Property Refurb Academy

When planning a refurbishment, project management is just as important as the construction work itself.

Create a detailed timeline, assign tasks to specific team members, and regularly monitor progress. Effective project management reduces delays, controls costs, and ensures that the project stays on track.

A well organised refurbishment is a successful one!

Whats your take on this?

The 70% rule

"The 70% rule can help flippers when they’re scouring real estate listings for potential investment opportunities. Basically, the rule says real estate investors should pay no more than 70% of a property’s after-repair value (ARV) minus the cost of the repairs necessary to renovate the home."

Don’t forget the exterior! 🌳

A property's kerb appeal can significantly influence a buyer’s first impression.

Simple improvements like a fresh coat of paint, a tidy garden, or an updated front door can make your property stand out in the market.

First impressions count!

When it comes to refurbishments, every detail matters. 🛠️

Consider the long-term durability of materials, not just the immediate cost. Investing in quality finishes can save you money in the long run by reducing future maintenance and increasing property appeal.

How Do I Price Kitchen Refurbishments as a Property Investor?

Determining the cost of a kitchen can be complex due to varying factors like size, materials, and layout. As a property investor, I use cost templates to quickly get accurate numbers. These templates help me factor in everything from basic materials to high-end finishes and appliances. By keeping these templates updated and tailored to different kitchen styles and requirements, I ensure efficient budget management and maintain profitability on each project.

How do you manage your kitchen cost to get to your refurb numbers?

https://www.facebook.com/propertyrefurbacademy1/

When it comes to property refurbishments, it's important to understand that each type of refurbishment serves a different purpose and target audience. Whether you are refurbishing a property for buy-to-let, flipping it for a quick sale, or setting it up for service accommodation, the approach and costs involved can vary significantly.

Buy-to-let refurbishments focus on creating a comfortable and functional space for long-term tenants. The goal is to maximise rental income while keeping maintenance costs low. When refurbishing for buy-to-let, it's important to prioritise durability and practicality over luxury. This may involve updating essentials like plumbing, heating, and electrical systems, as well as refreshing the decor with neutral and easy-to-maintain finishes. Cost considerations for buy-to-let refurbishments typically include essential repairs, cosmetic updates, and compliance with safety regulations.

Flipping a property involves renovating it with the aim of selling it quickly for a profit. The key here is to create a visually appealing space that will attract potential buyers and justify a higher selling price. Flips often involve more extensive renovations compared to buy-to-let properties, such as upgrading kitchens and bathrooms, adding curb appeal, and incorporating trendy design elements. Cost-wise, flipping a property can be more expensive as it may require higher-end finishes and more extensive upgrades to increase the property's market value.

On the other hand, setting up a property for service accommodation, such as Airbnb rentals, requires a different approach altogether. Service accommodation refurbishments focus on creating a stylish and welcoming environment that appeals to short-term guests. This may involve investing in high-quality furnishings, modern amenities, and unique design features to stand out in a competitive market. Cost considerations for service accommodation refurbishments typically include furnishing the property to a high standard, incorporating technology for guest convenience, and ensuring the property meets relevant safety and regulatory requirements.

Overall, the costs of property refurbishments can vary depending on the scope of work, the quality of materials and finishes used, and the target market. It's important to carefully consider your goals and budget before embarking on a refurbishment project to ensure that you achieve the desired outcome within your financial means

Best investments that you can make is in YOURSELF ... the second best is in the PROPERTY 😄🏠

If you were ever wondering why you are overpaying or struggling with refurbishing your investment properties, will help you find answers that you are looking for!

It was great to get together again in PMW offices and dive deeper on highlights and lowlights of refurb - so many lessons learned to apply to my current and future projects 🏘️

Gary Mcallister and Andrew Lang - thank you for sharing your knowledge and experience! Eye-opening! ⭐

Day one, ✅️

TikTok · Gary_ Mcallister Check out Gary_ Mcallister’s video.

