Valuing a Property - Knowing How to Calculate a Refurb is Vital

In this episode, David goes through exactly what to look for in an average 3-bed property when you are calculating a refurbishment. It’s key that you understand exactly what you need to look at when you are viewing the property and work out if you need to replace or repair. David takes us through room by room so you know exactly what to look for, what makes the difference and how to approach calculating a refurbishment so your numbers mean you have the right information when it comes to making a deal.   KEY TAKEAWAYS The skill and experience of knowing how to  value a property is key When you are viewing the property look closely at all areas to identify whether you need to replace or can repair. When potential tenants view it’s the worktop, handles and taps they notice It’s always about the first impression. Always have a contingency, items such as skips are easily forgotten and have a significant cost. You need to carefully view the property and review the state of the electrics, heating, windows, doors and outside areas. Part of valuing a property is calculating the refurbishment When you know what work needs to be done phone around and find out how much it’s going to cost. Calculate your refurb correctly with 15% contingency and you will have the numbers you need for a good deal.   BEST MOMENTS ‘The progressive community will also be able to help with people who have extensive experience’ ‘You need to know the numbers where you are in the country’ ‘Ask yourself ‘What do you actually need to replace?’   VALUABLE RESOURCES  Property Sourcing Profits Podcast https://www.progressiveproperty.co.uk/ https://unlimited-success.co.uk/ https://www.facebook.com/groups/progressivepropertycommunity/    ABOUT THE HOST David is a property expert with over 25 years’ experience and his own portfolio of 26 units. His current rent roll is in excess of £10k per month. He is also a partner in a Deal Sourcing and Packaging business in the North West of England and has sourced over 250 properties for investors since 2004. In recent years he has, by necessity, had to develop an expertise in LHA strategies. This area is increasingly becoming a niche for him, and he enjoys empowering other landlords by sharing the knowledge he has gained. The ultimate purpose when sourcing properties in this sector for investors is to minimise risk while maximising profit. He has had to find answers to the challenges of Tenant Find, Management, ensuring rents are paid and the transition to Universal Credit. These are strategies he uses in his own business and also on behalf of investors. His investor clients regularly achieve annual gross yields of over 20% with high occupancy rates and voids resolved, sometimes within hours.   CONTACT METHOD https://www.linkedin.com/in/david-siegler-7b126316/ https://www.facebook.com/DavidSieglerInvestments/