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
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.
- 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.
- 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.
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