Updating post from Reddit.
How much do you think it will cost to renovate this to rental standard. It’s in west midlands and hoping I can do as much work myself. I have a budget of 20k. First time doing this so looking for any advice and tips. Thank you 🤗
New boiler 3k
Rewire if needed 3 to 5k
New kitchen 7k
New bathroom 5k
Cost per room if redecorating and furnishing yourself about 1.5k per room.
If 3 bed rooms, lounge and hallway expect 7.5k
Total roughly 27.5k
If you need to reskim entire 3 bed house walls and ceilings add an extra 7 to 10k. This would be 37.5k total.
Boiler looks half decent but my god that place would have cost about £20k around 10 years ago easy double that now. If op is doing it to live in fair enough but to flip I doubt there is much profit in that once they value their time. That property is going to really test someones relationship out. Good luck my first one was that standard in 2010.
Have you seen the size of the kitchen it’s tiny £3k including appliances this time of year. Likewise bathroom. The last wetroom we did was £2.5k.
Our basic family bathroom was over £7000
Congratulations ours was a lot more but this is a landlord forum and the OP will be ripping the old one out, shopping around for the cheapest suite hopefully doing a bit of plumbing, project managing it himself, splitting the trades to get the best value etc… you can refurbish very cheap if you do a lot of work yourself and treat it like the business it is.
I mean just the materials were £3600
I’m sure they were and I’m sure your bathroom suite with all fittings was more than £500 (which is what you can buy them for)
I guess if you’re trying to go for as cheap as possible you can definitely spend a lot less and I’m kind of wishing we had at this point since we are selling the house. Paid like £400 for a toilet
Yeah that’s expensive and a toilet is a toilet. A rental needs to be cheap so you can replace them cheaply when they get trashed very different to your home.
Where are you getting your kitchens and bathrooms?!
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4k to fit a kitchen and tile - ouch. Looks like a terrible job around the window sill too, and I’ve never seen full height kitchen tiles before.
My kitchen was £3k all in from Magnet, and £400 fitted, tiled and decorated by my Polish tradesman last month.
Induction hob in a rental?
I supplied some pots and pans too lol.
Sink is the wrong way imo, drainer can provide some overflow counter space
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Fair enough and thanks for clarifying it’s an HMO
Hopefully doesn’t need much reskimming! Thanks for your breakdown
I remember saying that…
Budget £30,000 to £40,000
Really! What do you think the highest cost will be?
Kitchen bathroom, painting and re skimming. The damp / mold is a unknown
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Generally first fix any water ingress or leaks & restore ventilation.
Personally I’d do a worst case scenario. Fix the water ingress/leaks and completely redo the walls.
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Did your agency not monitor the tenants? A good agent should check once a year. Has the house gained equity and is your company profitability enough to cover the cost. How much deposit are you keeping? How many properties do you have if you have a portfolio mortgage maybe talk to your broker? First thing first call your builder get the round to give you a quote.
£30k if you are in south east, £45k in London. Dunno rest of UK prices.
Getting tradesmen to even to quote(sensibly) for this kind of work is now a significant challenge.
Also, note that the general approximate guesses of £25-40k don’t include ANY structural work, any exterior or roofing work, removal of hazardous materials, or deal with any nasties the renovation will inevitably expose.
I’d want a £20k fund for unexpected costs, let alone the renovation.
thanks for the comment! Why would it be difficult for a tradesman to quote it? Also what structural work could come up?
If you were tradesman(or tradesperson!) who would you rather deal with?
Or
Due to the shortage of skilled trades, they can, and very much do, pick and choose. Anyone with any skill is well booked up in advance and can almost demand whatever price they want.
In terms of structural work: Absolutely anything.
For example: Bridged cavity walls, problems with the damp course(if there is one), undersized joists, damaged joists, damaged or missing lintels, cracked brickwork, unsupported or poorly supported chimneys, subsidence, damaged/rotting/bug ridden woodwork such as soffits, facias, cladding, roof woodwork, flooring. None of that includes what some muppet may have done to the property in the past.
Honestly the list is potentially endless, and even after a level 3 survey, you won’t really know until you get in and start ripping out for the rewire and re-plumb.
That’s just the nature of renovating in the UK. If it was easy and low risk, everyone would be doing it.
If you do go for it, keep us updated with how you get on. It would be nice to see that old place turned into something habitable again.
The place I recently bought had a partition made from old doors and wardrobe backing panels.
Gotta love it!
If you can imagine it, some muppet has done it.
East sussex kitchen cost alone would be over £20K
I was hoping to use ‘DIY kitchens’ if you have heard of it
I would budget 30k all in.
Could you give me a breakdown of the 30k please?
It’s more that I’ve renovated many houses like this, Victorian terraces (albeit probably to a higher standard than just to rent out) and 30k is reasonable. It’s a ballpark figure.
