Common mistakes refurbishing property

Here are the 6 most common mistakes people make when refurbishing property

If we wanted to write an article about all the mistakes people make it would be several thousand words long

You name it and someone has made that mistake

Mistakes are made for all different reasons

They don’t have to be the end of the world but some can be disastrous

There are many do’s and don’ts when refurbishing property

There are many common mistakes but here is our top 6

 

Underestimating your budget

It is crucial to know how much your project is going to cost before you start and to have an additional cash reserve as a contingency fund to deal with unexpected problems

If you get this wrong you can run out of money before the project is finished or have to change the design or spec thereby ending up with something you don’t like or didn’t want

Another 50 quid here, another 100 there , another £1000 on repainting the outside of the house all adds up and before you know it you are in serious trouble

You cant guess how much you will need. You need precise figures. Nothing should be arbitrary

 

Cutting corners

Many people think they can use cheap labour to get their project finished. This is ALWAYS a false economy

Skilled tradesmen charge a certain rate because they are experienced and know what they are doing

People say I want a cheap builder. But they dont need one. What they need is a good builder

You cannot expect to get the same results by using unskilled/semi skilled labour

The same goes for using inferior building materials or trying to hide defects by just ignoring them and hoping they will be ok

Approach a project in this way and you are guaranteed to get a substandard finished product that looks exactly like what it is

 

No clear idea of end product

You must be clear on why you are undertaking your project

If you are building HMO’s who are the target tenants?

When its LHA tenants it’s a waste of money finishing it to a top spec with all ensuite rooms

If it’s a refurb to sell who are you hoping buys it?

When its for a young family then it’s a waste of time and money building a rear extension and a loft conversion

If its first time buyers there no point doing it to a top spec

You cant just think you will make it really nice and someone will buy it. Eventually someone will buy it but probably far below the price you hoped for

 

Changing your mind

If you want guaranteed headache then wait until your project is in full flow and then change your mind

This has sunk more projects then most things

Doing this will not only drive your builder mad but will almost always cause delays and additional costs

Be clear on what you want before you start and then stick to your plan

Changing your mind will lead to scope creep and margin creep

And these are 2 things you definetly dont want on your project

 

Making it personal

A refurbishment is a business decision and personal preferences should be kept out of it

Your weird and wacky personal tastes are great for your house but may not be shared by prospective tenants or buyers

You might be really interested in solar panels or water recycling systems but if they are not going to make you extra profit then leave them out

If your budget calls for plain white tiles in the bathroom that cost £1 each then don’t replace them with beautiful Italian marble ones that cost £10 each just because you like them

If it doesn’t add to the bottom line then it doesn’t need to be there

 

Insufficient planning

Prior Planning Prevents Poor Performance

You cannot hope to complete a successful project with insufficient planning and just hope for the best and that you will hopefully be able to overcome any problem you encounter

Every single delay, missing piece of information and problem you haven’t thought how to mitigate will cost you

Everything needs to be in place. Finances, drawings, technical information, labour, alternative labour sources, material suppliers, delivery dates, logistics, plant suppliers, programme of works

Think, think and think again of absolutely everything you need

Think of everything that can go wrong and have a plan to deal with it. Have a back up plan in case that doesn’t work

And once you have done that think again because if it can go wrong it already has to someone else in the past and there is no reason it can’t happen to you

These are the 6 Most common mistakes people make when refurbishing property. However there are many, many more

Good luck!!!

Evbi projects offer a wide range of services . Please contact us if you need any help on your next project

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