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  • Refurbish/Develop

    My latest refurb

    For everyone who is interested, I have put up some photos of my latest refurb. It's a 6 bedroom HMO rented out to six young ladies (I have never seen so many hair straighteners in my life!).
    The refurb took 7 weeks and included:
    - rewiring & new consumer unit
    - new kitchen
    - re-tiling and upgrading the bathroom
    - removing a wall between kitchen and the 3rd reception room
    - loads of re-plastering
    - complete re-decorating which was a big job as it's a big property
    - repair of partly rotten wooden windows
    - loads of gardening/landscaping etc. etc.
    All was finished just in time, meaning tenants moving in while we finished the last bits off all day :-)
    Thanks for your interest.

    Angela
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    Nick Parkin said:
    We do I see the photos?
    Album slideshow
    Then click on slideshow, to the left.
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    Out of interest what area of the country and what is the gross yeild based on the capital cost and further investment , with what costs included , and can you recommend a lender that will lend on HMO projects as they seem hard to come by in this market ( assuming you borrowed money ) I can get banks but at boe base + 3.5% ( Nat West ) plus fees , of interest woudl be room rental rates and facilities provided
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    Thanks everyone for your interest.
    Paul, the property is in Reading. I believe you are investing there yourself, right? If you like we could catch up at the next Berkshire property meet and discuss figures etc.
    I do not let out on a room by room bases, only to groups with all tenants on one AST and guarantors in place. They are mainly students, work placements or post graduates. I provide wireless as a standard. All other bills are paid by the tenants.
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    What a lovely house - beautifully done - thanks for sharing those pics !
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    Thank you everyone for your kind words.
    Yes, I am pleased with the results and as much as I enjoy the process I am also glad that it's over. With two young kids and a small portfolio to look after, refurbs stretch me to my limits.
    Still have to address the external walls with the coating (it's not pebble dash but something similar) coming off in big chunks...Great!
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    Hi Angela,
    Thanks for sharing, and the photos are great, the property looks really top quality. How did keeping to budget go just out of interest?
    Angela and Tanya
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    Thank you.
    Did I stay within my budget? Interesting question. In my limited experience of doing three refurbs, getting the budget right is the main big challenge. Sticking to it is not that difficult then. I feel the more often I do it, the less I overlook or underestimate jobs. On my first full refurb I totally underestimated the cost and time required. I did a much better job this time and came in within budget and finished within 7 weeks.
    I did spend a bit more on a few unexpected things, but made savings elsewhere. For example: I did not budget for a new aerial and 8-way splitter, but saved some money on the removal of a wall which turned out not to be load bearing.
    In summary I guess it was another big step in the right direction. I learned lots and know what I can improve on next time. Just need to find the next bargain. :-)
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    Well done Angela, the house looks amazing and is a real credit to you!
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    Hi Angela
    Fantastic job!
    I'm about to embark on my first refurb project and I wondered if you could give me some tips about how to deal with it professionally so that things go as smoothly as possible. The property flooded and a couple of ceilings came down. I have received one quote so far in the region of £20k but it doesn't have a breakdown of costs - is this the norm for major refurbs? I have been told that it will take about 6 weeks to complete - how do you make payments to your builders? How many quotes do you usually obtain before making a decision about who to use? I do not live close to the property so a local letting agent will be overseeing the works. I don't know every single item that needs to be rectified so I'm reliant on the builder to ensure that everything is included. I just want the property to be ready for tenants to move into when it's complete. Vanessa has suggested that I take up references when I've made a decision about which builder to use but any advice you can offer would be greatly appreciated. This property is a 3b semi and will be rented as a single family home.
    Crystal
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    Thanks, Vanessa.
    Crystal,
    It is very difficult for me to say if 20k is a fair price without viewing the property. I have no idea how much damage has been done, how much needs to be replaced, replastered etc. Also does the house need work to ensure it doesn't get flooded again? What was the reason for the flooding?
    With regards to quotes, I obtained three quotes for most jobs on my last refurb. I used recommendations and https://www.ratedpeople.co.uk, which provides references from previous clients. I have in the past used a local, trust worthy builder without any quotes and that worked well, too. I believe that to be an exception and would not recommend it unless you know someone very well.
    Anyway, for my last refurb I stuck to the book and compiled a detailed list and got three quotes for most jobs. I went through the list with the builder when they came to look at the job and tried my best to ensure I hadn't missed anything. We established which material should be included in their quote, set a deadline and establish how the project will be managed. It is important that the right people come in at the right time. A local builder who often works with the same plumbers, electrician etc. can be a good way to get it all to run smoothly (if the price is right).
    It is very important to be as precise as possible when specifying the jobs and to establish at what rate you will be charged for extra work. This is very difficult if you have never done it before, but not having any form of specification/contract leaves you very exposed. It may or may not work out.
    With regards to payments, I NEVER pay upfront. Payment terms should be agreed as part of the contract/agreement. I don't mind paying them some money weekly or after certain jobs are finished, but never in full. There must be a reason for them to come back, finish the job and finish it to the required standard.
    For bigger material expenses I either refund them on receipt or accompany the builders to the building yard and pay there and then.
    I hope that is enough to get you started.
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