How much do you intend to do yourself?
I am going to learn the skimming / tiling and fitting in the kitchen myself. Aswell as the painting along with other small jobs 🤞🏽
Don’t do skimming yourself - I’m a seasoned renovator and I always get a plasterer in. Do it yourself and it’ll be slow and hard and may not come out how you expect. Also - time is money - every day of delay because you haven’t finished is less money in your pocket.
Painting is possible to do yourself but a pro will get a better finish and will be faster.
Kitchen fitting I’ve done plenty of, fairly easy stuff.
Just looks like you’ve got a lot of work on your hands. Pretty much every terrace I renovate, it’s around 30k doing a mix of bits myself plus getting pros in
Source - house flipping since 2015, used to do more myself but the time aspect isn’t worth it
Great advice for you above OP, this chap is speaking the truth!
You've bought it now, well done! I'm sure you can make a great rental from it. 20k is really pushing it when you say you do as much as you can... Well, have you the qualifications to rewire, can you update the heating system yourself. Can you fit a kitchen in a 4 days? Can you fit a bathroom in a week? Can you hang all the doors in 2 days. Etc etc etc.
What I'm saying is every day it takes you longer than a tradesman is costing you money.
There's no point saving 10k on labour if it costs you 12k in rent.
You can make a big difference to the labour costs by making sure materials are on site, schedule work efficiently, keep trades up to date with time frames, don't let them leave you hanging because you havnt been in touch for a month. Make sure you're in their diaries and make sure the other trades are on top of timescales, don't let them fob you off while they go and start other work, make it clear you have a deadline so the next trades can start. Pay them on time, don't be a prick to them if something goes wrong. Spend your time shopping around and getting the best price on materials instead of knocking the trades down 10 quid a day or whatever.
Just my advice, I've done it both ways, now I just buy them ready done so I can rent them immediately and start taking income. But you really make your capital when you buy a wreck so it's great way to do it if you.can pull it off in a reasonable time frame.
This look a lot like my first house when I bought it. I took the wallpaper off and everything else came with it! That ended up being a total refit (including a new ceiling/suspended floor between the upstairs and the loft space after I and all the junk up there came crashing down, I landed next to the cast iron bath).
That cost all cost roughly £20k. 20 odd years ago.
Wow! Did the weak floor/ ceiling not come up in the survey?
Surveyor never went up there. Said it needs new windows and doors and the back wall was leaning. That was it. The “floor” of the loft was actually bodged together from piano carcasses, I had not idea how essential they were to structural integrity until I started taking them out!
Hey,
If you could try moving the camera faster, that'd really help....
🤣
Renovation costs is very subjective due to ROI.
Where is the property?
How much have you actually spent to buy the place?
What are your future plans with it?
Whats wrong with it as it is, get 800 a month for that, just a lick of paint needed
OP, please give your breakdown of expected works.
Bought a not dissimilar Victorian project but as my own home a while back. Surveyor friend said 'think of a number then double it' & he was about right.
Unknowns is if/when some of the plaster disintegrates - back to brick, dot & dab & skim.
How's the roof? If original then heading to end of expected life. Patch it or fix it? Do you need scaffolding for roofing, pointing or chimney?
Appreciate you're not doing a 25-year spec but 20k feels light.
Can o' petrol and a match should do it...
Going to be a money pit
Why do you think that?
I’m a tradesman from the same area and I have also renovated a couple of properties of my own. It is going to take a lot longer and be more expensive than you can anticipate. Especially being inexperienced, you will make mistakes etc which will add to both. Also the cost of doing a full renovation has shot up massively in the last 5 years
Strip house / strip walls skips £1500 (assume you will do this work yourself) Rewire £7000 Replumb / new boiler 8000 Replaster-skim walls / ceilings £6000 New kitchen £7000 Joinery doors / skirting £4000 Tiling bathrooms £2000 Painting £3000 Flooring £4500
Total £43,500 (minimum)
Quite expensive! Is this london prices?
No not necessarily, it’s sort of take it or leave it, those walls will need re skimmed once you hack of that old paper, ceilings could potentially have to be re boarded, can see crack lines all over the show if you just re skim the will will re-crack at later date even after scrim tapering joins,… depends if sparky going to lift the floors up stairs to rewire…
Are you going to strip the wall paper off your selves? There’s a good weeks work there for 2 people… add another £1500-£2000 if your getting labour in to strip walls… if you /family not from construction back ground easily put another 10% contingency on the above budget cost… my costings are if your dealing /organising sub-contractors directly yourself. If your going to get a Building Contractor in your looking at £63k + job & whatever contingency you may want to add.
OP, when you get the prices in for the work let us know who was the closest to the correct price 👍
Slow down with the camera
Renovate or decorate? Anything skimming or above is just decorating and is cheap. The rest is a rats nest… even if it’s your own home!