HOW SMALL SAVINGS ON A REFURBISHMENT COULD END UP COSTING MORE

You have acquired your new investment property and laid out the major costs including the purchase, stamp duty, and legal fees. Your next priority is to refurbish the property to get it on the market as quickly as possible, so it can finally start showing a return. You've dealt with the planning, all the necessary consents are in place, you are ready to refurbish, add that extra space thereby adding value and increasing potential revenue. You get the builders in, they're reliable, they're fast and their finish is excellent. Best of all you've saved money because the builders handled everything, they didn't need any expensive professionals telling them what to do and advising on current legislation. Job done your flat is rented and you're ready to move on to the next project.

This is exactly what one of our clients did recently, the builders finished the property as expected on time, on budget, the property looked great and it rented well with good returns. However, after some time they decided to sell the property and it was at this point where things started to unravel. At the crucial point of exchange it turns out that the project wasn't signed off by Building Control and the sale cannot proceed until it is signed off. A reputable Building Control firm has been instructed and they have highlighted a list of issues to be addressed before they can grant approval. The list amongst other items includes lack of proper ventilation in kitchens and bathrooms, which during the project would have been simple to install, but now the job is done there are no easy solutions. The list also includes safety requirements which, had they been addressed during the project, could have been easily incorporated into the design.

By saving on relatively small and necessary professional fees the project has ended up costing extra in expensive follow up repairs which have also changed the aesthetics of the property, delayed exchange and potentially lost the sale. Luckily our experienced team was on hand to advise and guide our client to fix the mistakes and quickly move on to the next project. Why not contact Abacus Estates today to discuss how our Property Management Team can assist you to maintain your most valuable asset.

24 hour Emergency Contact 020 3815 5722 | propertymanagement@abacusestates.com

Written by Csaba Horvath Source Abacus Estates

Services

Residential Sales

Residential Sales

Having been a prominent local Agent for over 25 years we provided a tailored approach to selling your property and work closely with all buyers to match their specific needs to our clients property ensuring a high success rate. We use innovative technology alongside our staffs local area experience to give you a personable and effective service.
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Commercial

Commercial

With a varying portfolio of commercial properties available, we are able to tailor for all specific needs and flexible terms for the Landlord and Tenants benefit. Ranging from medical surgery, retail units and warehouses, we can help your business secure itself for the future.
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Residetial Lettings

Residetial Lettings

Understanding Landlords and Tenants needs is the core of our approach, knowing the locale is what we pride ourselves on. This combined with the latest technology at your fingertips and quality design and marketing means a smooth Lettings process for both Landlord and Tenant.
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Investment & Development

Investment & Development

We cover all property sectors, with specialists in residential, commentarial, mixed use and strategic land projects, serving the interests of land owners, property companies, registered providers, house builders. Our primary objective is to seek development opportunities for clients and use expertise to add value, build and manage a range of exciting projects.
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In-House Marketing & Graphic Design

In-House Marketing & Graphic Design

We offer bespoke marketing strategies which include a 360° in-house marketing service: photography, floor plans, website design, brochure and brochure designs, graphics, social media…and a lot more.
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Property Management

Property Management

Let us take the strain and anxiety out of managing your property with our hands-on approach. Our landlords can be assured that we will act on their behalf and with their best interests at heart. To ensure a fast, efficient and informative service for our landlords, we have installed the latest computer technology so that clients’ payments can be made by electronic transfer, followed up with a detailed statement of accounts. We also have a 24 hours unparalleled service and speedy response to all maintenance issues.
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