With our build team, we have invested considerable time in calculating costs on several property refurbishments, ranging from light refurbishments to back-to-brick renovations. This exercise has provided us with valuable insights, tips, and shortcuts on how to price up renovation projects, which we believe will be beneficial to anyone starting out in property investment in the UK.

 

We strongly recommend that property investors undertake this exercise, as it will enable them to effectively identify the necessary works and associated costs, thereby reducing the risk of overpaying for their next property investment project.

 

In addition to using a laser measuring tape to quickly obtain the dimensions of a room, we have found that other tips and shortcuts can be helpful. For instance, creating a template list of typical works that need to be carried out for each room type can reduce the time required for estimating costs. Additionally, utilising a detailed cost tracker can ensure that expenses are accurately accounted for throughout the project.

 

When costing up our own projects, we found that it was important to consider both the direct costs of materials and labour, as well as indirect costs such as insurance and finance costs. It is also essential to factor in a contingency budget to cover any unforeseen expenses that may arise during the project.

 

In summary, the exercise of calculating costs for property refurbishments is an essential tool for anyone starting out in property investment. By utilising tips and shortcuts such as using a laser measuring tape, creating a template list of typical works, and utilising a detailed cost tracker, investors can ensure that they accurately identify works and associated costs, thereby reducing the risk of overpaying for their next investment project.