How to assess a renovation property without being able to get anyone to quote?

BluebirdBeBold

Hi. Seen a prize of a renovation property in the perfect location for a family home but have never taken on a full gut renovation before.

All signs are that materials are increasing in price erratically at the moment so it doesn't seem prudent to rely on outline online estimates for the cost of particular elements added together.

With this property we would have a fair amount of cash on hand to fund the renovation and we'd be looking to employ a general contractor /project manager to manage it on our behalf due to our lack of experience and accept that this comes with additional cost.

The issue is that we're in a fast market still and a very popular area so can't hang around on terms of making an offer. However, we haven't been able to get any of the local reno companies to give us even an outline quote to give us confidence on being able to afford the project and fund the long overlap paying for our present rental while the work is done.

Long story short - is there any way to get this confidence before jumping in or is it a case of choosing between taking a leap of faith or accepting that a renovation is a pipe dream for anyone other than experienced investors/renovators? 

tacpot12

You might be able to get some confidence about how long the work would take from a retired builder. You could ask friends and family if they know someone who has retired and who might be able to visit the property to cast their experienced eye over it. Failing that, someone who has undertaken a similar renovation might be prepared to give you the benefit of their experience. 

You could ask on MSE about specific jobs that you can see that need doing, e.g. rewiring, installing a central heating system, etc. 

I took on a substantial renovation with little experience. The property I bought had a structural problem, needed new floors downstairs, new windows and doors throughout, a new central heating system, rewiring, damproofing, and a new kitchen and bathroom. It worked out very well as I got lucky and found a good builder who was able to correct the structural problem and install new floors quite cheaply. I did the damproofiing and decorating, and installed the kitchen units and worktops myself and got an electrician in for the rewiring, a plumber for the CH system, bathroom and kitchen, an a plasterer for the plastering. The windows were installed by a local double glazing firm, and the doors were supplied and fitted by a jointer. A local carpet shop did the carpets and other floor coverings. It was a big job, although the property was quite small.  In all I spent about £12K on it in 1995. I'd expect the cost to be £30-35K now.

BluebirdBeBold

Thank you @tacpot12, that's so useful. If only I could go back and do the job in 1995 🤣

I may end up asking separately as you suggest, but my estimates were as follows for a four bed semi:

Full rewire: £3500
Full re-plumb incl bathroom suite, rads and boiler: £15,000
Plaster whole house: £8,000
Flooring throughout: £6,500
Soffits and fascias: £1,500

End caps and ridge tiles: £750
Kitchen: £12,000
Garage Conversion: £7,500
Take down structural supporting wall (incl and support/beams) and put up non structural wall: £7,500
Windows: £5,000
Legal/drawings etc: £2,500

Which gets us to £69,750, and we'll have £80k available to do the work so a bit of contingency built in but not a massive one...

Have I missed anything big? Or are any of these prices from online research wildly different in practice?  We're in the northwest, just north of Warrington 

FreeBear

BluebirdBeBold said: Soffits and fascias: £1,500

End caps and ridge tiles: £750

Add another £1K or so for scaffolding, and get anything else done above the gutter level at the same time. If the exterior needs painting or rerendering, it makes sense to do it whilst the scaffolding is up.

It would be prudent to have a 30% contingency for any unplanned expenditure. Although, in the current climate, I'd be inclined to take that to 50%.

If you are in a conservation area or the property is listed, you could well find costs two or three times your estimates..