Estimating Refurb Costs Like a Pro on Property Visits
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- Опубликовано: 21 авг 2024
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This is the sort of fantastic content newbies really need to see. I wish I had this when I started out. When I bought my first BTL in 2017 I genuinely didn't have any real idea what the refurb would cost. Thought it would cost about £10k ended up costing nearly £30k.
Know the feeling Matt! Haha, thanks for watching
What did you need doing?
Interesting that’s exactly what I did. 30k down thinking…where did all that money go 🤣
Hi Justin! I am a graduate development land surveyor in the south east of England if you ever want to get involved in new build developments or something along those lines I am more than happy to help! I love your videos and am saving money to put down on my first property soon.
Appreciate the offer thanks very much 🤝
Very realistic pricing Justin.! Quotes can be soooo varied but experience & knowledge are key..!! Thanks.
Thank you for taking the time to put this comprehensive refurb cost guide together Justin - I’ve been trying to find something like this for ages. Living in London, I know these costs for my flat are going to be somewhat more expensive than where you are, but it does give me a balanced idea of where my costs are going to be heading, so Cheers!
My Mentor !!!! Glad to part of your team 💯💯💯
Haha yes DJ! Appreciate you watching bro
fancy doing your refurbs and surface mounting the plumbing rad pipes at 17:40 between the 2 rads, when it would only have took 10 mins to hide them behind the skirting board, not the best work at all
Not every refurb is perfect. Would love to see how perfect you are? Show us your work mate 👍
@@JustinWilkins i wouldnt have done that , thats for sure,
excellently explained the whole process, the associated costs and the process breakdown, LOVED IT! subscribed and liked! please keep posting different projects!
Why wouldn't you check out Wren? They are cheaper than wicks and have a better design service than DIY?
quality is great aswell! 👍🏻
Unfortunately all the Wren kitchens I've seen haven't been good quality, and/ or look cheap. Thats just from my personal experience. I've even found it sometimes with DIY kitchens too. In my personal opinion Howdens are probably the best suited for most projects!
Thank you for taking the time to put together such an interesting and helpful video. I feel it is likely accurate for the north, but on average would be roughly double these prices in the south.
Thanks Andrew, I’d agree with you there!
Great vid, thanks for the info!
🤝🤝
Great video Justin and came at a perfect time for me! Learning so much from you 😊
Awesome! Thank you!
Love it these videos are so helpful. I would only add - good design is FREE if you put some thought into layout esp kitchen. That small one with the sink jammed into corner could have been so much better and improve function.
Hi Justin, a very informative, impressive, intelligent, important, incisive and personally for me both inspirational and insightful and thank you for sharing
Legend, thanks for watching!
Good man, thank you 😊👍keep on doing good work 😄
Thanks very much 🤝
Cheaper than 3k????
Here's a price from an electrician...
For bare shell installations, that is no chasing required all plaster removed with exposed brick & beams.
For a standard semi, small detatched property or apartment.
I'd charge 1k flat rate plus additional 1k each bedroom, garage, utility, media room, or outbuilding.
For this spec you would get a new fuseboard with up to:
2 lighting circuits
3 socket circuits
1 smoke alarm circuit (inc. 2 detectors)
1 cooker circuit
1 shower circuit
All with standard white accessories.
This property would cost 4k minimum!!!
Anything else is extra.
Rewatch it: I didn't say less than £3k, I said £3,000 to £3,500 for average 2 bed house rewire. I'm not guessing these figures - these are the figures I have been paying for over 3 years and over 40 refurbs. Sitting here in 2024, this cost is closer to £4,000.
In the video I do mention, a trades person could potentially do it for less if doing the work for themselves.
Other than that, appreciate you sharing your prices - useful for other watchers!
@@JustinWilkins
My ears heard you say 2 or 3 bed so I felt compelled to comment.
I just get the impression electrical work is under valued today by most builders & developers, I understand we all like to get things cheaper than average, especially when the budgets tight and you trying to make a profit.
This is the one area where you dont want tradesmen cutting corners and I see this all the time its the same with anything, you get what you pay for...
S#*t quality materials, proper testing not being carried out, cables not zoned properly, compramised IP & fire ratings etc etc.
And good look getting them to come back for free if theres an issue or even have the knowledge to find and fix it!
