Dealing with repairs and dilapidations is part of owning and renting out a property, but that doesn’t stop even the best landlords and property owners from wanting to leave them as long as possible, putting off the cost of repairs until it really has to be done – often thinking they’re saving money.
However, short-term savings can become a greater long-term cost.
Dilapidations affect your property, and regular repairs can not only keep costs down but also increase your property value. Read on to discover five ways repairs can increase property value!
The Cost of Disrepair
Letting your property slip into disrepair is hardly cost-effective. You might feel that doing all the repairs at once is the most sensible option – perhaps when your current tenants have left, and you can cover a lot of the cost under dilapidations – but that is far from the case. Untended issues have a horrible tendency to grow and become a bigger problem.
Imagine, for example, a small roof leak. A survey and maintenance schedule could mean it’s taken care of in the general run of things, costing a few hundred to ensure the roof is in great order throughout the year. But leave it alone and it can grow, causing water damage to the underlying structure and even potentially meaning a second of the roof collapses. Now you’re talking thousands, and maybe tens of thousands.
It’s not just about the direct costs, either. Tenants want to live or work in a building that’s in good repair and will become dissatisfied if little fixes go undone for long periods. It’ll increase the chance of a tenant dispute and could mean they leave altogether, leaving you with the loss of good tenants, an empty building for a while, and the cost and effort of securing new tenants.
Plus, those new tenants will want the repairs done, too!
There are also safety and legal ramifications. The last thing you want is for someone to be hurt because of an accident that could have been avoided.
The best thing is to keep on top of the repairs. Regular maintenance reduces the risk and keeps the overall costs of repair significantly lower.
That’s all very good, of course, but what about how repairs can actually increase your property value? What are these five ways?
1 – Enhanced Curb Appeal
Everyone judges based on looks, even if they protest otherwise! If you’re looking to give your property the best possible chance of getting tenants, then you need the outside to shine.
A clean, well-managed exterior provides a positive impression, and it’s easier to maintain and keep up the good looks.
GI Sykes dilapidations and repairs cover:
- Cladding – Sprucing up the cladding on the outside of your building makes such a huge difference. Our cleaning or respraying solutions will make it gleam as good as new – plus, if you’ve been looking to change the colour scheme, you can do both at once.
- Window Frames – It’s amazing how the mind works. If your visitors see grimy or damaged window frames, it seeps into their perceptions and sticks as a bad impression. Our team will clean, repair, and respray your window frames as needed.
- Hardscaping – Car parks, external loading areas, paved sections; getting the hardscaping up to scratch properly requires professional workmanship. We can help you make it all perfect again, with no cracked paving, no holes, and no cracks for unsightly weeds to make their home.
- Painting and Spraying – External walls benefit from weatherproofing and improved longevity, as well as a new visual lease of life when they’re expertly painted. Get rid of anything unsightly and give your walls a fresh coat.
2 – Improved Functionality and Safety
No one wants to rent or buy an unsafe space, and honestly, no one should want to try to rent one out or sell one! Not only do you want to make sure your repairs ensure the building is completely safe for use, but why not go the extra mile and make improvements that’ll set you apart and add value and enticement – such as high-spec security, for example.
No one is renting or buying an unsafe space, so these repairs need to be high on your list. But this gives you the chance to make improvements that set you apart – high-spec security, for example. It’s a simple way to add value to a building.
The GI Sykes team can help with:
- Electrical Rewiring – It can be surprising how quickly electrical wiring needs repairs or replacement, and it’s equally surprising how little it’s sometimes checked! Make sure it’s all up to standards, and maybe add a few points in places that have been left powerless for too long.
- Levelling Flooring – Poor flooring can be hazardous, but years of wear and tear are not unusual and can lead to unexpected problems. A survey and subsequent repair will make the floor safe and level throughout the building.
- Roofing – One thing that we’re keen on to save cash in the long term is regular roof maintenance. Whether you have a flat roof or a pitched space, it’s essential that problems are dealt with sooner rather than later. Don’t let your roof let your building down.
- Suspended Ceiling Repair and Replacement – Suspended ceilings are great for so many reasons, but they are surprisingly easy to damage. In any commercial building, the chances are that there are sections of the ceiling that need repair, and often, a minor repair can make all the difference. The last thing you want is a ceiling tile or section of lighting to come crashing down.
3 – Increased Energy Efficiency
In the last few years, as energy prices have (somewhat ironically) risen through the roof, ensuring your building has good energy efficiency has become essential. Not only does it save on running costs, but it’s a lot better for the planet, and we all have to do our part there.
Repairs to the roof and walls improve the energy efficiency, as does checking and potentially upgrading your insulation. Don’t stop there, though. Consider updating your lighting to take advantage of more efficient smart technologies, check the windows and glazing as a potential weak spot, and have your heating and air conditioning systems regularly maintained.
4 – Revitalise the Inside to Increase Marketability
An old and outdated building isn’t going to gather lots of interest, but with the right repairs and refurbishments, it can become something extremely attractive.
With GI Sykes, you can consider:
- Toilet Refurbishment – One of the key spaces canny potential tenants or buyers will examine is the toilet facilities. If these are sparkling, and provide the perfect space, then interest will be high.
- Partitioning – Divide the rooms into better arrangements to make better use of your internal space and create more opportunities.
- Kitchen Refits – Nothing turns off commercial tenants more than having a squashed and poorly fitted kitchen area; the best business owners consider facilities for their employees very highly. Modernise the kitchen and rest areas and make them places people will enjoy using and congregating.
5 – Compliance with Regulations
OK, so our fifth choice won’t technically make you more money, but it will stop you from losing it if something terrible happens! There are many regulations that buildings need to comply with, and those in disrepair are likely to fail to meet standards.
As part of GI Sykes repairs, we can help you evaluate your fire assessment and fire prevention installations, any needed asbestos removal, and a proper appraisal of all the facilities.
Using GI Sykes For Your Dilapidations and Repairs
Our team at GI Sykes is made up of experienced professionals with the range of skills needed to ensure your commercial building is maintained to an extremely high standard. With our help, your property will command the highest fees, and the tenants will be all-too-happy to pay them, knowing they are well-considered and looked after in turn. Get in touch today to discuss how we can help.
