to create a space completely bespoke to your needs, style and tastes. If you’ve found a property in a prime location, refurbishing the building can offer you the chance to create a property entirely for you, in your desired location.
Overall, a refurbished property offers you the best opportunity to create a home completely unique to you and your tastes. Refurbishing a property allows you to be part of every step of the process to create a space designed for you.
What are the benefits of property refurbishment?
Property refurbishment comes with an array of benefits, both for the property owner and for the potential occupants.
Some of the benefits of property refurbishment include:
- The opportunity to increase the value of your property
- The chance to modernise and update your property
- The ability to make your property more energy efficient
- The opportunity to create a bespoke space
- The chance to bring your property up to current building codes and standards
- The chance to repair any damage or wear and tear
- Increased health and safety as a result of a more modern building
- More room for designated functional spaces
- Change the layout of a building for better functionality
What are the guidelines for safe property refurbishment?
There are a number of things you need to take into account when refurbishing your property, to ensure that the process is carried out safely.
Some of the safety guidelines for property refurbishment include:
- Making sure that any asbestos in the property is removed by a professional
- Making sure that any lead paint in the property is removed by a professional
- Making sure that all electrical work is carried out by a qualified electrician
- Making sure that any gas work is carried out by a qualified Gas Safe engineer
- Ensuring that all scaffolding is erected by a professional
What are the different types of property refurbishment?
There are two main types of property refurbishment: home refurbishment and commercial refurbishment.
Home Refurbishment
Home refurbishments are usually carried out on houses, flats and apartments. The most common reason for carrying out a home refurbishment is to modernise the property or to make changes to the layout. Home refurbishments can be as small or as large as you want them to be, from a simple redecoration to a complete gutting and rebuild of the property.
Commercial Refurbishment
Commercial refurbishments are usually carried out on office buildings, retail units, restaurants, and other types of commercial property. The most common reason for carrying out a commercial refurbishment is to increase the value of the property or to create a bespoke space for your business. Commercial refurbishments can be as small or as large as you want them to be, from a simple redecoration to a complete gutting and rebuild of the property.
These are just a few of the potential benefits of refurbishing your property. Whether you’re looking to update your home, or wanting to create a new commercial space, property refurbishment is definitely something to consider.
Financial benefits
Refurbishing a property can bring a lot of financial benefits such as increased value for sale. Additionally, refurbishing an old property to become more modern and efficient can have long term financial benefits such as avoiding repairs in the long run. Older properties will naturally require more repairs as they age, modernising your home can negate this.
Are refurbishment costs deductible?
In some cases, the costs associated with your refurbishment can be deducted from your taxes. This is usually the case when you’re refurbishing a property for business purposes. For example, if you’re refurbishing an office space to conduct your business from, you may be able to deduct the cost of the refurbishment from your taxes.
Can refurbishment costs be capitalised?
The costs associated with your refurbishment can also be capitalised, which means you can spread the cost of the refurbishment over a number of years. This is often done for larger refurbishments, or for businesses who are looking to refurbish their property.
Laws regarding property refurbishment
There are a number of laws in place regarding property refurbishment. These laws exist to protect both the property owner and the workers carrying out the refurbishment.
The most important law is the Construction (Design and Management) Regulations 2015. This law exists to ensure that construction projects are properly planned and managed in order to minimise risks.
The second most important law is the Health and Safety at Work etc. Act 1974. This law exists to protect workers from risks associated with their work.
What type of refurbishment do I need?
The type of refurbishment you need will depend on a number of factors such as the age of your property, the condition of your property, your budget and your desired outcome.
If you’re looking to simply update your property, a light refurbishment may be all that’s needed. This can be achieved through simple changes such as a new coat of paint or new light fixtures. If you’re looking to increase the value of your property, a more extensive refurbishment may be required. This could include changes such as adding an extension or converting unused space into something more practical.
The general process of property refurbishment
The first step in any refurbishment is to create a plan. This plan should detail what work needs to be carried out, when it needs to be carried out and how much it will cost.
Once you have a plan, the next step is to find a reputable contractor to carry out the work. It’s important to get multiple quotes from different contractors in order to ensure you’re getting the best price for the work.
The final step is to carry out the work. This can be a lengthy and disruptive process, so it’s important to be prepared for the upheaval.
How long does a refurbishment take?
The length of time it takes to complete a refurbishment will depend on the scale of the work being carried out. A small refurbishment, such as painting and redecorating, can be completed relatively quickly. However, a more extensive refurbishment, such as adding an extension, can take several months to complete.
For some business premises the company will have to stop trading during refurbishment. Additionally, some domestic refurbishments may require the property owners to move out while work is being completed. This can add to the overall refurbishment timeline and should be considered prior to beginning refurbishment work.
What is the cost of property refurbishment?
The cost of property refurbishment will again depend on the scale of the work being carried out. A small refurbishment, such as painting and redecorating, can be completed relatively cheaply. However, a more extensive refurbishment, such as adding an extension, can be quite expensive.
What are the best parts of property refurbishment?
Refurbishing a property can be stressful and time consuming but is overall worth it for the benefits of the outcome. Such as:
- Increasing the value of your property
- Making your property more energy efficient
- Improving the appearance of your property
- Making your property more comfortable to live in
- Allowing you to customise your property
Southern Cross Projects offer full turnkey property refurbishment and design services. If you want to transform your property and unlock its true potential, please get in touch today to discuss our various refurbishment and renovation options.