7 Property Renovation / Property Development MEGA TIPS | For The Buy To Let Landlord & Investor

today I’d like to give you some really
powerful property renovation tips that are gonna help you the next time you
have a smaller property development to do Hi my name is Tony Law from Your
First Four Houses and my channels all about helping you achieve financial freedom
through property. iif this is your first time here be sure to subscribe to the
channel and click that bell notification icon so that you don’t miss out on any of the free content that I gave you each and every week. So today I want to share
with you a few property renovation or property development type tips that I
honestly think will help you the next time you’re planning a somewhat
smaller property refurbishment or renovation and so the first one I’d like
to share with you is gonna be fairly obvious and it’s all to do with
“Preparation & Planning”. Ideally you should be spending around about a week
before you actually start any work on the planning and the budgeting and so on
and if you do that honestly you’ll find the whole process runs a lot more
smoothly you waste a lot less time and you’ll probably be closer to being on budget. Next do you need to consider whether you need to to apply for any buildings
regulations approval planning permission or dare I say even “listed building consent”
I’m sure you’re probably fully aware from the outset when you need listed
building consent but sometimes you could be surprised you might find a property
that you consider would be listed but actually it’s not and there were lots of
properties like that that probably should be listed but actually aren’t and
you need to establish whether you need these types of consents or permissions a
very early stage because it can take months for example simply going for
planning can say 8 weeks from the outset and if you don’t get it and it has to go
to appeal then obviously there’s a lot more time and so on and if consent is
required you need to factor this into your project also if you’re working
fairly near to a boundary is a party wall and it’s gonna be an issue a great
example of this is actually my mum’s property where my mum lives
right next door they have a baby defaulted on the on the party wall
agreement so that all work on that project has ground to a halt whilst we
get this all sorted sorted out if you want to start work straight away maybe
you want to say you want to start looking at projects that don’t require
any type of consents for example maybe you know if doing a garage conversion or
maybe conversion into the loft area often doesn’t require any kind of
planning consent often building rigs will obviously come into play here but
planning actually probably isn’t required and building rigs you can get
them sorted out really rather quickly by the way people often are confused when
it comes to planning planning generally speaking isn’t required on any internal
work on a property unless it is indeed a listed building for example next let’s
consider who does the work now I’d suggest you have just two options here
you can either go down the main contractor routes or down these
subcontractor routes what I’m saying is don’t do the work yourself honestly
you’ve got better things that you should be doing with your time like maybe going
to find the next deal for example often the time that you’re gonna waste doing
that work yourself will cost you more than the money you would have saved in
bringing in a contractor in the first place this was really challenging for me
because I am technically a kitchen fitter I used to fit kitchens that’s
what I used to do I personally fitted well over a thousand
kitchens in my time and for me putting that toolbox down and leaving it alone
was really really challenging especially when I’ve got somebody in to do the work
and I thought to myself I could probably do a better job of that but you must not
I would suggest touch the tools if you can at all help
it by the way if you need really good contractors or subcontractors I’ve
mentioned this before but letting agents or estate agents are great people to
connect with because usually they have the best the best subcontractors
lastly befriend a great handyman honestly they are worth their weight in
gold by the way if you’re finding this video
helpful I would love it if you could take a moment just to click on the
thumbs up button down there it really helps me if that’s okay let’s talk just
a little bit about budgeting make it a rule you’ll always get three quotations
for any work there’s over a thousand pounds if you do this it’s it’s a great
philosophy to follow but if you do this I’ve bet you you’ll find that you’ll
start to get more competitive quotations coming in and you can maybe start to
play one or two off against each other but make sure that you’re always
comparing like for like next negotiate price on the phone when you’re actually
talking to a store rather than walking into that store if you negotiate on the
phone they’re fully aware that you can just simply put that phone down and
phone somebody else and maybe get a better price actually on this subject I
generally tend to suggest that people use just one builders merchants for all
of their products it means that you can get in there and negotiate really hard
with the representative for that company and also whenever your subcontractors or
handyman or whatever need any products they can go in there and buy it at a
rate that you have already negotiated do you know where your nearest salvage yard
is if you’ve never walked around a salvage yard go and do it this weekend
you will be astonished at what you can find at a salvage yard an incredibly
good price plus to be really honest with you it’s just a fantastic way to spend
your Sunday I would suggest you only change the windows on a property if you
absolutely have to the cost of changing a window in terms of the amount you’re
gonna save on the energy is gonna it’s gonna take you decades potentially to
save that money over all it actually cost you to put that window in in the
first place and honestly I think that over a period of time especially because
wooden windows for example I honestly think that over a period of time people
will start to look for properties that have got those original windows so
putting in for example uPVC might be it might be a big mistake depending
obviously on the condition of the property
allow a seriously large contingency dare I say 15 to 20 percent for any
unforeseen costs and lastly on the subject of this use I would suggest or
check out the Xero or QuickBooks to manage and track all of your expenses I
used to hate I used to hate with a vengence accounting software packages
quick story I to borrow I used to use sage
I took sage out into my garden I surrounded it by little twigs and sticks
and I literally burnt the software yeah I ain’t going back at least Wow
15 years I hasten to add but I have I have just fallen in love with Xero now
in particular but I’m probably gonna be changing to QuickBooks fairly quick
fairly soon but it’s a fantastic way to manage and track all of your expenses
along a similar subject let’s talk very briefly about tax and in particular v80
most renovation work that you’re going to be involved in is going to be
standard rated for be 80 at 20% however if you use a builder or subcontractors
that are not registered for v80 completely aboveboard
you can save yourself the cost of the v80 on the labor components straightaway
also tax savings are very much available on any listed buildings that you’re
looking at and and also and this is a real big one if you’re changing the
number of the dwellings on the particular project that you’re looking
at so for example if you’ve got a house and you’re turning that into two flats
or Paris just split thought you’re spinning it vertically and changing it
into two houses or something along those lines there’s some seriously big savings
available ultimately you need to check this out though because I’m not an
accountant or tax specialist you need to check this out with your property savvy
accountant if you do that you might be surprised at what you can sell what you
can save let’s talk very briefly about design consider colors and styles from
the very outset I slowed down when I said that because I’ve made this mistake
many times before but you need to consider colors and designs from the out
very outset and be makeup of color palettes are you
familiar with Adobe color wheel it is a fantastic way so pick and choose colors
that coordinate a matching really well with each other
check it out Adobe color wheel but you’d be really impressed with that keep in
mind it’s not about what you want it’s all about what does the market want what
do your potential tenants of course if you’re selling it your potential buyers
of that property what do they want and from real inspiration you’ve got to go
and check out if you haven’t already done so the IKEA little sort of mini
houses and flats for some fantastic design ideas you’ll be really really
impressed of what they’ve actually got to offer they’re a well-designed
property will rent far more quickly I promise you it will and it will honestly
make you more money so this is something that you really want to get right and my
last tip is to photograph everything both before and after it is fantastic
from a refinancing standpoint and ultimately when you’re sitting down with
a potential investor and they’ve got a hundred thousand pounds burning and
holding their pocket you can demonstrate that you’re good at what you do for more
tips and tricks like this be sure to subscribe to my channel here and also
download this 50-point checklist this is going to really help you the next time
you want to build or develop any kind of property yourself my name’s Tony Law
from Your First Four Houses with online training that helps build your property portfolio 🙂

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