A 5 week refurb = a £40k higher valuation

In just over a month, we made this Bristol flat's value increase from £160k to £200,000. See how we did it.

Original Valuation

£160,000

Refurb Cost

£18,300

New Valuation

£200,000

Owner's Profit

£21,700

About this Redland (Bristol) project:

We prepared a detailed marketing report for this one-bed, ground floor flat. Included within the report were valuations of the property in its current condition as well as potential valuations in refurbished condition.

Upon request we provided a comprehensive quotation and schedule of works to restore the property to premium condition and achieve an increase in value.

Schedule of Works over just 5 weeks:

Week 1 - Removal of pre-existing kitchen, bathroom and carpets
Week 2 - Electrical and plumbing works
Week 3 – Installation of new kitchen and bathroom
Week 4 – Full redecoration throughout
Week 5 - Fitting of new carpets

The outcome

Original valuation:

£160,000

Cost of works:

£18,300

New valuation:

£200,000

Owner's Profit

£21,700

Increase in Value

25%

On completion of the refurbishment works, the property was valued at £200,000, which is 25% more than the original valuation. The final renovation cost was £18,300.