Jump to content

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


Recommended Posts

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

Link to post

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

 

701670177_HighQualityPNGfileSMALLER.png.5f70ca4cb0d136ae226eb81e0e3e2155.png

      BTS -- BTL -- Lettings -- Sourcing

          www.fmp-investments.com   

             image.png.9da6b48b22099e71e6b38c5c9da690c3.png  image.png.316a3d05478f9de07be32739d4fe4c03.png  image.png.d47c317e14dca0e4c4944a92e2a8e35b.png

Link to post

@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

Link to post

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!

Link to post

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.

Link to post

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?

Link to post

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.

Link to post

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
  

 

 

  

Link to post
On 7/3/2020 at 8:24 AM, malmopearce said:

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. 

All surveys show roof issues and damp detected.  If it was anything significant you would see it in the upstairs bedrooms.  I will bet that you will just need the chimney stack and ridge pointing along with maybe a slipped tile or two.  Its very rare you need a full roof overhaul.

Kitchen and bathroom - You still haven't actually said why you are changing these? - Are you approaching this like a business or as if you want to live there?  It seems to me that you are literally willing to spend money on things that do not need doing?  I can do a full house renovation including new wiring, plumbing, plastering etc etc for £20k, and that is when a house needs it.  Your images look as though minimal work is actually needed and more that you want to do the extra things.

 

On 7/3/2020 at 8:27 AM, malmopearce said:

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? 

Rough costs come with experience and are area dependant.  When you are unsure the best way is to get a few different people round to quote.  I personally find splitting things into the separate trades works best for me as if you get one persona to do everything all they usually do is sub contract and charge you for the pleasure (I have been burnt by this before).

Refurb order is pretty simple but again depends on what you want doing.  You do the messy stuff first and the pretty stuff last:

Rip out and gut -> Wiring/plumbing (1st fix) -> plastering -> bathroom and kitchen fitting -> woodwork (skirting boards and door arc's etc) -> Wiring/plumbing (2nd fix) -> decorating -> carpets

 

You have an amazing opportunity to get this done at a low price and make yourself some really good money, but you could go the path you seem to be heading and p--- it all away. If you really want to spend some money pay me £25k and I will drive down and get it all sorted for you! lol.

Darren

 

701670177_HighQualityPNGfileSMALLER.png.5f70ca4cb0d136ae226eb81e0e3e2155.png

      BTS -- BTL -- Lettings -- Sourcing

          www.fmp-investments.com   

             image.png.9da6b48b22099e71e6b38c5c9da690c3.png  image.png.316a3d05478f9de07be32739d4fe4c03.png  image.png.d47c317e14dca0e4c4944a92e2a8e35b.png

Link to post
23 hours ago, darren mcneill said:

All surveys show roof issues and damp detected.  If it was anything significant you would see it in the upstairs bedrooms.  I will bet that you will just need the chimney stack and ridge pointing along with maybe a slipped tile or two.  Its very rare you need a full roof overhaul.

Kitchen and bathroom - You still haven't actually said why you are changing these? - Are you approaching this like a business or as if you want to live there?  It seems to me that you are literally willing to spend money on things that do not need doing?  I can do a full house renovation including new wiring, plumbing, plastering etc etc for £20k, and that is when a house needs it.  Your images look as though minimal work is actually needed and more that you want to do the extra things.

 

Rough costs come with experience and are area dependant.  When you are unsure the best way is to get a few different people round to quote.  I personally find splitting things into the separate trades works best for me as if you get one persona to do everything all they usually do is sub contract and charge you for the pleasure (I have been burnt by this before).

Refurb order is pretty simple but again depends on what you want doing.  You do the messy stuff first and the pretty stuff last:

Rip out and gut -> Wiring/plumbing (1st fix) -> plastering -> bathroom and kitchen fitting -> woodwork (skirting boards and door arc's etc) -> Wiring/plumbing (2nd fix) -> decorating -> carpets

 

You have an amazing opportunity to get this done at a low price and make yourself some really good money, but you could go the path you seem to be heading and p--- it all away. If you really want to spend some money pay me £25k and I will drive down and get it all sorted for you! lol.

Darren

 

701670177_HighQualityPNGfileSMALLER.png.5f70ca4cb0d136ae226eb81e0e3e2155.png

      BTS -- BTL -- Lettings -- Sourcing

          www.fmp-investments.com   

             image.png.9da6b48b22099e71e6b38c5c9da690c3.png  image.png.316a3d05478f9de07be32739d4fe4c03.png  image.png.d47c317e14dca0e4c4944a92e2a8e35b.png

Maybe the pictures make it look better than it is. I have 2 quotes from "all in providers" and both are around the same amount. All in at £25k would make this a very good investment (3 bed is on the market on same street for £185k at the moment) and 4 bed (which this easily  can be) sold for £200k+ when all done. 

At moment I am actually thinking of auctioning it because of the cost of doing the work, or the apparent cost of doing it.

Would love your advice, some help even if I have to pay for it Darren - like you know, I am new to this but need to learn quick. You have my email but darren at bpitrust.com 

Link to post

Hi,

Have to say I agree with others, the amount of work and quote seems totally over the top based on the pictures and description. I would want to be very certain that the roof, GCH and electrics all actually need fully replacing (have you had an independent survey done?) before committing to doing them but even then I would be going nowhere near the supplier of your quote! I’d also agree with Darren on going with a “one stop shop” builder which means your paying a “management fee” on top of the individual trades. You’d be better just managing the individual trades yourself after getting three quotes for the main elements to ensure your getting competitive prices from each trade. It’s a bit more time on your part but will save you a lot of money.

From what I can see this should not be a massive refurb, I reckon £20-£25k max IF you need everything described doing. If not I reckon £10k-£15k max. I’ve done a few big refurbs on similar properties to this now (check out my journal) and if I had needed to spend £56k doing them would have given up with the property game a long time ago!

 

Nick

Link to post

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...