Reasons to Refurbish

How this could affect your home

Whether you have just bought a property or looking to sell, you might find it worthwhile to look at refurbishments. When buying a property, a key thing everyone looks for is that they will be able to feel comfortable and get that homely feel to it. You don’t want to be living in a house where you are unhappy and don’t want to be otherwise, why buy it in the first place?

There are two main types of buyers; ones who buy to what they want and ones who buy to make it what they want. Either way, most people will normally change something in their home over time to really add that feeling of home. We would recommend this as we understand what it’s like to have a place that really feels like yours. The benefits of this are more than making it yours, but it will also add property value when you come to sell while also making it more attractive to new buyers.

If you are selling a home you might think why you should refurbish a home, but most properties that are refurbished and fully furnished sell much quicker. People looking to buy properties usually want a property they can move straight into and has all the essentials. They don’t want to have to do too much work straight away, this is normally done once they have money together later down the line. When selling a house you don’t want it on the market for ages as the agents will often lower the price to try and persuade someone to buy it. You want it to stand out and appeal to the buyers so as soon as they see it they want it. The fact that refurbished homes sell for more is an even greater incentive as you might make more than you thought. When selling a home you need to remember that it is a competition between houses and that buyers want the best house for their money so you want yours to be that house. This is becoming even more so now that there are fewer buyers on the market.

House refurbishments have become as business for many people as they have realised if you buy a cheap house that needs lots of work, you will get it for a good price and by the time you have paid someone to get it looking fashionable again and sell it, you have made huge financial gains. This has become big business, but while we like to help people generate income through these businesses, we also like to help the average person who just wants to improve their current living conditions or update the property. We know not everyone is looking to make lots of money from the property which is where we will give you the property you want, while increasing the resale value of the property if it comes to it.

Whether you are looking to fully refurbish a house or just do a single room Four Corners Properties are happy to help. With helpful, friendly advice and offering competitive prices for any household work that needs doing you will find we can help you. If you have any rooms that you think need to be refurbished don’t hesitate to get in touch.

Our research tells us that many properties have outdated interiors and could do with work to spruce it up. A big question that people often ask us is how much would you have to spend to see a healthy financial return? The answer is that this does depend on a few things. The main things to consider before doing any work are how much is the property worth and what condition is it in? Speaking in generality the more expensive your house is the more you are to gain. For example if you had a £200,000 house and spent 20 per cent of the value you might make 5 or 10 per cent on top, but if you had a property value of £1 million and spent 20 per cent you would expect 10 to 20 per cent on top. These are examples and many things such as the area and the type of work carried out will influence the price. These are all individual to the house so it is always worth seeking advice before any work to make sure you are not just wasting money.

Balancing a property is also something to remember when refurbishing a property. For instance, converting one bedroom of three to an en-suit may cause imbalance, but in a four bedroom house it might enhance it. Bathrooms are seen to be one of the biggest let downs in most properties. This is due to them been overlooked when people want to improve a home and it is estimated that 41 per cent of bathrooms are over 25 years old. This is why even a simple shower upgrade or re-plumbing can make a big difference to a property.

It is always worth remembering that if you are hiring any professional to carry out work that they have got all the relevant qualifications and health and insurance to cover any accidents that may occur. You also need to get an exact price for the job you want doing so there are no added fees later on as this is something no one wants when doing any work on a home. Below we have a table that gives a rough idea of the returns you could expect from any refurbishment work. It is worth remembering these are all averages and might not reflect your home so check with an expert before if you are looking to make financial gains. We are here to help you and answer any questions you may have.

 

London

% increase

Rest of UK

% increase

Loft conversion

10-20

10-15

Side return

10-20

Same in cities such as Oxford/Cambridge

Extension

10-20

15-20

New kitchen

10-20

5-7

New bathroom

8-10

up to 5

Conservatory

10-12

3-10

Complete redecoration

10-12

5

Garden room

15-20

5-15

 

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