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Property Refurbishment
When buying property, it is usual to want that property to look and feel new. Property refurbishment is rarely ever done on new build properties. After years of exposure to nature’s elements and good use, older property starts to look shabby or old-fashioned. As such, new property owners tend to refurbish a newly acquired property to modernize it and leave a stamp of their ownership.
There is no doubt; older properties are still available in the UK real estate market. They are rich in history and often add to the charm of any real estate market. Although preserving historical relics is important, properties dating back decades can be ticking time bombs due to the problems they may have acquired over time. Leaking pipes, damaged walls, faulty electrical installation, and old fixtures may need to be replaced or repaired with care and attention.
If you are considering taking on the challenge to refurbish a property in the UK, here are some things you should consider before making a life-changing decision.
1. Costs
Generally speaking, older properties are cheaper than new build properties in the UK but when you factor in the cost of refurbishing and maintenance, buying older property beats the purpose of buying property in a lower price range. The average homeowner in the UK pays £843 on maintenance annually, and £900 with emergency repairs. However, this cost might be significantly higher with older properties because repairs are more frequent, and they sometimes require skilled labor due to the delicate nature of old structures.
The cost of refurbishing older property in the UK is also quite high. On average, an entire project can cost you £40,000 to £50,000 or higher in addition to the property value and other additional costs like stamp duty taxes if the property you are buying is worth more than £250,000. The initial cost of your newly acquired older property might be too high if you factor in the refurbishing costs and other annual expenses. It is important to weigh your options and shop around before settling on any property.
2. Outdated designs
Older houses are a fundamental part of the history of any area, but the designs may be outdated. This applies to the aesthetics of the property and the functionality too. Older houses in the UK are more likely to have outdated heating systems, inefficient plumbing, less storage, and outdated functional space that poorly accommodate modern luxuries and appliances. While refurbishing the property can solve these functionality issues, some problems are hard to fix without completely demolishing the property.
For instance, a house with outdated heating systems may be refurbished to incorporate an air conditioner, but the heating issues will eventually cause energy inefficiency. Such a problem will significantly increase your energy bill and require regular maintenance. To avoid such problems, it is better to buy new build properties that are designed with the modern individual in mind.
3. Surroundings
The beauty of older property is that it is mainly located in established communities. However, with older properties comes older surroundings. Older property might have structural issues due to the surrounding areas. Trees that are centuries old around older properties can grow towards the foundations of the house therefore causing irreversible damage. When viewing older property, seek professional advice from an expert to find out if the integrity of the property’s structure is or will be compromised.
When investing in property, old is not always gold. It is better to buy a new build apartment that will still be standing years after you are gone instead of investing in property whose structural integrity is questionable.
