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  • Refurbish/Develop

    Requesting quotation from contractors

    Hi

     I am in the process to buy my first property on the market to refurbish and flip . I will be outsourcing a contractor who will do the refurbishment. Looking for a systematic approach to get quotations From several contractors. My question is do I get them all to come when I go for viewing with the estate agent ? Or is there a more systemic approach to it . 

    Thanks !!
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    Taking in contractors with the agent gives away your position and will only keep the price up as the agent will see opportunities to enable him to get other potential buyers involved if they see a profit potential. Also don't bank on a quick flip upon refurbishment as the property market has changed.

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    If you are not capable of going round and doing your own rough estimates of the costs for a refurb, you should not be getting evolved in the first place.
    If you can find a good, reliable, trustworthy builder (and some hens teeth) then take him  with you. Take his estimate and add 50% . include all your buying costs, all your selling costs, insurance, property tax mortgage, utilities, etc for a year. Take your estimated selling price and deduct 20%.
    If after all the above gives you a satisfactory reward for a year of aggravation, then go for it!
    If you sell it quicker, for more money, in a shorter time, with less costs, the you will be quids in, and only have a tax bill to sort out. These GRQ seminars make it look easy Peacy but it’s not at all.

    Good luck!
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    Don't forget to look at LNPG for your kitchen and bathroom

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    Jean-Stéphane

    In A House Ltd

    RLAAS Accredited Landlord

    If you are getting quotations from diffferent contractors, make sure you draw up a specification of the works, the devil is in the detail and you want to be comparing apples with apples
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    Different properties throw up different challenges. Sadly I think it’s unlikely you’ll find any trade prepared to come to a property you don’t own for a quote. Maybe you should think about setting a budget for a light refurb then work backwards. Regards to systems - I work on getting the property water tight and secure then go for gas and/or  electric 1st fix plastering, installs, 2nd fix, decorating then kerb appeal. Good luck.
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