Every building requires basic renovations at specific intervals. Typically, the basic renovations concern the external walls, balconies, windows and the heating, piping and sewage systems. The purpose of any basic renovation is to maintain the original condition of the building.
Renovations are always big and expensive projects and, as such, call for careful planning and advance preparation. In the planning process, the assessment of the building's condition and a long-term maintenance plan are useful tools as they provide information about the future renovation and repair demands, timetables and required expenditure for many years to come.
Timetable
A piping renovation project is among the most comprehensive and expensive basic renovations in a housing company, also because of the fact that the piping overhaul is often accompanied by other basic renovations as well. A piping renovation is an undertaking that may take up to three years, from the start of the project planning phase to the completion and launch of the new systems. The renovation period is comprised of several phases, and its smooth progression calls for numerous shareholders’ and Board meetings.
Competitive bidding
A successful bidding competition between construction companies is one of the most important factors affecting the final outcome of the renovation. More weight should be put on the contractor’s professional competence than an affordable price, since any corrective measures required after the renovation or repair costs caused by possible defects will significantly increase the overall cost. On the other hand, a well-managed and implemented basic renovation will raise the value of the building in the long run and also significantly improve residential satisfaction.
Decision-making
The decision-making process often follows the same pattern in housing companies considering renovation projects. It all starts with the Board deciding to commission a condition assessment of the building. The condition assessment serves as the foundation for a long-term maintenance plan. For the purposes of planning, it is beneficial to consult experts.
When a renovation project becomes necessary, the actual costs are calculated and different financing options are evaluated. Prior to the decision to initiate the project, the shareholders have the opportunity to express their opinions about the desired standard of equipment and fittings. Finally, the Board summons the general shareholder meeting. At the meeting, the project plans are presented and discussed, decisions are made concerning the shareholders’ fees and charges, and the Board is authorized to take the necessary loans.
Basic renovation increases the value of your home
The primary tool for keeping up and increasing the value of residential property is to carry out annual and basic renovations in a systematic and proactive manner.
Basic renovations clearly increase the value of an individual flat. The cost is not immediately reflected in the price of the flat, but rather, basic renovations carried out by the housing company should be seen as a long-term investment in the value of your home. The impact of basic renovations on selling periods is more rapid.
