The Road to residual income

Tassotti

Regarding the 6 month guideline, there are a couple of lenders who don't follow that guideline. Virgin will remortgage after three months.

Are you a member of LNPG? If not, join. You will save massive amounts on the refurb

Denzel09uk

Nottingham City Council (Leasehold Managing Agent) have taken so far 5 weeks to send the leasehold information pack to my solicitors. i have called them twice now and another phone call will happen this afternoon. This is beyond a joke. its the last piece i need before exchange and complete.
Any other suggestions,

Tassotti

Any progress on this Denzel?

Denzel09uk

Hey guys, apologies for the lack of response, finally got the keys on the 3rd July after agreeing to pay for an indemnity insurance to cover the event that Nottingham Council wont pay out on the buildings insurance.

Im almost finished the refurbishment, somewhat of a nightmare although my first property i kind of expected a few hick ups.

Tradesman have been good, but i have tried to do things myself apart from the usual. Electrics, Plumbing & Plastering.

Purchased the flat for £42k after it being on the market for £50k.
valuation has come through from the estate agent 55k only a couple of more weekends of work and i will have spent around £7k on refurb so £1k under budget, but 2 months longer on timescale.

all a learner curve but moving forward onwards to the next.

Any questions please let me know

Denzel

somethingcorporate

Can you distill what you have learnt on your first refurb for the benefit of others considering going down that route?

Denzel09uk

What i have learnt so far,

Budget

• Do your research on how much items cost
• break each room down into its own individual budget and break each item down. this will make sure you try and get the best deal.
• Once you have your price on individual items - Add 50% onto for contingency
• Apply for a trade card at places like B&Q and Homebase - this will save you 10%
• Always negotiate with retailers, reduced our kitchen from £1000 to £750 and Curry`s from £500 to £400 on white goods.

Refurbishment

• Dont be afraid to try and do the work yourself, you`ll be surprised at what you can do but at the same time, Know your limits, if you think you can do something to a reasonable standard - attempt it.
• Avoid Electrics - recommend getting trade in (You`ll need a certificate)
• Avoid Plumbing - recommend getting trade in, unless you are a plumber of course.
• Speak to friends and family to see if they can help, i paid for food and drink etc, some friends might want paying.

Speak to estate agents around, register before the property has been complete, they may have trades that will help you. Especially if you live in a different part of the country.