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First Development

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  • First Development

    Hi all,

    Please could I have some advice?

    I'm looking to buy a property to develop. I'm going to follow the advice such as a ensuring manageable first project and buying at the right price etc.

    What I'm concerned about is the management of the project and the order of the work. i.e. if I find a property that needs a new bathroom, kitchen, needs new electrical wiring, and I decide to board out the loft ... what order should these tasks be done?

    I guess I get the electrician in first, then the plumbers, then the plasterers, then the decorators, but is there any guidance on this or does it just depend upon the project?

    Are there any guidebooks, or will the trades guys advise on this?

    Also, any advice on finding goods trades? Are any of the websites reliable?

  • #2
    Re: First Development

    173 views, but no replies? Is this forum still working? or has my forum id put people off?

    Nevermind, I'll try another question?

    For my first project I've found a 1 bedroom, two story terrace that I'm putting an offer in for £85k. I have a £25k deposit. It needs a total refurb for which I'm budgeting £20k (with a £5k buffer).

    I'm planning 3-4 months for the refurb as it's my first project and I have a full time job.

    Included in the refurb will be an attic conversion to create an additional en-suite double bedroom. I know this is possible because identical houses on the street have had this done.

    The going rate for a recently refurbished house like this, on this street is £135k.

    Does anyone have any advice on what type of mortgage is best for a project like this? i.e. will I have to pay an early get-out fee?