1st Project Housing Renovation on the path to freedom

in #housing7 years ago

Sorry to all my followers. I have been away for too long working hard on completing my first housing project.

The goal here is to create an alternative income stream so that i have to use less of my time for money.

Project Number 1: Small Terrace

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The although looked like minimal work, turned out to be a bigger job than expected. It needed to be full stripped down, rewired, replastered and redecorated.

It took 4 months to complete in total between putting the offer in and completing. This was due to being in a massive chain and solicitors back and forth as well as vendor delays.

Solicitors fees
Stamp Duty
Mortgage fees

It took a further month to renovate the house meaning the total time it took was 5 months.

What needed to be done:

I created a project plan with timings and owners for each job. Identified the risks and gaps and went on to fill them.

  1. An electrical Survey came back as needing a full rewire as the lights and sockets were all on one circuit. Any failure would mean the tenants would have no electrics for a month. The gas certificate also failed due to electrics so from a health and safety view point, the work needed to be done.

2)Full Replaster: Due to electrics being changed, the whole housed needed replastering.

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  1. Redecoration:

Stripped everything out, redecorated throughout. This took a lot of my time but was worth it. I saw some very old wallpaper whuch made me laugh.

I got a lot of help from friends and family which was much appreciated. Thank you to those that helped out.

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The key lessons learnt.
Ask for help
Ring around suppliers
You will underestimate jobs so double the time you think
Plan everything
Keep a close eye on tradesmen

Take care,
Nathan