Cost of a house renovation UK rental property *step by step
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- čas přidán 7. 07. 2024
- Cost of a house renovation UK rental property *step by step // A common question about property investment is how much do we spend on refurbishment cost. In this video, we share step by step, and every item and how much it costs to fix up a smelly property. These are true costs that we have spent on a rental property for renting out in Scotland. Let us know what your experiences are!
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Filmed & Edited By
Elsie Li
@elsieli_
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ABOUT EM INVESTMENTS
Elsie and Markus, the core of the team, have invested into themselves and are constantly working alongside other successful property entrepreneurs and business owners to stay up to date on the latest strategies for property investors to grow their portfolio, help others grow their savings, and build their personal freedom.
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The EM team consists of specialist solicitors, lenders, accountants and refurbishment teams, to ensure the highest possible standard for investor clients and tenants alike.
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What's your experience with refurbishing a rundown property? Let us know below!
Stipe Miocic is looking young again!
Great video guys! I really love small youtubers like you talking about this subject, because people get to see real examples. There's no course being sold throughout the video or anything like that.
May the almighty CZcams Algorithm be with you!
Such a good video! So relatable. Please keep making more. Will be following!
Very helpful, clear, positive and straight to the point.
Great video, I am very interested in learning more about property refurbishments so it was very insightful. Will keep watching your channel :)
I think I just found a gold mine
I’m 21 years old from the uk 🇬🇧 🥳
Currently saving. You guys are amazing !
Thank you so much! All the best!!
Great video, your electrican charged you a very good price, I will be subscribing :)
Fantastic video guys. Very helpful I have just started looking into my first btl.
Good luck! Let us know how you get on :)
thank you loads. im living in scotland so this is super helpful.
Good to hear! All the best!
Very nice 👍🏿
This is sooo helpful - what an exciting journey for you both! We've just started documenting our 2 bed terraced home renovation and am looking for all the inspiration and advise I can get - as you mentioned, we are in London so are being absolutely STUNG by prices 😭 Good luck with the journey and I look forward to following along!
Oof London labour can be expensive! Good luck with your reno!
What you pay is what you get
Great video.Quick comment for youtube algorithm.Thanks
Thanks for that!
Hi guy! I am so glad I found your channel i LOVE your videos!
I am 22 and trying to get started but am really struggling to learn how you estimate repair costs on a property before going to view it with a contractor to see if its even worth your time doing so.
I would love if you could help me !
Have a relationship with a builder, or even pay him for his time (if required) to come out and view and quote on a project for you. It will be worth it!
Hi guys, would you mind sharing where you got your kitchen from? Taps, units, worktop etc many thanks
Super Informative video guy, thank you!
Quick question, would you have not saved considerably If you did some work yourself? I.e painting interior/exterior? Thanks.
Really great job - your numbers do look better than I get. Out of interest did you already have all central heating in? That tends to be one of the biggest expense if a new combi is needed.
This one already did. We have done renovations where the house needs a full central heating installed and it costs around £2500-£3000 for a house this size.
Price in London for renovation 2021 times 4 from prices mentioned even if you fit them by yourself can't match price mentioned
Hi great work, but where do you get the money to fund the renovation?
another 2 questions for you guys related to damp. The first one is : with the damp, do you actually leave the walls to dry for some time first or do you normally go for the damp course. I heard that applying the damp course before allowing it the walls to dry completely can cause problems in the future.
The second one: what if the tenant was not happy to stay at home when the damp is repaired due to health condition, does your insurance cover re-locating them ?
sorry for the many questions :)
I wish there was a simple solution to damp...in this case it showed up after some heavy rain, so the walls were sort of dry before (was a warm summer). On another property, we have to bring in dehumidifiers to dry the walls as they are soaking wet. So, not a one solution fits all approach I'm afraid 🤷🏼♂️
What if...? We would have found a solution for that, too. You can't get an insurance for everything. The premiums would eat away your profits. So, buffer for unexpected things so you can cover them as a landlord 👌
@@ElsieandMarkus thank you so much for your thourough reply .. looking forward to more vidoes
@@areejel-saafin3446 no worries at all
Hi guy! where did you buy all the kitchen units and how did you get such a good price?
Great video guys! It's good to see the total of EVERYTHING for something of this size.
I have a couple of questions I hope you can help with please? I noticed you said you used investor funds...
