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  • Refurbish/Develop

    Project Examples

    For those of you that don't know me I am the editor of Your Property Network magazine. I am looking for interesting projects to profile within future editions of YPN specifically of refurbishment / conversion and development projects.
    We would like to profile your property project so that other investors can learn from what you have done.
    to give an example this is what feature will look like
    http://www.yourpropertynetwork.co.uk/project.html
    I'm also interested to know if other tribe members will find this feature useful not useful interesting / not interesting.
    What else would you like to see in this feature?
    Please message me direct if you have a project you want to profile and post your comments here and let me know what you think of this new editorial feature.
    Many thanks in advance for your thoughts.
    Ant
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    Editor of Your Property Network Magazine
    Leading property resource for UK investors.
    Grab a FREE copy of YPN at http://bit.ly/YPNfree
    Hi Ant,
    I think any article with practical examples is very useful. To hear actual stories of projects is a great way to learn the nitty gritty. A lot of articles focus on theory, but the practical is often a completely different reality.
    I commend you for asking what the community want. This is a way forwards for you - to engage your readers and serve their needs. It humanises your magazine and shows that there is someone behind the scenes who is accessible, and who cares about the readers. This sort of interaction is great for your brand, and you will be seen as a leader.
    In the words of Seth Godin: Thanks for Leading.
    Leadership is scarce because few people are willing to go through the discomfort required to lead.
    The scarcity makes leadership valuable. If everyone tries to lead all the time, not much happens. It’s discomfort that creates the leverage that makes leadership worthwhile.
    In other words, if everyone could do it, they would, and it wouldn’t be worth much.
    It’s uncomfortable to stand up in front of strangers.
    It’s uncomfortable to propose an idea that might fail.
    It’s uncomfortable to challenge the status quo.
    It’s uncomfortable to resist the urge to settle.
    When you identify the discomfort, you’ve found the place where a leader is needed.
    If you’re not uncomfortable in your work as a leader, it’s almost certain you’re not reaching your potential as a leader.
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    Hi there What about a piece on the specifics of dealing with property owned by the very elderly? Eg offering a service to relieve distressed owners of property when the occupant is deceased or in a nursing home - the latter can plunge a family's finances into a crisis almost overnight. And props owned by the elderly are often problematic to sell or need drastic work to sell or let out. Also I wonder if there is a market for lettings for the elderly - so people could sell up and rent in their later years rather than being burdened with property ownership? I ask because there is a glut of cheap flats aimed at the over 55s - especially on the South Coast - these places are far below the normal market value. Yet young people have to pay the full whack for a non age restricted place...seems unfair on the young that there are masses of cheap retirement flats unsold and a shortage of places for 1st time buyers. Is there a market for b2let for the elderly, I wonder? And if so, who's doing it? regards Douglas
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    Interesting point Douglas!
    Only 300 bungalows were built last year. The ageing population is living longer yet coastal retirement bungalows are a dying breed. They often come on big plots, and many are demolished and larger two storey houses built. I discussed this in Five Future Trends in Property. I think that bungalows, especially coastal ones, and OAP tenants are a niche area waiting to be exploited by someone!
    Elderley tenants will probably stay a long time and look after the property. I doubt they'll be having all night parties at any rate! 80 is the new 60!
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    interesting point about bungalows. I have struggled to see how they work as an investment as in the area I buy in (weston-Super-Mare) they are really quite expensive and the rents they achieve are very very low. Rental prices are the equivalent to 1 and 2 bed flats but values are at least 3 times that of flats.
    I have some older tenants and they are great, they tend to organise for any works to be done and I just pay the bills, really nice people also (although I'm sure there are some horrible old s*ds out there also.
    No evidence to prove this but from what I see most older people who rent seem to rent from social housing
    rather than from private landlords.
    Is property ownership really such a burden that older people would choose to rent instead? - most people I know of this age would choose to own rather than rent as they deem renting "dead money" and often want to leave a legacy for children / grandchildren.

    I definitely see the opportunities in buying retirement flats and renting them, there are some wonderful examples around at very reasonable prices

    Vanessa said:
    Interesting point Douglas!Only 300 bungalows were built last year. The ageing population is living longer yet coastal retirement bungalows are a dying breed. They often come on big plots, and many are demolished and larger two storey houses built. I discussed this in Five Future Trends in Property. I think that bungalows, especially coastal ones, and OAP tenants are a niche area waiting to be exploited by someone!Elderley tenants will probably stay a long time and look after the property. I doubt they'll be having all night parties at any rate! 80 is the new 60!
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    Editor of Your Property Network Magazine
    Leading property resource for UK investors.
    Grab a FREE copy of YPN at http://bit.ly/YPNfree
    Hi
    I am currently in the middle of a full refurbishment of a 3 bed 1970 timewarp house with swirly patterned wallpaper and carpets everywhere
    The property needs
    Rewireing
    Central heating
    New bathrooms
    New kitchen
    Adding walls + moving some
    New doors
    New windows
    Re-plastering
    Carpets and floorings
    Redecoration
    And countless other stuff to little to mention here
    Having done many refurbishments and house to flat conversions I decided to keep a diary of work this time with lots of pictures as I figured others may in interested in this.
    So yes Ant, I think it’s a great idea. – many investors only ever buy finished or new properties while those like myself only ever buy old and established properties. There are many things I have learned over the last 20 years doing refurbs that other investors may find interesting, certainly about dealing and negotiation with trades people.
    A good refurbishment is always about the details. I tend to spend a fair time up front planning and getting a full budget and detailed list of work together in each room and then this becomes the worklist for the builders. There is no ambiguity over what’s to be done and who is responsible for what.
    on the bungalow bit – I have never kept a bungalow as a rental property but have refurbished 3 in the last 10 years. All sold really quickly (current market may be different) but there is certainly a market. The hardest part is picking them up for a reasonable price.
    One I did was purchased at £180k and sold at £265k. Now keeping in mind that their was a stamp duty limit at the £250k when I sold this and every estate agent told me I would not break this as no one would pay the £265k – I ignored them all - as I figured the market (older people) would focus more on the property and less on the stamp duty.
    Well Refurbished bungalows have a market appeal of their own and pick the right location and you are selling to a retirement market where the people buying have real cash as they are often downsizing and a few extra thousand on stamp duty will not necessary put them off.
    If you can find more bungalows at good prices, this IMHO is a great market – just not sure about the rental market as bungalows do tend to carry a premium purchase price and rents don’t stack easy – certainly in my areas
    Mark
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