Expert Tips on Managing a Successful Renovation Project
A successful renovation project can be make or break in the busy world of property development. The ability to renovate large-scale projects quickly and on-budget is super important for getting those high returns and outperforming the competition.
At Mardesign, we’re used to working with property developers on renovation projects of all shapes and sizes, so we wanted to share some expert tips that can guide you in ensuring your renovation projects are delivered as promised, without disruption, every time.
Styling @ Marpreston
#1 Pre-Development Planning
It’s not the most glamorous part of the job, but before any work starts, it is important to go through an extensive pre-development process. This stage outlines the path and provides the necessary groundwork that could help prevent future obstacles.
In this stage you should be thinking about:
Market feasibility: Look at the current market, what are renters and buyers looking for, current rental prices, what are your competitors doing, etc.
Financial forecasts: Plan out your finances, including net potential rental income, refurbishment costs, operational costs and any unexpected costs you can think of.
Structural assessments: Hire an engineer to conduct a thorough structural evaluation of the property to reveal any hidden problems that could affect your plan and budget.
Detailed planning and permits: This includes writing a detailed project plan listing all the planned activities, specifying the dates and who will be involved, as well as a plan for managing potential risks.
Scope: What renovations are part of the project, by area of the property? The more thought you put into making this document comprehensive, the easier it will be to manage expectations – your own and everyone else’s.
Specifications: Think about the materials and colours of various construction elements, such as fixtures, fittings and finishes.
Timetable: Going over schedule can be a costly mistake, so we like to plan as much as possible to avoid this happening.
Styling @ Marweston
#2 Assembling a Trusted Team
A renovation is as good as the people you work with, so you need a team of specialists who are just as passionate about the project as you are.
Hire contractors who have experience with large-scale renovation projects and have a solid reputation with previous clients. Seek references and check their experience on similar projects to assess whether the contractor has the necessary experience and skills to complete the project according to your specifications.
Engaging qualified designers, architects, engineers, and other relevant consultants will further enhance the project's success. These professionals can provide invaluable expertise on things like architectural design, structural engineering, and quantity surveying.
At Mardesign, we join the renovation project very early on to help our clients throughout the entire journey. Think of us as your trusted partner that brings a wealth of information, minimises on-site mistakes, and helps you stick to your timeframes. We're also there every step of the way to adjust and adapt to issues as they arise, work around site constraints, and advise on any structural issues. With a good designer by your side, there is no problem that can't be quickly fixed.
You also need to think about how you and all of your contractors will communicate with each other. Maintaining regular communication throughout the project and keeping all parties informed is really important. Whether it’s a WhatsApp group chat or a weekly meeting, you should all be on the same page.
Living Room @ Marbrockley
#3 Risk Management and’s Contingency Planning
Even the most well-planned projects don’t always go the way you planned, which is why it’s so important to plan in advance as much as you can. The more you plan for issues, the easier it will be to overcome them and ensure your project stays on track.
Noone can ever be 100% sure of the risks that they’re going to face during a renovation project, but it could include things like:
Material shortages
Labour disputes between you and your contractors
Unforseen structural issues
Running out of money or time
Incorrect measurements
Although these issues can have a significant impact on your project, knowing how to turn things around and solve problems as they show up is a sign of an excellent property developer – we believe in you!
A lot of it also comes down to how you deal with risk as a person; some property developers thrive in uncertainty and are more than happy to take on a bit of extra risk, whereas others prefer to be more regimented and minimise risk wherever possible – it’s all about what works for you.
Details @ Marpreston
#4 Quality Control and Project Monitoring
When you’re the head property developer on a project, everything is down to you – so you need to make sure you keep a close eye on what’s going on.
Maintaining consistent quality control and closely monitoring the project's progress is crucial for ensuring your project is delivered correctly in the agreed-upon timeframe.
After years of experience working on lots of development projects, we would strongly recommend conducting regular site inspections and progress reports. Whether it’s you or qualified professionals, make sure there’s someone regularly going on-site and completing progress reports to keep everything on track.
During these visits, you should be checking that all the work adheres to your plans and specifications and that it complies with all relevant building regulations and safety standards. It shouldn’t take too long to conduct these site inspections, but it will make a really big difference in the long run.
We also like to use a variety of project management tools to make project monitoring that little bit easier. These tools help to keep us clued up on project timelines, resource allocation, and budget tracking – it basically just makes your life as a property developer so much easier.
#5 Don’t Be Scared To Ask For Help
Whether it’s your first project or your hundredth, you don’t have to think that you have to manage everything by yourself – that’s what people like us are for.
We’ve worked with so many property developers in the past who get overwhelmed with projects and don’t have the time to fully invest in things like interior design but then are shocked to see how much of a difference it could make to your profit.
Bedroom @ Marweston
Want to talk in more detail about how Mardesign can help you bring some of these trends to life on your next project project?
get in touch with us today.
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