Breaking down a Refurb! | What costs what?!
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- čas přidán 23. 07. 2024
- People can gloat about how they managed to get a refurb done at dirt cheap and some complain at how much they have to pay! But how can you know when your refurb cost is reasonable? In this video I will be talking through my best tips to ensure you get the best deal when it comes down to a refurb! I will also share my top tips on how to find the best contractors and showing you one of my own refurbs and what I can find for a set amount. What do you spend on average for a refurb? Are you happy with the costs of your refurbs? Share your thoughts in the comments below!
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00:00 - Intro
00:34 - What do I mean by this?
01:08 - Ceiling prices
01:54 - Accuracy of figures
03:46 - How can we improve the accuracy
05:38 - Create your own spreadsheets
07:53 - Joint Venture
08:22 - Portfolio builder
08:55 - Present the information
09:35 - Refurb example
The only guy that actually tell it how it is. Unlike al the other property experts who just beat around the bush and never give any real straight forward, honest advice.
Jamie thank you as you are the only person who breaks down allowing people to undertand the property industry.
Thankyou!!
Great video Jamie, really helpful. Really enjoyed the course with you recently too.
Thanks Jamie, love the direct, facts and numbers
That was very useful, I' m going to do a refurb for 3 bedroom house soon. I hope you post more videos like this 😀
Another great video, thanks Jamie!
Such a useful vid. Thank you. Literally just what I needed.
Ah thanks bud. Really glad you got value!
Really good one Jamie. More like this please 👍
Great video thank you, would be great to see more before and afters like this. Also, as someone very inexperienced, would be great to see a video on the "uglier" side of purchasing - a breakdown of the costs and legal fees and an understanding of the timescale and costs between buying a property, doing the refurb and getting it rented out (I know you have covered some this but maybe one really in-depth breakdown where you take us step by step through it). There must be a gap between purchasing and where a renter comes in where the landlord has to cover the mortgage and bills?
Great Jamie . Very relevant and very useful no nonsense information !
Ah thanks bud, really appreciate it
A very useful and informative video 📹 as usual 👍🏿
Great vid Jamie. Once again please these videos coming.
Thanks! Will do!
Very insightful, thank you very much
very useful info, loved it! Could you break down the costs re labour and materials if possible, please?
Thank you for the information, super useful
Glad it was helpful!
That was so useful! Thank you!
I am going for an auction refurb in May. So your advice is to pay 3 builders to go in and view and qoute each + structural survey before this?
Im glad it was helpful! Keep me updated with how you get on! That's what id do yeah! 👍
Great video thanks where did you get the bathroom and kitchen from.
Great vid 🫡
Thank you just what is required to put some realism into the refurbishment process.
No worries. Really glad you got value
Great Great Video...I have seen a lot of your Videos...but I have a question based on a Video you did on Deal Packaging ...I have a residential BMV deal in York already negotiated ; can I pitch it to you or your buying investors who want to increase their portfolio?
Great video
Jamie, do you hire single team for all work or you ending up hiring multiple diff specialist for particular tasks? My main problem- is hard to find one team for everything.. so I ending up doing myself or hiring few different trade people for other tasks.. Sometimes I even starting thinking that I should create new limited company just to do refurbishments for Landlords
Hi so this was breakdown including labour costs plus materials did you pay them weekly or when the whole job was complete? I'm looking to do a one bedroom flat refurb down south.
Top vid Jamie👍
Thanks :)
Incredible content, knowledge and advice as always mate!
Jamie, if you had 50k in the stock market (no current rental properties). Would you personally rather have that money in a rental property (single let, 3 bed house) or keep it in the stock market?
Cheers,
Chay
With 50k you would be looking at a property well below 200k in order to cover deposit, stamp duty, legal costs. This low-end type of property will only ever attract a certain type of tenant. After tax and all your renovation, ongoing maintenance costs, and things like gas and electric certs you'll be making nothing. And that is IF your tenants pay... if they decide not to, you are screwed.... you'll have had enough and will be out of the game long before you ever see a penny in capital appreciation. Property is nothing like the easy ride people try to make it out to be... as a landlord of 15 years my advice would be in the current climate, with ever-increasing rules against private landlords, stay WELL AWAY from buy to let and concentrate on flipping properties instead.... good luck with whatever you decide 🙂
I remember seeing this online when it was up for sale
💪
Hi, can I ask what you would consider to be a healthy loan to value across all your properties?
Hi Jamie, thanks for sharing this video. Is the "Full Rip Out" means removing all plaster boards? If so what is the cost of fitting new plaster boards (£600??). Cheers.
Yes a full rip out is re building it all, depends on the type of plasterboards snd the sizes different boards are used for different reasons and then the size of the room needs to be taken into consideration too
13:45 Seems cheap to me. Not sure how you get it in at that.
How many sqft was it?
Unbelievable video. You're covered all Subjects.
Ah thanks bud. Really appreciate it
I did one very similar refurb just as lockdown started for just under 16k. I’d say your price is about right but normal people will struggle to keep the costs down.
Kitchen looked in good enough state for most tenants. I would have just painted and put in new fuse box and new radiators etc for the electricity certificate and done kitchen later in a few years after tenants destroy it. Bathroom certainly looked dated.
I’m looking for really long term and capital growth the rental income is only a small part of property investment
What was the total sqft of this fiat? Thx
Where do you guys find builders? Who does the project management?
