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Hi Guys,

I’m just in the process of purchasing my first property, it is a repossessed 2 bedroom flat so is in need of modernisation. I would say the flat needs a full refurb which would include a new kitchen, bathroom, redecorating, flooring and a new boiler. The surveyor said the electrics and plumbing seem to be fine but may need changing in the near future, so I was thinking to get this down whilst I’m changing everything else.

I just wanted to know how much would something like this cost to be done at a good level. In my head I’ve budgeted for about £20k - £25k.

Would be great to get some realistic cost from those who have done this type of work. Also if you know any good trades people that could do the job I would really appreciate it if you could forward me their details. I’m based in Croydon. 

I have attached the floor plan so you can get an idea of the size.FEE3CB6A-37B1-4E44-BA90-42A89FCFD72E.jpeg.6a25c7e84a9913ed90e0e9375e8826b6.jpeg You 

Thanks

Charles

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  • 2 weeks later...

Hi Charles, 

There are many variables, but I would say you are there or there abouts at the upper end of your budget. Obviously this could vary dependant on spec. 

You do not mention your plans for the property, is this a flip, straight BTL or do you hope to refinance and pull some cash  back out ? 

Not sure if your budget includes a contingency but I would always make sure you have one built in. 

Lastly I have come across the following site recently and found it to be great https://www.priceyourjob.co.uk

i hope this helps you out a little 

Sion

 

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Hi Sion,

Thanks for responding. I have factored in a contingency plan for about £5k but fingers cross I stay within my budget. I am hoping to refinance and pull some cash out and start my BTL journey from that. By any chance have you had any experience in refinancing and pulling money out if so how long before you can pull money out and how much can you typically pull out.

I’ m looking in Manchester as an area to start the BTL journey. 

Also thanks for the link for price your job, I’ll have look at it. 

Regards

Charles

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  • 3 weeks later...

Hi Charles, 

Rule of thumb is 6months. You can find lenders who allow you to refinance sooner, but they are few and far apart. So if you want to look at the wider market, then prepare for 6months. 
Also a good tip would be that if you know you are going to refinance at the end fo the refurb, make sure you look at the Early Repayment Charges. These can be very high and arguably more important to get right than the monthly repayments if you know you're 100% going to refinance

Feel free to add me on Linkedin;   https://uk.linkedin.com/in/dkidd

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  • 1 month later...
On 7/22/2019 at 11:03 AM, drkidd said:

Hi Charles, 

Rule of thumb is 6months. You can find lenders who allow you to refinance sooner, but they are few and far apart. So if you want to look at the wider market, then prepare for 6months. 
Also a good tip would be that if you know you are going to refinance at the end fo the refurb, make sure you look at the Early Repayment Charges. These can be very high and arguably more important to get right than the monthly repayments if you know you're 100% going to refinance

 

Thanks for responding. Great advice regarding the early repayment charges, will defo look into this.

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  • 4 weeks later...

Hi Charl3s,

I realise that I may be a little late with this post, but hopefully you still get to read it.

The questions you are asking, and the information you have given, make me think you may need complete property advice for your flat. The correct advice early on in a development is key to avoiding potentially costly mistakes and maximising your returns.

There are many questions about you and your flat and how much refurbishment it needs and how much you want to do to it. People often forget there could be lease conditions to think about as well as its construction. (I'm guessing because of it's layout your flat is a conversion?) You say it's your first property purchase? Is it solely an investment or are you planning on living in it when the work has been done?

I am a property expert, an investor, a developer who refurbishes his own properties, lettings and sales estate agent with access to all the main online property portals and a property finder for investor clients. I have also mentored property investors in the past.

I live local to Croydon, if you want to meet up for a coffee and chat about your flat please feel to message me. Check out my Linked In profile if you have the time.

Conrad Paton

+44 7957 959851

conradpaton@yahoo.co.uk

https://www.linkedin.com/in/conrad-paton-424446110

 

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