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I've been reading that "secrets" of property investment book by Rob Moore, he says when they buy a property, they spend between £2.5 to £5K on refurbishment. If £5K, then that's with a new bathroom and kitchen! How true is this? You go to Ikea, B&Q and the like, and a kitchen often starts at £2.5K, a bathroom around £1.5K! This is without fitting and labour costs!
Is there something I'm missing? Any clarification on this would be greatly appreciated.
Hi JK,There are deals to be done on kitchens and bathrooms by getting trade prices through such organisations as LPNG.However, I think that it would be tight if you were buying quality fittings and doing a decent standard of finish.I am a great believer that you get what you pay for. If you buy cheap kitchens and sanitary ware, then they may not wear well or last very long.A lot depends on who your end market is, if you are buying to hold on to for the long term or buying to sell.See - "Cheap is often expensive in property" - Paul Shamplina
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Thanks Vanessa, do I have to be a limited company in order to get trade prices? Or can anyone sign up for trade prices?
I'm confused! If anyone can sign up, and trade prices are cheaper, why doesn't everyone just go for trade price places?
I put a kitchen in one of mine 2 years ago, take away kitchen from wickes cost me about £600 and i fitted it myself. By the time i had finished tiling etc i would say i did no more than around £750 plus my time. It does not look cheap and tacky as you might expect and the tenants were over the moon with it.
Wherever possible though i tend to make do with what is already installed. it is surprising what you can do to improve a tired kitchen or bathroom without the need to replace especially if you are looking to let the property, avoid spending too much at the outset. You can put a new kitchen in 10 years down the line maybe when its no longer usable.
Sorry, I've got to ask, otherwise I'll be just pretending I know! What is a "take away kitchen"? Do you just mean the cheapest they do?
Wickes do ready to buy kitchen units off the shelf if you look on their website under "ready to fit kitchens".
Basically just measure up what you need then pop down to your local branch buy them and take them home and get fitting !
Nice! thank you
Magnet "One Box" system from their trade counter. I've recently bought a decent looking handle-less white one, cooker, electric hob, extract hood, sink & tap and the worktop for a little over £1400.
Bathroom, I'd say you're about right, but I managed £1500 including tiles (everything basically). Managed to get most of the suite from Soak.com.
It's all like pricing up a new car though. As soon as you start putting better taps, showers, etc. in, it suddenly becomes much, much more expensive!!!
Best of luck
I forgot to mention Dream Doors, which I aim to try as soon as a suitable opportunity comes up ...
5K is not out of the ball park for both . I spend more like 3- 4K
Like Pound Behind I`ve done a Wickes £600 kitchen before. Bit too flimsy I thought but did the job
1,5K fitted is around what i pay.
A basic bathroom suite can be around £300.
The posher the property the more you pay so it fits in with the house
Yes fancy taps and add ons up the price but a basic BTL doesnt get all these frills
A studio at 90K get the basic package . A 4 bed at 400K i pay a bit more for
Top tip - Rent to kitchen fitters then get best trade price through them and they fit for free
Jonathan Clarke. http://www.buytoletmk.com
That's great value! Would it be possible to see a picture? I mean are we talking stuff like this, or something else?