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malmopearce

How much do YOU think to REFURB this property??!

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I thought this would a) be useful to me and b) useful to the community. 

First a quick bit of background. I am a complete and utter novice/newbie/idiot but sold a past business and used the funds to buy (latest count) 15 properties during the last 3 months. All in varying conditions. Some that need a FULL REFURB....

So I am at the stage of working out what things can cost and what they should cost. So below you will find a property link and some details and then a quote received to do ALL the work ("all in refurb specialist company"Smile

Questions are....

1.) What do YOU think the refurb should cost (difficult but based on the photos you see)
2.) Do you think the prices from the "refurb company" are crazy high or crazy low? 
3.) Any advice from your experience?

Property Details: https://www.rightmove.co.uk/property-for-sale/property-89737460.html
Location: Nottingham, Sherwood
Property Type: 3 bed terraced property not far from Sherwood high street and a few miles from Nottingham City Centre. 
Rental Demand: High 
Price Paid: £135,000

Full refurbishment quote - excluding the garden:

Quote here: 
https://drive.google.com/file/d/1i2Gkj5Ghs3wv7kom21r9nO3vbJoRuPL9/view

Screenshots of quote also below if Google Drive doesn't work for you:

https://i.share.pho.to/ea7d19fc_o.png

https://i.share.pho.to/e972f260_o.png

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Oh my god that is expensive!  I was going to say about £3k and then I saw your quotation.  Why are you doing so much work?  What are your thoughts with this project?  Are you flipping or keeping?

The work seems huge for something that looks pretty mint in my eyes, or am I missing something?

1-5 - Why are you doing this work?

7 - Why spend so much, you can get composite for £1k

8 - Is the render that bad? Have you any picture

10 - Can you visually see damp or is this just from the standard comment from the home buyers report that they put on everything?  If you cannot see the damp then personally I do not worry about it.

12 - What is wrong with the kitchen?

13 - Why?

14 - Why?

15 - Why?  I would swap the sink and toilet and just re-tile with some new taps.

 

Darren

 

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@malmopearce the rightmove link says it sold for £150,000

even if the refurb bare minimum work costs was £10,000 or max £30,000 (20% of purchase price) - what do you figure that you could realistically sell this property for after the refurb & what would the net profit after all costs be?

on the quote, its way too high & why do all that work. If this is a fix & flip, do minimum, recoup all the money & carrying cost that you put into it & maybe you'll get a breakeven.

Good luck

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I will get another quote if i was you.

Some of the works are necessary but overpriced. But hard to see what is wrong with the Roof, Kitchen, External walls.

All i can see it needs from the 26 pics online, is new complete bathroom, Carpet upstairs, "Some" replacement front windows, Front door, electrics, heating.

10-15k tops!

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Difficult to work out exactly what's needed from the photos e.g. couldn't tell if windows were aluminium or just dirty UPVC. Again, didn't look like it needed a DPC but always impossible to tell from EA photos.

Some of the prices then seemed almost reasonable, assuming the work needs doing e.g. £1600 to replace a flat roof. We've had one replaced recently and the quotes were around that, although ended up paying a couple of hundred more to change it to a tiled pitch roof for less future issues. That said, on the grounds they would already be on site, I'd expect them to be cheaper than someone turning up.to do just that.

Then I saw the price for the heating system! Are they planning on replacing next door's as well? Again, it should be even cheaper than a normal quote since the rest of their schedule requires them to be doing a lot of the work that would be needed for just the heating. It's like they've priced each job up as if you were just getting that trade in to do their work and then put it right afterwards. And then added about 20% mark up.

It's always difficult to put a price, as it depends on the finishes required, but windows aside, that looks like it needs new flooring, painting, tile the kitchen splashbacks with something trendier, possibly a new bathroom suite (looks beige on photos). That's probably about £5-7k depending on quality of carpet etc. Roof probably just needs a bit of work unless it's visibly gone, so then just the windows. Never done them on a bay, so could easily be a few grand. Even then, you're talking £10-12k all in. Full refurb (back to brick) I'd expect to be around £20k, maybe towards £30k if it was a £500k+ house in London. For £50k+ I'd be expecting an extension as well.

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I'm no expert, but the interior decoration etc looks pretty good to me. Kitchen looks modern, needs a new light. If the bathroom suite is white, there's nothing wrong with it, except maybe the basin, get some new taps and clean up the grout. Remove the lounge fire and maybe the brickwork thing. Tidy up the garden. Aren't the windows already upvc? Do the radiators need replacing?

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I think it's very expensive, in particular the Kitchen/Bathroom/Rewire.

I'd be looking at £2,500 for a standard rewire (out of the South) and more £ for any extras. Kitchen can be got from Magent trade for cheap plus the fitting shouldn't be that much. Same with the Bathroom.

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Hi, 

Looks far to expensive to me and looks like you’ve asked a builder to do a quote on a refurb with no real direction and he’s just used his initiative which is not what you want..... 

Initially you should have a clear scope of works for each room with specifics If you can get them to quote from which ensures your comparing apples with apples. 

For example it is easy to open an account at Howdens and purchase you own kitchen units and appliances and get them delivered to your house - I did this at the start of  the year and payed £1500 for all the units, work tops, sink and appliances and then just payed a builder to fit them on a day rate. 

Obviously its no good having the roof done unless it’s totally buggered, as this won’t make any difference to the rent you’ll collect. 

Did you get a homebuyers survey when you bought the place? If so have a look at this as this will have some indication if the works are in fact required but from the look of the house on Rightmove I’d say not. 
 

thanks, 

 

Neil
  

 

 

  

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Brilliant feedback - thank you. The Survey did show roof issues so I think it does need doing. But even with my basic knowledge I thought the quote was crazy on things like Kitchen and Bathroom especially. 

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Anybody got a spreadsheet or working document they use to know roughly how much to pay for things and what to  consider in a property?

Also the order to do a refurb in? 

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