Search the Community

Hello, I'm looking for some advice around making offers on properties which may be suitable for conversion. I'm interested in converting commercial properties to residential but I'd also be interested in what people with purely residential development have to say. I've not bought a commercial property before and I'm wondering about the following actions and whether they would normally be conducted before making an offer or after an offer is accepted: - Appointing a planning consultant to advise on permitted development for change of use. - Appointing an architect and having them advise on the potential reconfiguration. - Engaging with contractors/builders for quotes or full tender process. I may be 90% sure that permitted development would be granted, have a good idea of what configuration might work and have a reasonable idea of what the development costs would be, but still not quite be willing to committing to buy it without being more sure about the project's viability. If I did all of the above before offering, that could cost thousands of pounds only to have my offer rejected. If I did all the above after an offer is accepted and it emerges that permitted development is less likely that I thought or the development cost is going to be a lot more than I thought, is it normal for a developer simply to pull out of the deal at that point? Not having done the whole process before, I'm keen to know how people de-risk this process. Looking forward to hearing what you have to say. Thanks in advance!

Hi All, Would be great if I can get some advice on the below quote: I've also attached the floor plan to add some context. In short, I've turning my flat which I'm moving out of into a BTL property, I've already converted the property to a BTL mortgage and moved the property into a limited company but it needs renovating before it can be let out to tenants. Apart from the double glazing windows which are newish 2-3 years old, everything else needs replacing as this is a very old converted victorian flat which is in need of full modernisation - No structural changes. It's probably been 15-20 years since any updates have been made to the property. I've estimated the work based on research to be around £35K-£40K including VAT with contingency of £5k-10K based size of the property and work required. I thought this was a very generous budget and was hoping to come a bit under this budget but I had a shock when I got a quote for £56K. I've put the breakdown of the quote below. From my side, the contractor is very experienced and does good work based on pictures I've seen and recommendations and I've got a good gut feeling he would do a good job and this would be the final price. However, I feel this is quite expensive based on my original expectations. I also received another quote for £36K but I feel things are missing from this quote and the cost would increase a lot. I am still waiting for other quotes but I think the question that I'm asking is: 1. Is the quote a realistic quote for the work required, if not, what be would be a fair quote? (rough estimate or range being in London, finger in the air type guess) for the size of flat and a full refurbishment required. 2. What information should I ask for to get a better understanding on the quote and to check if things are being priced up. 3. What strategy should I use to bring down the price of the quote if it's not fair. 4. Just any advice in terms of what I'm doing wrong or should start doing, would be much appreciated. Thanks again for reading or responding to this post. Floor Plan of Flat £56K Quote: £36K Quote:

Hi All, Would be great if I can get some advice on the below quote: I've attached the floor plan below but I'm turning this flat which I'm moving out of into a BTL property, I've already converted the property to a BTL mortgage and moved the property into a limited company but it needs renovating before it can be let out to tenants. Apart from the double glazing windows which are 2-3 years old, everything else needs replacing as this is a very old converted victorian flat which is in need of full modernisation. I've estimated the work based on research to be around £35K-£40K with contingency of £5k-10K based on a full refurbishment and size of the property. I thought this was a very generous budget and was hoping to come a bit under this budget but I had a shock when I got a quote for £56K. I've put the breakdown of the quote below. From my side, the contractor is very experienced and does good work based on pictures I've seen and recommendations and I've got a good gut feeling he would do a good job and this would be the final price. However, I feel this is quite expensive based on my original expectations. I also received another quote for £36K but I feel things are missing from this quote and the cost would increase a lot, say by £10K. I am still waiting for other quotes but I think the question that I'm asking is: 1. Is the quote a realistic quote for the work required, if not, what be would be a fair quote? (rough estimate or range being in London, finger in the air type guess) 2. What information should I ask for to get a better understanding on the quote and to check if things are being priced up. 3. What strategy should I use to bring down the price of the quote if it's not fair. 4. Just any advice in terms of what I'm doing wrong or should start doing, would be much appreciated. Thanks again for reading or responding to this post. £56K Quote: £36K Quote: Floor Plan of Flat

I currently have a great deal on the go, a 5 bed HMO bought as a lease option. But it's in a bad state and in need of a renovation. The property is located in Great Yarmouth any contact details to good reliable builders in this area would be very helpful.