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By : A. Enseling , Rainer Greiff

Housing stocks created in great quantities during the 50s and have reached an age that makes refurbishment an urgent issue. The financial challenge of the investment required and uncertainties of market developments make housing companies consider their investments more thoroughly. Refurbishing old buildings or estates entirely due to the standard of new construction may not lead to desirable returns or might not be accepted by the tenants. Refurbishment of dwellings and buildings step by step can be an option to adapt the scope of refurbishment to demand and available financing. Specific refurbishment works are to be implemented in particular steps, e.g. ��modernisation of particular dwellings at turnover before letting them to new tenants, ��refurbishing separately entrance zone and staircase, ��improving separately the energetic standard of heating system and outdoor insulation, optionally dividing this step into further partial steps. It may also be an option to concentrate the finance on a few buildings and after complete refurbishment turn over to further buildings depending on relative technical necessities and acceptance of tenants.
Keywords : Refurbishment, Housing Companies, Housing Stock of The 50s and 60s, Tenants' Interests, Housing Market

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