Ask George – Episode 2… How do you cost your first project?

Costing Your First Project

How do you estimate refurb costs for the first time?

Be super careful with build costs!

Always get the builder to use the detailed specification from the architect’s working drawings to provide you a quote. This is the only way you will get a true price.

Until they see these they won’t know whether you’re going for small, pencil-necked skirting or four-inch, expensive skirting. They don’t know whether you’re going for ensuites in all the rooms.

There may be an extension on the back, and the builder’s thinking “I’ll build it out of timber, it’ll be cheaper” but the conservation officer says it has to be built out of brick. Again, the price could double there. So you have to be really careful.

“This is a catch 22. If it is speculative you will not have any plans yet! We cover this in our courses where we help people with build costs and common mistakes.”

You also need to explore the services to make sure everything has been covered, i.e. the drainage and roof. Your quote could easily go from £50,000 to £100,000 and leave you with no profit in the deal.

Definitely engage with someone with experience when you’re doing this for the first time.

Hope that helps.

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George Gannon
Property Leverage

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