Money spend on patching up homes
According to the 2018 report by the Joint Center for Housing Studies of Harvard University, Americans spent nearly $340 billion to upgrade or to patch up their homes.
With the advances in modern-day lifestyle in terms of work and leisure, a number of buildings are becoming outdated and redundant. However, what these gorgeous old buildings need is just a bit of TLC.
Flipping a building can be a daunting task and requires a lot of attention, resources and should be well thought out. One thing to consider when refurbishing a building is, always go for the sustainable refurbishment (will discuss this later!)
You have so many questions on where do you start, what do you need, how long will it take and so much more!!
To make it easier for you, let’s break down the 5 major steps you’ll need to take before embarking on a refurbishing project.
1. Know your Certificate of occupancy status
Do you own the building or on is it on lease or is it on rent?
As much as you want to make your space comfortable and fit into your style, please review the property’s certificate of occupancy. This action will clarify the legal terms of use for the building.
These certificates are found on online databases and will show you whether there are existing violations before refurbishing. Whether for business or private residence, review the Co and see if it fits your needs and what available options are.
2. Draw a renovation plan
A renovation project may encompass upgrading air conditioning and heating systems, waterproof roofs and basements, soundproof rooms or remodeling of external structures such as gardens or garages.
Whatever the case, draw a renovation plan with the help of an experienced professional.
Remember sustainable refurbishing? Said we will discuss it? Here is where it all begins, in the planning.
In simple terms, Sustainable refurbishment means to provide a healthier environment such as less energy consumption, lower greenhouse gas emissions, rational resources use and advanced technologies within the building.
Your plan should include the desired outcome of the project and the designs should be compatible with the building as well.
3. Know your budget
How much are you willing to spend on a remodeling plan?
That should be a question you answer by looking at cost variations of the plan. Your budget will help you prioritize on projects from the most urgent to the least.
Some key pointers to the budget should include costs of any permits required and the cost of materials.
To be on the safer side, consult three to four contractors for cost estimates to undertake the project.
4. Work with professionals when refurbishing a building
In as much a DIY may sound enticing, please work with professional contractors and subcontractors.
They will advise you on the condition of the building, what best fits for renovation and how to incorporate sustainable refurbishing and risk management. Some of these old buildings may not be compatible with the new designs and only a professional would help you figure out how to go about it and meet the current housing regulations.
Asbestos surveys like NSUK are professionals who have done over 2000 surveys refurbishment assessment.
5. Draw a timeline
By when should the project be completed? How long do you intend to work on this project? Please keep yourself accountable on every step of the renovation process.
Draw measurable and realistic timelines through a checklist for every milestone before and after it’s achieved.
Way forward is, get it flipped!!
Now that you have understood what steps you should take, refurbishing a building can be a hobby as the market value of the building drastically goes up.
Before starting on any project, please have a detailed agreement with your contractors indicating what both your roles are. This initiative will help in case of any crisis like waste management.
You just never know, things happen.
Please see this blog for updates on how to make your home the desired lifestyle.
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