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Build/Project manager help needed


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Hi All,

Im planning non purchasing my first BTL property this year but I'm trying to find out how can I can a builder who can also project manage the refurb. As I want to buy houses which need modernisation/renovation but I'm struggling to find anywhere where I can find these people. The plan will be to get the costs clearly forecasted by the builder prior to the refurb and then once the changes have been made get the house remortgaged. Any help is very much appreciated.

James

 

 

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Hi James

Great to hear your plans! 

You may initially find it difficult to engage a builder / PM without a property in place. Most builders (the good ones at least) are generally booked out for weeks these days, so might be hesitant to attend viewings with you to cost up projects. 

Unless you have an existing contact or recommendation, you could find a  potential builder from places like MyBuilder, ask your local building merchants for recommendations, or walk around the area and see if you can see any working on existing homes. You can then ask or offer them a small payment for their time to attend the viewings with you. 

An alternative is to take loads of photos on the viewings, then ask for online opinions. Obviously won't be exact but might give you a ballpark figure for costs.  

Good luck!

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Hi Derek - thanks for sharing your comments. Will have a look on my builder for some local builders and will request quotes from them. Much appreciated! James

 

 

 

 

 

 

 

 

 

 

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HI James,

reading between the lines I suspect you are possibly looking to invest outside of your home area.  If this is the case or you are simply too busy to be able to visit site every week then I recommend the following:

  • to consider appointing a project manager who can attend site regularly - if someone is not onsite every/most weeks and available on the end of a phone on a daily basis then your risk your builders prioritising other projects they may have over yours - which will quickly mean more time and more costs for you and less profit or worse a loss!.  
  • alternatively, you could agree a profit sharing scenario with your builder to keep them incentivised

In respect of finding good builders, other possible options can include:

  • asking local letting agents - especially as part of a conversation in building a rapport to select a future agent for your property (if you are using one)
  • attending property networking events for your target area and asking people to recommend builders
  • scanning social media property development posts that hashtag your target area 

All the best,

Damian

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This sounds a bit like wanting your cake and eating it! I don't mean to be rude but you want someone else to do all the work and you just provide the finance and take the profit. In my experience it doesn't really work like that. If you put a builder in charge I would expect to see your costs and project time increase so at the end of the day either the builder takes all the profit or the job doesn't get finished! If you don't already have a relationship with a builder you are putting a lot of trust in a stranger.

My advice - get involved yourself. I have some pretty good relationships with trades but I still have to sit on them and manage the project. 

Good luck :) 

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Appreciate the comment. Ideally would like to spend time to speak to the trades people to build up relationships and my own knowledge. Main challenge at the moment is time working 10-11 hrs per day and two young children. So it's something I'd like to do but I think id struggle to do this at the moment. Alternative is I need to prioritize my time more effectively!

 

James

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