And Im not surprised its like this now... There are week long courses out there giving people access to carry out this type of work.
Qualifications are watered down, regulatory bodies and third party assessments are joke.
You got people becoming approved domestic sparkies in a week then entering the market and undermining the years of investment, study and hard work that genuine electricians have put in.
I run my own business and its hard competing with these cowboys who services are so cheap your completely priced out of the job, and the client ends up with a low value installation which your not concerned with because you cant see whats hidden within the fabric of the building.
It really is depressing... Touchy subject for me.
Anyway rant over... I too appreciate your videos and you sharing your prices aswell bud.
All the best!
40 properties in 3 years, your smashing it!
Thanks, Justin. Brilliant video. I always struggle when estimating refurb costs when looking at properties as I've never done one myself - the number magically alays ends up being 30k + as I try to be very conservative 😅 I want to learn more about the process and tips and tricks for refurbs, can you recommend any books or blogs or videos that I can learn from? 😄
Glad it was helpful! Refurbs are hard to learn from books and sometimes videos, they are best learnt from someone (whether thats a friend or some you network with)... and even better, from going through the process of doing one!
It’s difficult to tell isn’t it, some are fairly obvious that they either dont really need a refurb or they need a full refurb, but those that look in decent condition are hard to estimate, could be a case of new flooring and lights and kitchen/bathroom, but difficult to tell whether it needs all the rewiring and heating and plastering
Killing it! Content on content…
Great video, well done!
Thank you very much!
Great video. I am looking for properties in Liverpool at the moment.
Glad to hear it Robbie. Good luck!
London labour price is double up north.
Can believe that!
Great content , thanks!
Another great video Justin, it's information like this which is so valuable!
You mentioned damp (I'm assuming rising damp) behind the panelling in the first property. What's an average cost to rectify this?
Hearing you talk about L13 has got me wondering what your thoughts on L9 are? Orrell Park, Aintree and Fazakerley
Hi, can I ask what you would consider to be a healthy loan to value across all your properties?
At the start of your journey 25% equity / 75% debt, but as time goes on you want to allow that to grow rather than keep pushing to its limit
Hi Justin, with Howdens, they came out to my property and did some high tech scan of the kitchen and laid out everything in 3D on the laptop. Does DIY kitchens do similar? How will i know what to order otherwise
Hi Jason! DIY unfortunately don’t do that, but they do have a great online tool for creating your own 3D designs and building your own kitchen. You just need to know your measurements, and then get creative!
Great video
Great video. Why so expensive to paint just the front? Does it require a special kind of paint? Or several layers? Thanks!
Thanks! Typically both. Several layers, depends on colours and needs weatherproof paint
is this prise are including VAT or just cash?
Both. So these prices could be plus VAT if you pay bank transfer, or without VAT if you pay using cash (although I've never done that :D)
How much did you charge the client for managing the refurb ?
Do you use LNPG with Magnet for kitchens ? I've tried to beat it but never can.
I did in the past, but DIY Kitchens beat Magnet on price (most the time even with LNPG discount), and its a similar quality. Only trouble with DIY kitchens is wait time, and customer service isn't friendly lol
Hi Justin, have you heard about LNPG?
Christ rewire prices seem very low
Just a couple of wires innit 😅
Area to area, size of house, all varies.
Even 10 years ago it was more expensive! Totally wrong prices!
I want to do this but am left guessing on costs
Get out on more viewings, get more quotes, and have more conversations with builders :D
@@JustinWilkins I think for it to be successful you need to buy the property for the right price and have a good idea of referb costs. I would rather over estimate costs than under estimate them
@@damme91 great idea. you are far less likely to go wrong by taking that approach!
Really bodged the job at blurring that logo
Lol I know 😂
Why is every bloody house in the UK riddled with damp these days. It's basically 50/50
😂 feel you on this one
It's because no one opens any windows after eliminating all the draughts. Air flow is important, but due to high energy prices, all cold air is stopped.
Mould in bedrooms, that are connected to an outside wall, is becoming a big thing these days as well. Even with bloody vents@@Jules_Pew
just list the prices
He that can have patience can have what he will. - Benjamin Franklin
@@JustinWilkins no, just literally list the prices lol