How Much Money Can You Make Rewiring Houses?
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- Опубликовано: 16 сен 2024
- bit of A run through on profit made on a recent rewire
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This video is for entertainment purposes only and is in no way intended as a guide or 'how to'.
Drifting readings on your megger could be down to your lead kit, flexing over time could create high resistance when the leads are in a certain resting position, having replaceable leads is a godsend, go see Paul!
Can you do a video on adult learning/ retraining as an adult ? Pros/cons & any advice
Good fair honest pricing for quality work.Have a great christmas
Please do a video on your video-editing workflow. Which software you use, and other tips. Perhaps a recorded session of your preparing an entire video for upload 👍
I am retired now. I was self employed for a time charging £75 for a rewire. Sound ridiculous,but this was late 60s into the 70s. Gradually went to £100 plus. Shows you how costs have climbed so much. Ten pound a day labour. As an apprentice I was on about £3 a week. Qualified at age 21 in those days with a 5 year apprenticeship. Thanks for video. I am 76 now. Way out of touch with costs now.
That's amazing. My call out is £70 🤣
Good work mate. All these videos on pricing and people still make comments about overcharging, clearly they don't see the bigger picture. Anyone comparing it to other "more qualified" jobs need to compare it to the company itself and not the individual. Regardless of being a one man band this is what the company earns for the job and i imagine nick pays himself a wage like any other employee. The remaining profit after deducting all the overheads generally stays in the business and builds up which is one of the main reasons of running a business and having the stress of the work itself and the countless hours quoting, sorting materials, paperwork.
You can comfortably earn 40k p/year on the books as a spark with the standard PAYE benefits so you'd want a fair bit more for the hassle of running a business. if you actually sit and work out how much you'd have to make per day to cover that + associated overheads + profit for the business it quickly becomes clear why it costs what it does.
I'm not too far from you and I think your pricing is pretty bang on with what id want to do it. its a fair price for good quality work and great customer service. its quite evident from the videos that you go the extra mile for your customers and would go out of your way to make sure they are happy with the finished product. Keep it up.
Nick you havent actually deducted the material costs off the total, go through it again and then deduct the materials you spent at the merchants, i think youll find its no where near £900 a day?
Shit ur right, I’ve just checked my notes 🫣
@@NBundyElectrical sorry to be the bearer of bad news bud 😂
There's honesty, right down to earth. Keep up the good work pal 👍
Hi Nick. Long time channel stalker but its always good to look and learn and i like the honesty of your videos. As for suggestions how about some videos for competent DIYers and others? im thinking what is and is not allowed for people to do for themselves, basics like how to wire a plug, how to select correct size fuse - really basic up to thinks like adding downlighters off a centre pendant, add a fused spur, add a spurred socket, add LED batten into a garage, those kind of things. I appreciate you need to cover yourself by saying do at your own risk etc etc but better to have a good "how to" than people guessing and really causing themselves some problems. Just an idea.
Some great insight on your thought process of pricing jobs.... what a lot of customers miss on the profit margin, resession insurance.
day in the life vid. tool reviews. full rewire timelapse room by room. day of going around quoting :)
some vid ideas!
Hi Nick, thanks for the video. As an adult learner these videos are very useful. You asked for suggestions for new videos - what about an EICR in real terms. For example what do you do with sockets that have USB, what do you do with cooker neons etc? Do you actually remove all lighting loads?Just an idea you might consider.
Have a great Christmas (and say Hello to Adam for me)
I was waiting for the first £1400 to be deducted !!!!
Closer to £40p/hr if you include the 8hrs on Friday that was paid holiday so still not bad.
Fair play Nick for putting this out there
Sounds about right. Would probably take me 7-8 8 hour days at 350 per day plus 1500 materials is 4300 and im not vat registered.
Trouble is you dont get these jobs everyday you get undercut by 2k most the time
That be great be nice to have a template
Merry Christmas to you and the family
Good one Nick. Merry Christmas and a happy new year
Would love to have a pricing guide, I've used your last one many a time to estimate a job.
I would say your pricing is one of the most fair and comparable around.
After a very long time working for companies, going solo now so welcome any info you have!
Merry Christmas to you and your family have a great one 🎉
Love your videos. The MBR on that EV cable coming out of the CU looks a bit tight!
I might be wrong but did you deduct your materials? Still though don’t think some people realise the risk we take when pricing work, some jobs come off really well and others we make a loss.