Jargon Buster

Carpentry/Construction:

Bird's mouth - A notched cut made in a rafter to fit over a wall plate
Toe-nailing - Driving a nail at an angle
Rip - Sawing wood lengthwise, parallel to the grain

Plumbing:

Trap - A curved section of pipe that holds water to prevent sewer gases from entering
Sweating a joint - Soldering copper pipes together
Vent stack - Pipe that vents sewer gases out of the plumbing system

Electrical:

Pulling wire - Running electrical wires through conduits
Daisy-chaining - Connecting multiple devices on the same circuit
Loadcenter - The electrical panel or breaker

HVAC:

Charging a system - Adding refrigerant to an AC unit
Squirrel cage - The rotating fan blades in certain motors
Damper - A plate that regulates airflow

General Construction:

Dot and dab - Applying small dabs/dots of adhesive to a surface for securing materials
Furring strips - Thin wood strips to level a surface before drywall/paneling
Zip/Zip-It - To quickly drive in a nail or screw
Scribe - Marking a line to match the contours of an adjoining surface
Bo**er - Small lump of adhesive, caulk, etc.
Kick-out flashing - Flashing that diverts water away from a wall
Bug holes - Pits in concrete caused by air bubbles
Kneewall - Short wall to support attic rafters
Soffit - Exposed undersurface of a roof overhang
Solum - The ground or soil beneath a structure

Day 1 was great, we spoke about damp structural issues and much more ,

Day 2 of the Advanced Refurb Pricing Course has begun, and it's calculator day 😀

With yesterday being April Fools' Day, It might be time for pranks, but when it comes to property refurbs, you'll want to avoid any surprises. Here are 5 tips to look out for when dealing with property refurbs:



Trust, but Verify: Don't take anything at face value. Always verify the credentials and reputation of contractors and suppliers before hiring them. Check references, reviews, and licenses to avoid falling for any "too good to be true" offers.


Detailed Contracts: Ensure that every aspect of the refurbishment is clearly outlined in the contract. From materials and timelines to payment schedules and penalties for delays, leaving no room for ambiguity can save you from any unexpected twists or turns.


Budget Buffer: Just when you think you've budgeted for everything, unexpected costs can crop up. Keep a buffer in your budget for unforeseen expenses. Whether it's hidden structural issues or last-minute design changes, having some financial wiggle room can save you from financial headaches.


Regular Inspections: Don't wait until the end of the refurbishment to inspect the progress. Regular site visits allow you to catch any issues early on and address them before they escalate. It's better to be proactive than to be caught off guard by a problem that could have been nipped in the bud.


Communication is Key: Maintain open lines of communication with everyone involved in the project, from contractors to suppliers to tenants if applicable. Clear communication can prevent misunderstandings, ensure everyone is on the same page, and ultimately lead to a successful refurbishment.

Welcome...

Welcome to our new members. Congratulations on completing Day 2! During this time, you've learned how to view a property like a builder, cost up the property, use our calculator, and create mood boards for client experience.

Day2...

We confidently demonstrated how to price up a refurbishment.

Our expertise in , , , and helped us guide our audience towards becoming successful .

Property Refurb Pricing...

On day 1 of our Property Refurb Pricing course, we covered structural issues, dampness, asbestos, health and safety, tools of the trade, and software that can help simplify pricing.

Day 2 tomorrow, to be continued...

Structural movement...

Here is how we would check for ongoing structural movement .

🤝 Lean on fellow investors who have just completed similar projects for insight.

Their reality checks might help you catch issuses you didn't.

💸 Soft costs are silent budget killers...

Don't neglect professional services, permits, rubbish clearing, and equipment rentals.

Always had a minimum of 10% contingency.

Contingency will depend on the property type and condition

Embrace Energy Efficiency...

Sustainable upgrades not only reduce environmental impact but also lower operating costs for property owners. Explore energy-efficient appliances, LED lighting, insulation upgrades, and smart technology to boost efficiency and appeal to eco-conscious tenants.

I know people say to sweat the small stuff.

But...

Sweat the Details: Pay attention to the small details that make a big difference. From door handles to light fixtures, every element contributes to the overall ambiance of the space. Don't underestimate the power of thoughtful design choices in leaving a lasting impression.

Golden Rule: Communication is key! 👂

Whether you're working with clients, contractors, or suppliers,

Clear and open communication can prevent misunderstandings and keep your projects on track.

