A skip in the front garden can only mean one thing – it’s rip out time!
Sam Ferrington and I have been busy at our buy to sell project in Horsforth, Leeds. Over the last couple of weeks, the builders have done a fantastic job and have completed the rip out in record time. We’re now left with a shell of a house, two full skips and a blank canvas to build from. The last job is to finish the removal of the chimney breast in the kitchen and back bedroom and then it’ll be time to start re-building.
Property investment is all about having a clear plan and understanding what you are getting into before you jump in. Whether you are working on a buy to let project or a buy to sell project, costs can spiral out of control if you don’t have a plan.
Many newer investors fall into the trap of grossly underestimating the refurb element of the project and what they thought was a good deal on paper becomes a nightmare in real life. In our earlier investments, we found that using the experience of other investors really helped reduce this risk which is why we are passionate about using our experience to help other investors where we can.
With our project, Sam and I knew that this property would require a full rip out so we budgeted accordingly. It’s also probably worth mentioning that we also included a contingency as, from experience, an unexpected problem always pops up just at the time you could really do without it.
Even though we’ve been concentrating on ripping stuff out, the place looks way better than it did before we started.
If you’d like more information about this project or property investment in general then click here and we’d be delighted to have a chat with you.
15th December 2017