Was going to mention as a video suggestion to do an update on the Megger x1 and your thoughts on it , but it doesn’t sound like now is the right time! 😂
You should have charged £30k 😜
😂😂 should have , then I can come and see you for 6 months
🤣🤣
Correct me if I’m wrong but the way you’ve figured out price etc you seem to have not accounted for your actual material costs because of the way you said I may be wrong here it doesn’t seem like you’ve actually dudected the cost so really around 500 a day
Merry Christmas Nick :)
Don't forget a few pints if your staying over
Nick do you ever do Intruder Alarms? If so what would be your pricing for this would be interesting to see how you price this and what equipment you use?
No mate I don’t, I leave that to the experts
No worries well I want to wish and your Family a great Christmas and a prosperous new year. And Adam same to you mate
@@Gjbsecurityandalarms I was in the trade for 15 years and everything was Galaxy back then, but I left the trade 10 years ago and watching everything evolve in to IOT and smart homes has put me off for life, it's just more stuff to go wrong. I even sourced a second hand Galaxy when I moved in to my new pad just for the sake of familiarity
Nick, please clarify how you rewired sockets without any sign of channels? Surely not all walls are stud walls?
Maybe he just pulled new cables through existing conduit drops
Dot and dab wall mate, cables slid up the walls really well
Haha brilliant 🎉@@NBundyElectrical
I wouldn’t minds seeing how you come to work out a per point price , tried it a few times always ends up way off if i quote that way v time&materials … but per point would save alot of quote time
Did you end up getting a PDF together in the end big man?
Shame you didn't film it as it looks as if you managed to rewire it with very little chasing or damage to get the cables in.
Yeah, I was wondering how they were running the cable! 🙂
Existing chases where you can pull new cable up using the old cable as a draw.
Am I missing something here where is the chases for this? 🤣
Recommend using insulated ducting on fans not that crap white PVC ducting!
All the best bro 🎅 💰 ⚡️
Day in the life, video. Waking up wholesalers quoting little job on way home balancing work/family life
Just out of interest, do you include ‘making good’ the old socket outlets, ceiling rose holes etc etc .. or is that kinda stuff left to the customer to repair/ sort ?
Keep up the good work bud, have a great Xmas !
I (not an electrician) might be having a simple moment but if all the sockets are new why is there no chasing out of the walls showing?
Minus the materials you forgot to take off it’s really about 1851 divided by 3.5 is £528 a day
People are making this rate who bankrupt councils, but nobody says a word. Just because we dont where a suit and tie doesn't mean we should charge less. People forget the overheads. Well done Nick.
Materials... anything containing copper.... because of the world price ....is going to be well up in cost....On the plus side... good for the scrapper ,?😊😊😊
Love your videos Nick and fully aware people have the choice to say yes or no to a quote but £900/day isn’t great PR.
It was priced as a total job, not by day rate.
If it was completed quicker by working late then starting early, it means that the customer can get back into their house quicker.
By the time you factor everything, it's honestly not that much more than what he's given Adam. All the hours behind the scenes not being taken into account, it's a very rough overview.
Plus he didn't deduct materials so the figure given is closer to 500. Considering its 12 to 14 hours a day working that's not bad is it really.
Nick that would be awsome to see the free download etc for the pdf thx in advance have a great xmas
Does anyone put smokes in the loft? I do but I don’t see any others doing it??
I guess you’ll only gonna do it if getting paid, so no I don’t recommend it to my clients, not sure how many whould take the option, but not hard to do assuming there’s one on the top floor ceiling already and assuming it’s not boarded out and full of shit.
If battery storage and other stuff is up there I do, but normally I don’t
if the loft is uninsulated make sure if you do they are designed for -20*C to +60*C otherwise you'll get false alarms and they'll crap out
Mate, I’ve had 3 x1’s in 3 weeks brand new all had faults batteries are crap and one of them wouldn’t do continuity Megger have 100’s of returns on these hopefully new update sorts the battery 😩 starting to regret the purchase. Maybe speak to Megger they may replace it for you?
What people dont realise all the expenses in the back ground they think all that money is yours you also got to factor in sick money and holiday money in you daily wage becouse you still got the bills to pay if sick and on holiday and you should also include a pension in your running cost, if you were employed the that al included in a yearly salary
I don’t allow for screws /plugs/sundries etc, too much faff. if you can’t make a profit on the price per point basis you’re not good enough.
You never deducted the price for the materials. You just added the vat back from them.
Maybe the tester needs calibration?
Is there a rough guide of prices a sparky charges per type of job? working for a company, its hard to know what to charge a person for a job or do you make it up or guess??