It is also helpful to have any conversations backed up in writing, so nothing gets lost.

Some of the biggest challenges people face when doing property refurbs include:

1. Inaccurate budgeting... underestimating renovation costs leads to mid-project budget shortfalls. Hidden costs or unexpected issues commonly surpass initial estimates for refurbs.

2. Poor project management... lack of experience coordinating all the intricate scheduling details, material purchasing, contractor task delegation, permitting, inspections etc. Refurbs have many complex moving parts.

3. Inferior craftsmanship... quality control challenges from using unreliable or unspecialised contractors. Many new general contractors lack specialised refurb skills leading to disappointing finished results.

4. Optimising for profitability... amateur errors maximising expenses over ROI, like over-renovating properties beyond what market values dictate. Striking the remodel balance for maximum home sale prices is tricky.

5. Lack of technical & design... know-How DIYers often learn technical and aesthetic design details through trial and error. Knowledge gaps around building codes, layouts, and materials choices hamper end results and budget.

6. The refurbishment process is loaded with hurdles.... strategic education and planning is crucial to adeptly handle the obstacles waiting to trip up novice refurbishers!

It's smart to get educated on this, don’t leave profit on the table! DM us about our next course.

Some of the biggest challenges people face when doing property refurbs include:

1. Inaccurate budgeting... underestimating renovation costs leads to mid-project budget shortfalls. Hidden costs or unexpected issues commonly surpass initial estimates for refurbs.

2. Poor project management... lack of experience coordinating all the intricate scheduling details, material purchasing, contractor task delegation, permitting, inspections etc. Refurbs have many complex moving parts.

3. Inferior craftsmanship... quality control challenges from using unreliable or unspecialised contractors. Many new general contractors lack specialised refurb skills leading to disappointing finished results.

4. Optimising for profitability... amateur errors maximising expenses over ROI, like over-renovating properties beyond what market values dictate. Striking the remodel balance for maximum home sale prices is tricky.

5. Lack of technical & design... know-How DIYers often learn technical and aesthetic design details through trial and error. Knowledge gaps around building codes, layouts, and materials choices hamper end results and budget.

6. The refurbishment process is loaded with hurdles.... strategic education and planning is crucial to adeptly handle the obstacles waiting to trip up novice refurbishers!

It's smart to get educated on this, don’t leave profit on the table! DM us about our next course.

Learning is Earning!💰

Invest in yourself and watch your knowledge compound into invaluable assets.

Whether it's picking up a new skill, diving into a book, or mastering a craft, every bit of learning adds to your wealth.

Embrace the journey of growth and reap the rewards!

Learning is Earning!💰

Invest in yourself and watch your knowledge compound into invaluable assets.

Whether it's picking up a new skill, diving into a book, or mastering a craft, every bit of learning adds to your wealth.

Embrace the journey of growth and reap the rewards!

The latest addition to our lineup - the SPRAY PLASTERING COURSE, taking place on the 14th and 15th of March.

Why choose spray plastering? 🤔 Here are a few reasons why this course is a game-changer:

Efficiency & Speed: Spray plastering can significantly cut down application time, helping you complete projects faster without compromising on quality.

Smooth & Seamless Finish: Achieve that flawless, professional finish with ease.

Say goodbye to uneven surfaces and hello to perfection!

Cost-Effective: Save on materials and labour costs with the efficiency of spray plastering.

In-Demand Skill: Mastering spray plastering opens doors to more opportunities in the property refurbishment industry.

Stay ahead of the curve and boost your career prospects!

Ready to level up your skills? Join our Spray Plastering Course NOW and take your expertise to new heights! 🚀

Don't miss out on this fantastic opportunity!

Exciting News!

To accommodate everyone's schedule, we're thrilled to be running a weekend Advanced Refurb Pricing course at Property Refurb Academy!

Mark your calendars for these dates:
Saturday 2nd and Sunday 3rd March

Another course has been added on Thursday 21st and Friday 22nd March.

Now there's no reason to miss out on enhancing your property refurbishment skills! Join us for a power-packed time of knowledge, hands-on learning, and networking.