When letting a property, a decision on whether to redecorate or refurbish your property is important, as it can mean the difference between saving and losing money.
It can be difficult to distinguish between the two, since they can be quite similar at a first glance; however, their meanings are not the same when deciding on the modifications you should make to your property.
Renovation involves structural, full mechanical and electrical works including cosmetic alterations to interior and exterior of your property. Refurbishment aka redecorations, on the other hand, envisages restoration of the good appearance and condition of a property and involves minor repair and painting works only.
As renovation is by far more expensive than refurbishment, choosing one over the other for Properties to Let can seem quite simple. However, the choice should really depend on your long term plans and the condition of the property. The rule of thumb is for renovation to only be carried out once in every 20-year period and set the base for cosmetic upkeep throughout the letting cycle. It is important to invest into good quality materials and craftsmanship during the renovation works, particularly focusing on the roof integrity, plumbing and electrical systems and insulation.
Thus it is important to realise that to save money and time, refurbishment should only be carried out by means of cosmetic upkeep by a handyman after renovation has taken place. Refurbishment lasts up to 2-3 tenancies and is very cost and time effective.
If you need help with assessing the condition of your property prior to making any decision in relation to a Property to Let, please call us on 07808 772 528 or info@urbanideal. for a no obligation assessment
Follow Us for tip #2 of 8 ways to Save Money & Time on refurbishment of Properties to let, which we share next week.