Funny how you never think of.../ screws.. plugs..bits... clips...cleats...fire mastic... wooden board...large trunking...fillers....And that's only the ones I can think of..... 😮O. forgot grommets
he seems to have forgotten all of the materials
Were all the walls dot and dab and stud work? I don’t see any chases?
A lot of older houses have conduit
Would you travel to SW london for a 5 bed rewire? 1930s house thats empty and needs a full renovation. Thanks
Yes mate drop me an email 👍
I find these negitive comments about making £900 a day laughable!
You people have no idea what it takes to be able to get to the point to be able to do that. The sacrifice, the long hours, the working away, etc. You take the risk of starting on your own and paying thousands upon thousands for tools, van, insurance, advertising etc.
Its not like he went and did 6 hour days! He's worked away from home and worked long days.
The price was more than fair and how much he made is irrelevant.
The only thing I would say is he should have paid adam allot more, at least 300 a day minimum but that between them two.
Wood u travel to Oldham for a rewire
I'm in Oldham too and need a rewire, 3 bed semi.
Yes to both of you guys 👍 I’m gonna reply to everyone over Christmas when I get a day 🙌
So after deduction off the materials and your day off, Adam made the most money ;)
Haven’t we been here before? Same with the profit from You Tube video.
Last video was a fuseboard price mate
Double VAT
Shit im on £90 a day as a gas fitters mate. 😒
£900 a day and then sparkies wonder why people cut corners and do things themselves? Hmmmm
The sparks who charge £900 a day ,are the same sparks who refuse to 'make safe' dodgy electrics when they see it - pure profiteering with no duty of care.
It a really rough over view mate, if I hadn’t worked very long days it would have taken 5-6 days, resulting in a normal day rate , I got to have the Friday off to see my kids at the school play hence why I worked so hard
@@NBundyElectrical not a criticism Nick, just seemed a bit extreme! But it’s your business and I respect your transparency!
Well if you work out Adam's real wage it's about £20 an hour in his pocket. So pay him cash in hand seems like great value. Then Adam can use the money for diesel, McDonald's and football subs. Everyone's a winner (well apart from HMRC)! 😂
Not sure if I missed it - but did you include the time of pricing the job / contact with the client for booking in/ organising materials / picking up materials / booking in Adam / certification / invoicing time.
A lot goes unnoticed when running a business. At the front of it all, it does seem a lot of money (to a non business owner) but break it down, it turns out to be “good money”.
You start charging any less than what you have, then the business won’t last long - your working more hours for less money - missing out on precious family time.
It’s a very hard thing to master is running a successful profitable business. Some people will see this and think you are ramming it down the clients throat but to be honest it seemed a very fair price for the works involved.
Any less and the job wouldn’t be worth it.
Keep it up Nick
Would love to see you in the bath with a rubber duck 🤣🤣🤣
Lmao
£900/ day - im in the wrong job. Most sparkys charge £300. By the way if you do too many days like that you will be on 40% tax
He already is, but you don't just magically start paying 40% on everything it's banded. You pay 20% on the amount to the 40% limit then 40% there after.
Not if you’re a limited company.
He takes the reset of the month off 😂
I’m guessing he will have a limited business
So with things like ;
Corporate tax @ 26.5% after the threshold
Personal income tax @ 20% - even 40% after the banding
Even National insurance
All these things are taken before any profit. £900 may seem a lot upfront but realistically- is it ?
He’s running a business here - even if he is now a “one man band”
It’s still £900 a day into the business account not his own account.
As soon as he’s taking money into his own account it’s taxed both ways - corp as profits and income tax his side.
In some cases dependent on income (at the low end) that’s 19% corp + 20% income.
39% tax at the lowest brackets.
Dosnt take long to get to 26.5% corp then 40% income with class 1 and 2 NI.
You’re at 66.5% tax on profits before the NI.
This is why most small business fail within the first 5 years as these deductions are noticed until 12 months later if your bit switched on
You will be better off working for a company, if you have your own business and are charging 300 pound a day
Absolutely not enough profit for the hard work that goes into them.
Nick, before you get too much backlash on this and give the wrong impression to the uneducated. From what you said you charged £4660. Forget vat its irrelevant as its not yours. Then take off materials £1400 and Adam £700. I'm a sole trader and my hourly rate to cover all business expenses is £18 p.h. I guess you spent around 40 hours on this job with the long days so that's £720. That leaves £1840 which is your earnings for 40 hours work or 5 standard 8 hour days. Your day rate was therefore £368 which you then need to pay tax and class 4 NI on. So not as great as people believe.
£1500 for materials 😂😂😂😂 😂😂😂😂😂😂😂😂😂😂😂
I can't work that out either what's going on.