Jump Into Property Investing by Michael & Sylvester

Author:Michael & Sylvester
Language: eng
Format: epub
Tags: property, buying, selling, profit, refurbishment, refurbishing, buildings, investing, investment, real estate, buy to let, house, ladder, mortgage, equity, assets
ISBN: 9781907290251
Publisher: Andrews UK Limited 2010
Published: 2010-08-01T00:00:00+00:00

Refurbishment

I have watched many of the television shows about fixing up property. The issue I have with them is that no one ever seems to have a problem with the builders. In my world this is simply not the case. Of all the hurdles you have to overcome, dealing with builders is possibly the most difficult.

Do not underestimate this. While there must be some good ones somewhere you will find that most are lacking and take on too many jobs Some fail to turn up for days on end, don’t actually know what they are doing and see you as nothing more than a cash machine. It is a real problem and one to which I have no good answer except to say that I now prefer to pay extra and use the services of a main contractor with some reference history. This way I am dealing with one person and I make sure I have as detailed a contract as possible setting out time frames, costs and penalties. I have tried before to do it on the cheap and employ someone I found somewhere but it has never worked out.

Naturally the extent of the work you need doing will dictate what tradesmen you require to complete it. It can be easy to find a painter or plumber by word of mouth from a friend but I strongly advise you to spend time on this part of your project. Selecting the right tradesmen is crucial if you want smooth running from start to finish. Use all methods at your disposal to find them. Ask estate agents for recommendations or try the local builders’ merchants. When you have found somebody do not be afraid to ask for references and go and check them out. The time and effort you spend here will pay dividends. Later on you will be able to delegate this to architects and surveyors as your projects get bigger but in the early stages you have to do this yourself. Get it wrong and it could wipe out any profits you hoped for.

The best way to make money on a property is when you can add value. I always look for this. At the very beginning you may be looking at only being able to buy a small flat. No matter, it is good training for the future. The same principle applies: you must add value. The key thing here is to learn and practise budget control. The temptation is always to spend to impress and do the job as though it were your home. Do this and you will lose money. I am not saying you shouldn’t do a good job but you must learn where to spend the money for maximum effect. There are parts of a property that carry greater importance when it comes to someone deciding whether to buy or not. We mentioned earlier kitchens and bathrooms and to them you can add flooring, light fittings and entrance halls. You must decide what will give the greatest return and allocate your budget accordingly.

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