When considering purchasing an investment property it is vital that you factor into your projections any monies to be spent on the refurbishment, as this will need to be paid with cash and can’t be included in the mortgage. Depending on the quality of the workmanship you wish to be finish with can have a dramatic effect on price. Remember your target customer when deciding finish levels.
Under estimating the cost of the refurbishment as the odd £50 here and £40 there, all add up! As mentioned before, be objective when agreeing fixtures and fittings, keep in mind your end user.
Remember this is not a property that they are going to live in; it is an investment property and should be refurbished as such.
We have all heard horror stories of builders starting jobs, not to finish them, or charging uncompetitive rates. You need to feel confident that you have being charged correctly and that you can trust that the work will be completed, in your absence, unless of course you planning to be there every step of the way to project manage the work. If you are, do your homework, to ensure you bring the trades people into your property in the right order, so you do not incur double costs.
As an alternative to going through all that stress, you could allow Fossey Taylor to manage your investment property for you. We have refurbished over 350 properties and have built up a fantastic relationship with builders and suppliers to ensure costs are kept as low as possible and under control.