Refurbishments: The Naked Truth

Dec 7, 2017

What is needed when approaching refurbs? I’ll break it down for you, there are many factors that you need to consider. From outsourcing qualified professionals to expecting the unexpected…

So you’ve just purchased a property, but have you considered your exit? This simple yet vital question is imperative when approaching a refurb, it affects your budget, your time frame, everything. Let me take you through the process, if you are buying to let then your budget will be considerably less than if you were buying to flip, reason being the interior will be subject to constant wear and tear and when flipping you want it to be like a show home to draw the buyers in, however be wary, some properties need more attention than others, maybe you need a complete rewire or maybe it’s as simple as a new kitchen. The next hurdle is how do you start with the refurb?

Project Manage don’t Micro-Manage…

It is common to take on the project by yourself and micro-manage every detail. STOP, your time is more valuable especially when there are many trained professionals on hand to do the job and all you have to do is share your vision. But where do you find these people? Well you need to tap into your network, it could be as simple as your cousin is a plasterer or your best mate is a plumber to trade, bring them in and as you progress through your journey and meet more people, through events or contacts through family, you will soon have a team in place that will run like clockwork and eventually all you will have to do is open the door.

What happens next? Do you have your Power Team in place or are you still looking to get that extra man onboard?

Keeping this in mind, it would be wise that you set your criteria when initially searching for properties thus allowing you to target specific locations where you can fully utilise the team you have in place allowing you build a stronger relationship and look towards any additions for bigger projects. Once you have your target properties, you have your team in place and your system running like clockwork it comes down to one final element.

Focus, If it isn’t broke don’t fix it.

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Paul McFadden Wealth represent the absolute top level in training and support for new and experienced UK property investors & traders. Your success is our success. Whatever the goal, we can help you.

© 2018 Paul McFadden Wealth Ltd.