The refurb checklist: what to check before, during and after the work

Our strategy depends on the refurb. We buy below market value, often at auction, add value through the works, then refinance on the new valuation. If the refurb goes over budget, overruns on time or doesn't lift the value, the whole deal suffers. This is the checklist we work through, from before we bid to the day the property is ready to let. Save it for your first project.

STAGE 1: BEFORE YOU BUY

☐ Find the ceiling price. Check what the best comparable homes on the street have actually sold for. That figure, not your spend, sets the likely post-works valuation.

☐ Get a builder or surveyor to view it. If you can, walk the property with someone who can price the work before you commit. At auction, that means before the day, not after the hammer falls.

☐ Look for the expensive problems. Damp, roof condition, structural movement, the age of the electrics and boiler, drainage and anything that might make the property hard to mortgage. These can turn a cosmetic refurb into a major one.

☐ Read the legal pack. Check for restrictions, planning issues, lease terms if it's a flat, and anything that limits the work you can do.

☐ Run the numbers with a buffer. Purchase price, stamp duty, legal and auction fees, refurb cost, a 10 to 20% contingency, finance costs for the whole project, and the refinance at a higher rate than today's. If the deal only works without the buffer, it doesn't work.

STAGE 2: BEFORE THE WORK STARTS

☐ Write a clear scope of works. Room by room, with the specification of materials and finishes. Vague briefs create vague quotes and expensive surprises.

☐ Get at least three quotes on the same scope. Compare like for like, and be cautious of any quote far below the others.

☐ Check your trades. References, previous work, insurance, and the right registrations for regulated work, such as Gas Safe for gas and a registered electrician for electrical work.

☐ Agree a written contract and payment schedule. Pay in stages as work is completed, not large sums up front. Agree how changes and extras will be priced.

☐ Check permissions. Planning permission, building regulations approval, and listed building or conservation area rules where they apply. For flats, check whether the freeholder's consent is needed.

☐ Arrange the right insurance. Standard landlord insurance often won't cover an empty property under renovation. You may need specialist unoccupied or renovation cover.

STAGE 3: DURING THE WORKS

☐ Visit regularly. Problems are cheaper to fix the earlier they're spotted.

☐ Track spend against budget weekly. Know where every pound of the contingency has gone.

☐ Fix causes, not symptoms. If there's damp, deal with the ventilation, gutters or leak behind it, not just the stained plaster.

☐ Spend where it moves the valuation. Kitchens, bathrooms, layout, light and kerb appeal usually matter most. Don't over-specify beyond what the street supports.

☐ Keep every record. Invoices, receipts, photos before and after, and every certificate. You'll need them for the refinance, your accounts and, increasingly, digital tax records.

STAGE 4: READY TO REFINANCE AND LET

☐ Collect your certificates and sign-offs. Typically a gas safety certificate, an electrical installation condition report (EICR), any electrical and building control completion certificates, and FENSA or equivalent for new windows.

☐ Get a new EPC. Rental properties need a minimum rating to be let, and a good rating helps both tenants and lenders.

☐ Fit the required alarms. Smoke alarms and, where needed, carbon monoxide alarms, tested and working.

☐ Prepare for the valuer. Finish properly, clean thoroughly, and have a short pack ready: the works completed, costs, certificates and the sold comparables you're relying on.

☐ Check the refinance timing. Many lenders want you to have owned the property for around six months before lending on the new value, so make sure your finance plan covers that gap.

The takeaway. A good refurb is won before the first wall comes down: the price you pay, the problems you spot and the numbers you run. The work itself is about doing the right things, on budget, with every record kept.

Rules on safety certificates, alarms, EPCs and licensing differ between England, Scotland, Wales and Northern Ireland, and can change. Always check the current requirements for where your property is. This article is for general education only and is not legal, financial or building advice.