What Sam Bought Today: Diary of a Property Renovation (Day 10)

29 Aug

OK so today I want to tell you a few things:

Firstly, this project is going to take longer than I originally said (14 days) because, quite frankly, I changed the spec of the project.  When you do that timelines shift – we’re only talking a few days – but even so I have to be upfront. (If you want even more frankness – the fact, is I wasn’t meant to have removed the wallpaper and wardrobes and sanded all the walls throughout the property – but I have opted to do this as I believe the better finish will improve saleability).

Also, there are a few things about the project which I have not made clear from the outset – so here are FIVE facts about the project which I feel are useful background info for you:

  1. I have only ever renovated one family home before as a “family home” (7 years ago!).  All other “family homes” were with an eye to convert to apartments.  My expertise lies in one bed flats in urban locations.  This is a family home in a suburban location.  And it has a garden – have you noticed how baffled I am by this concept – flats in London don’t usually have gardens!
  2. I have never renovated a property locally to me! I know – crazy but true. I may live close to the area, but in actual fact I have never ever invested in the area.  I have always been guided by yields or profit which has seen me investing outside my own “home area”
  3. I have never worked with any of these tradespeople before.  I have had to start from scratch and build a new crew for the renovation. I usually have my  “A” team, who I bring down from Stoke and who have worked with me for years.
  4. I am having to do a lot more labour than I usually do – and at the same time also trying to manage the project – it’s a hell of a juggling act (said while dragging out carpet on the phone to the kitchen supplier and and painting the wall simultaneously)
  5. I have never done a project for such a slim profit and ROI.

Truth be told, this was potentially a risky purchase in today’s recessionary times (especially if I am to believe the various media reports which claim housing assets are depreciating in value).

Insanely, this was the property renovation which I seemed to have started this vlog on.

But you know what, I’ll take you through to the end.  Warts and all.  This is real property renovation – and this is happening now.  I’m not just showing you the “grotty before” and “pretty after” like most TV property programmes do – this is the whole shebang – this is a property renovation journey! I don’t have a film crew – this is me and Dimi and my iPhone.

Truthfully what I hope you will gain from this Vlog is a real property renovation experience: how to do it and how not to do it!!

Two videos for you today:

Progress so far:

During the refurb (it was a treat to have professionals in!):

Also need to say *BIG* thanks to my friend Jason, who came up and helped today with painting and caulking 🙂

Until next time…

 

Be Sociable, Share!