The question of whether to refurbish or renovate is important, as it can mean the difference between saving and losing money. No matter the reason why you need to make alterations to your property, be it because you want to improve its appearance or make it safer for tenants, understanding how one concept varies from the other is always important.
However, it can be difficult to know when to choose one over the other, as the terms can often seem interchangeable.
What Do They Mean?
First and foremost it’s important to understand the differences between the terms ‘refurbishment’ and ‘renovation’, as it can make all the difference when it comes down to the decision making – and the final look of the property.
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 and when deciding on the modifications you should make to your property, getting the terms right is crucial!
Renovations, also called remodelling, involve conversions of existing places, changes in structure, the replacement of a defective object or area in the property and the addition of extensions. This means they focus on improving a structure that is broken, outdated or damaged.
Refurbishments, on the other hand, involve fixing a certain area or item, decorating a room or space, and restoring the good appearance and condition of a property.
Which One Should You Choose?
Choosing one over the other depends on what you need. If you only need to improve a room of your property or improve the overall appearance of the building, you may want to consider refurbishing it – this can be due to many reasons, whether you want to refurbish-to-let or use the property yourself.
Part of renovating a property is adding extensions and improving its structure, which can add value to it. For this reason, many people choose to renovate homes and commercial buildings because it can provide a solid source of income.
A renovation is basically the ‘creation’ of a new building within the structure of an old one, and is also performed when the property needs to meet new building regulations – if you want your property to meet new codes, therefore, or even turn it into a Grade A office space, you should opt for renovating it, instead of refurbishing it.
If you’re unsure whether to go with one option or the other, please don’t hesitate to talk to us at any time, as we can also offer you the right professional chartered surveys for your property – commercial or residential.