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  • Landlord Resources

    Top 12 Property Tribes refurbishment resources for developers

    I thought I would curate Property Tribes' top 10 resources for property developers:

    1. Find a project with lots of potential

    Property Tribes RepoList - the U.K.'s largest real time database of auction, repossessed, refurbishment, and "cash buyer only" deals

    How do you find your refurbs?

    Best places to seek planning gain?

    My beautiful seaside development project - ugly bungalow transformed!

    Sourcing refurb projects with Property Tribes RepoList

    10 tips for spotting property deals others might have missed

    Unlikely signs that an area is ripe for development

    2. Organising JV finance Use our

    Golden Rules for lending developers money - applies to if you are borrowing money from JV partners as well.

    3. Floor planning software

    I like RoomSketcher and it's free!

    4. Getting your deals financed

    Visit the Mortgages Tab* and try our whole of market mortgage sourcing tool. The PT Brokers team can be contacted on 0333 363 6507.



    5. Save money on skip hire Tips for saving money when hiring a skip

    6. Work with a reputable builder

    Builder asking for additional monies because of site burglary

    10 tips to avoid cowboy builders

    7. Make sure you have got your budget right

    What would the ultimate refurb spreadsheet look like?

    What margins do you expect + download property valuation template

    Working out refurb costs and budget

    Costs of building a house?

    8. Maximise your lay-out

    Why not seek community input like these tribesters did?

    Chalet bungalow - downstairs bedroom?

    Looking for lay-out ideas Preferred floor plan - help appreciated!

    9. Spend money on the things that add the most value

    Keys to adding value to a property during refurb

    Best places to buy kitchens and bathrooms?

    10. Choose kitchen appliances with a 5 year guarantee

    We are currently in the process of launching Property Tribes Appliances*, a full service domestic appliance solution specially tailored for landlords. We can supply, deliver, install and remove the old appliances NATIONWIDE.

    After we have taken your order, we deal direct with the tenant and arrange access to the property etc, you will have to do nothing else at all, whilst being kept up-to-date with our automated order alerts.

    We sell a product I thought might be of interest to HMO landlords - Gorenje branded machines. They are well built, reliable machines. In our opinion the length of manufacturer's warranty gives you an idea of how confident they are of their machines lasting. If they know they will last for at least 5 years then they will offer you a 5 year warranty. After all, we are talking about an insurance product and they aren't there to lose money! We sell a Gorenje washing machine for £269 icl. VAT and it comes with a 5 year full parts and labour warranty from the manufacturer!

    Compare this against the cheapest Beko on Curry's and it works out cheaper (once you have added the aftermarket warranty) This is an ideal product for landlords and will ensure that once replaced, you won't have to spend a penny on the appliance for 5 years!

    We can provide all appliances from Gorenje including washing machines, ovens, cookers, dishwashers, fridges, freezers, fridge freezers and anything else you can think of, all with a 5 year warranty as standard. If you have any questions please get in touch with PTA. Tim Stedeford Property Tribes Appliances 0203 488 1391 PTAppliances@dandscorporate.com

    11. Take advantage of Permitted Development rights

    Commercial to residential conversions jump by 40%

    12. Be inspired by other people's developments

    Directory of Property Tribes' members refurbishment projects

    *In the interests of transparency, Property Tribes will receive a small commission for any mortgage taken out these commercial partners. This helps maintain PT as a free-to-use community resource.

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    At PropertyTribesFinancialServices.com our team has many years of experience assisting property investors (traditional BTL’ers and also refurb’ers, developers and commercial Clients) and we understand how important it is to take advantage of opportunities as they occur.

    We know the lenders who can consider applications from individuals, partnerships or limited companies, (both UK and offshore where asset and main shareholder are UK based), trusts and ex pats with a UK credit profile.

    Our Clients often need to access finance quickly and efficiently, whether to add value by undertaking refurbishment, to raise funds to purchase another property or to replace existing development finance pending sale, we have access to a wide range of innovative products that can help.

    What is ‘refurbishment finance’ and how is it categorised?;

    • Light refurbishment

    Light refurbishment is defined by the works being non-structural in nature and typically costing less than 15% of the current property value. The client must have experience within property or having undertaken similar scale projects within the last two years.

    • Heavy refurbishment

    Heavy refurbishment is usually defined by the works being completed costing more than 15% of the property value. This would include extensions, loft conversions, internal reconfigurations and change of use (single dwellings to flats when planning is in place).

    When you can use property refurbishment finance?

    Normally in these circumstances, refurbishment finance is required for:

    • Auction property
    • Commercial property
    • Conversions
    • Residential property
    • Self-build property
    • And many more

    Property renovation or refurbishment is very popular amongst property developers yet it is so important to get the right refurbishment finance in place at outset – this is often determined by the proposed length of the project and the level of funding required.

    For shorter, less complex refurbishment projects a bridging loan can often be a more appropriate solution than a development or traditional refurbishment product.

    In summary, a wide range of funding options are available and it all starts with a Fact finding process to consider the property, the property type, the works that need to be carried out, the costs and the ultimate values to be achieved. More or a less a business plan actually, and because property investment should be treated like a business, so we work with our Clients to collate the necessary information and present the ‘plan’ to the funders for best terms.

    For some of our Clients who used to be traditional BTL’ers, refurbs and developments are the way forward for them now.

    Hope this helps.
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    FOR INDEPENDENT MORTGAGE AND INSURANCE ADVICE

    PROPERTY TRIBES FINANCIAL SERVICES

    http://www.propertytribesfinancialservices.com

    http://www.propertytribesfinancialservic...contact-us

    CONTACT US FOR LIFE INSURANCE QUOTES AND STRATEGIES.  PORTFOLIO MORTGAGES (VARYING TERMS) COVERED

    MULTI CREDIT REFERENCE AGENCY REPORT, IN ONE DOCUMENT HERE.

    http://www.propertytribesfinancialservi...statement/


    Extending your home or adding a loft conversion can add more than £42,000 to the value of an average property, while an extra bathroom could boost its worth by nearly £10,000, a report has found.

    Based on average house prices, Nationwide Building Society calculated that an extra bathroom could add 4.9% or £9,600 on to the value of a home in the UK, while increasing the floor area by 10% could add another £10,000, or 5.1%, on to its worth.

    A home extension or loft conversion could increase a property’s worth by about 22%, or £42,700. Meanwhile, adding a decent-sized extra bedroom has the potential to boost the value of a home by 11%, or £22,100.

    Robert Gardner, chief economist at Nationwide, said home buyers were prepared to pay more for extra usable space, as this was often associated with better quality accommodation.

    Full/source story

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    Of interest ... a new tool calculates how much value a property will be added by refurbishment:


    Full/source article and try the tool

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