Great question, we have a inhouse team and I have project coordinators working for me full time now. It’s bloody hard work tbh
what a video!!!!
Very useful video, nice finish and this was just on a flat! Could you give us a ‘rough’ idea how much you would have expected to pay for this exact refurb - say pre February of this year (since the war and price rises) please , just to give perspective of the price difference. Helps with those wanting to make the first investment at some point.
Around 12-15k where I am in Liverpool, probably similar in Leeds. To be honest I would have expected that work to cost more like 20-22k now. 4 grand supply and fit on a kitchen and 2900 on a bathroom isn’t bad at all.
This shouldn't have cost that much. I wouldn't share anything so it doesn't look like I'm selling anything but this shouldn't be more than 13k. Pre-february, it would have been about 30% less.
@@Kieran-jq5kk We must be doing something wrong. Perhaps we need to start charging more. Currently, we get those kitchens from Howdens for about £1800 on a trade account and we fit for £1200. We might need to review our prices but it's good to have this info.
@@AK-ck1rk good going that mate, is that including appliances too?
@@Kieran-jq5kk that's everything mate. I respect this channel so I won't post any link as I'm not trying to market myself or anyone. Just shocked at the price but in hindsight I felt I shouldn't have commented. We do full strip out for £15k including ceiling bonding, doors, electrics, new radiators.
Hey Jamie, what books would you recommend to read regarding property investment?
There is a video on the channel with my top 5 recommended books and CZcamsrs! Give it a check out!
Just out of curiosity, do you not do anything external for your properties then? Render, front garden? Also from your experience how representative is this having not done anything with the electrics and central heating?
Great!!
@@JamieYork? 😂
What’s the before and after valuation? Don’t leave me haunting like this
Can you do one for 60 year olds. Too old for mortgage. Maybe have some money to invest
Hello lovely people
My question is :-
How to cover home refurbishment cost in mortgage that we take for house.
Or is there any form of mortgage product available which allow to borrow money for refurb as well ?
Please explain if anyone know this 😩
I am looking to use Bridging finance to help with both the purchase and the refurb costs. Then I intend to arrange the rental of the property and have it revalued taking into account the uplifted property value (courtesy of the refurb) and the rental value. This should enable a new mortgage to clear the bridging finance, release some of my own funds and the rental should cover mortgage/insurance etc and allow for a little cash flow.
did the prices include the cost of labour?
Of course 😂 that would be a bloody crap video without wouldn’t it!
Which part of the UK is this relevant to?
Good point... This is in Leeds
Was this a complete back to brick refurb of the entire house?
No, not back to brick. Just what was said in the video 😊
@@JamieYork ok cheers. How much would you estimate it would cost do up a 3 bed terraced back to brick refurb? 91 square metres. So re-plastering of all walls/ceilings, new kitchen/bathroom/flooring/windows/doors/electrics/boiler including new pipe work/painting? I’ve just spent 60k for contractors to do it which includes materials/labour. Took them 6 months. We did move the staircase too. This was in the northwest. Does that sound like a reasonable total cost? Thanks.
Great video but I have to say OMG this is bloody expensive. I wouldn't want to use your builders. We do similar refurbishment for about £13k regularly but I guess if this is not area of specialty, you wouldn't know. Good video though, just won't be using you or your team anytime soon. Thank you very much
It’s really interesting seeing the comment ls on this one. First of all, glad you got value. 2) you’re the first person that says about costa being high… most other comments have been in doubt with getting it this cheap… I guess it’s all relative eh
@@JamieYork that's absolutely true my friend, given that the location is south yorkshire, I wouldn't have expected that amount. We've done bigger projects than that in Liverpool, Manchester and Crewe and the cost is not upto that. This is not to antagonize you but just sharing my experience. Thanks for your good work.
I need your build team! 😉
@@JamieYork No worries Jamie, I'm happy to work with you as we cover all of Northwest, including Leeds and Yorkshire. If you give me permission, I'll paste some of our projects here for you to see, otherwise let me know what's best for you. We just completed one in Liverpool. I'm not pitching to you BTW as we don't have any slot till January 17th, 2023.
Hit me on FB private message. 100% worth chatting as we’re doing around 20 - 30 properties a month now
APG
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That sounds suspiciously low...
Apg £120,000
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Apg
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Is this APG company FCA regulated to provide an investment advice? "£100k ready to go" sounds pretty fishy...
Haha, nope! I say £100k ready to go as I find it’s a good amount to start a portfolio. We don’t offer investment advise, we help people build their portfolios. Property investment isn’t regulated, for better or for worse.
APG
Thanks! Would be great to work together! Head over to www.aspirepropertygroup.co.uk/?CZcamsOrganic and fill in your details, and a member of my team will be in touch! 😊
Apg
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APG
Thanks! Would be great to work together! Head over to www.aspirepropertygroup.co.uk/?CZcamsOrganic and fill in your details, and a member of my team will be in touch! 😊
APG
Thanks! Would be great to work together! Head over to www.aspirepropertygroup.co.uk/? and fill in your details, and a member of my team will be in touch! 😊
APG
Thanks! Would be great to work together! Head over to www.aspirepropertygroup.co.uk/? and fill in your details, and a member of my team will be in touch! 😊
APG
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APG
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APG
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APG
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APG
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APG
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APG
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APG
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APG
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APG
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APG
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APG
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APG
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APG
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Apg
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