Government forcing landlords to house non-paying tenants for lengthy periods11:18 AM, 15th September 2020
About 4 days ago 39
While it sounds exciting to purchase a property to renovate, television programs would make you believe that people will spend significantly over their set budget. Well, maybe on their first property. But with experience, hindsight and knowledge there are ways to make sure your costs are kept in control.
Certainly a lot depends on the state of the property purchased. Apart from the obvious problems like subsidence, damp, windows, roof, electrics – there may also be walls to be removed, a bathroom needing to be redone or even moved upstairs.
Create a schedule of works so trades do not detrimentally overlap and everything is done in the right order. If your contracts are being paid on “day rate” it is handy to have two different trades on site if not on site yourself – they can keep track of each other and are quick to tell you who is not pulling their weight. No one likes to see a client ripped off.
And be firm- it’s your money they are using.
My suggestion would be as far as possible get fixed prices for everything, and lots of quotes. A good tiler will finish a job on time on budget. An internal wall can be removed and an RSJ fitted in a couple of days. A plasterer will give you a fixed price including materials.
Whenever yoy take on a renovation project be clear what the budget is. You will know from “Grand Designs” that’s not as easy as it might sound.
I have done quite a few of these projects so feel free to contact me for more advice.
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