How did you reach out to potential investors?
Once found, what paperwork is required for the agreement and does this need to be done by a solicitor/3rd party?
Great question! Our investors usually come from people closest to us and around us. They should know about what you're doing. We use a standard UK loan agreement. You can get a solicitor to draw one up and use it as a template going forward.
@@ElsieandMarkus Thank you so much for the response. Keep up the top work and I look forward to seeing more videos!
Hey Guys, amazing video and straightforward explainations. I just wondered how do you decide on what needs doing in the house ? do you get advice from a professional person ? and how much will there opinion cost you ?
Hi Areej, great question! We viewed more than 100 properties before we bought our first one. These were the good, the bad and the ugly. That's where we learned what a nice house looks like and what the most common repairs are. Then, speak to builders what these works cost in your area and you'll get a feel for prices. We decide it needs to be the nicest looking house on the street. Because we have seen others in the area, we knew what we're competing with. Hope that helps!
@@ElsieandMarkus thanks for your prompt reply :) Sounds like it is a steep learning curve
@@areejel-saafin3446 it definitely is!
Hi, any info on the shops you bought your building materials from? For example, kitchen units etc, flooring and paint. Thanks
Will be making a separate video on this. Seems like a popular question 😉
Elsie and Markus Super!!! Can’t wait
Guys super helpful. Just bought our first home. Where and how do you go about finding the people to do the work? Did you get several quotes?? Thanks
We found networking in local communities and finding trades recommendations from there most helpful!
@@ElsieandMarkus really? So just like om facebook groups? Iv been told to use checkatrade or trusted trader ...but i find it so difficult to decide. To make sure they are ok and are going to do a good job and be reliable and not rip you off
Hi there, plastering meaning removing old plaster and do fresh plaster?
In some sense, yes
Hi Guys, where do you get your kitchen from?
Howdens or Magnet
💟💟
Thank you! Also, how did you find your builders. Did you use one company to do everything? Or did you employ different builders for different jobs
We usually find a builder who can bring in other trades.
@@ElsieandMarkus Thank you so much!
Which building insurance company do you use please
Best to always work with a broker for insurances.
where do you find your builders to carry out the works?
Will be making a separate video on this. Seems to be a popular topic :) Stay tuned!
Is any DIY part of the completion process?
No we outsource the handy work but was project managing the whole refurb.
Does a contractor usually quote with a total cost but without any breakdown in UK?
Some do, some don't. You can always ask for a breakdown.
Great estimate, you guys haven’t mentioned plumbing and heating cost.
That one had a new heating system in there as the previous owner got a council grant for that. Well spotted :)
How much do you normally estimate full central heating system.
@@umarkhan1027 depends on how big the house and how many rads you need, around £2500 for a 2 bed house.
Where do you have most of your investment properties?
how about a boiler?
We haven't included one in this property as it was newly installed by the council. But usually we budget 1 - 1.5k for a boiler incl installation depending if you need to move location or not.
How long did the renovation take?
A small refurb like this takes about 6-8 weeks.
Wish it was at 2022 too presume 25k? What you think
We have seen prices gone up ~30%.. Again, depending on areas.
@@ElsieandMarkus what would you do to start up if you have around 7k deposit and not much refurb costs at all but want o go into investment and portfoioz? Would you just purchase a property q d do it up slowly for a few years or more? But need to do quick in my opinion tho thanks?
Why do you want it to be quick? Property is not a get rich quick scheme. If I were you with 7k, I'd be looking at deal sourcing to build up own capital, or raising funds from private investors.
I am sorry but these prices look ridiculously cheap to me , once I searched for an electrician for wiring a house , was about 10 grand , your is only 1 grand ????
All depends what works gets done, if builder is VAT registered, where the property is, how much work the builder gets from you, etc. On this one it was under a grand, on others we also pay up to 10k. Lots of variables.
Could’ve saved a bit if you did the ripping out, painting and decoration yourself
Of course! You could save a lot if you do everything yourself but that's not our business goal. If you want to scale up and have 10+ units going on at the same time, you wouldn't want to be super involved in the works then. Part of growing a business is learning to delegate and spend your time wisely.
Keiran- Foolish mentality.
Jesus Christ thats cheap. In London you'd get a light bulb replaced for £886 these days.
Prices have gone up a lot. This was now exactly 2 years ago in Scotland. We are also getting higher quotes nowadays.