Sarah Beeny's Tips On Making Money From Property Development | 4Homes

7. Who's Going To Do The Work?

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Building work in a house, Wanborough. Sarah Beeny on Property Development

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7. Who's Going To Do The Work? (Image 7 of 10)

You're going to have to work on a much bigger scale than you have ever done before (it's nothing like DIY!), so be realistic about what you can take on and what you're capable of. Depending on what's involved, you may have to hire a project manager, and this could add up to 20 per cent on top of the development costs. If you are working full time, you might have to bite the bullet and employ a project manager- decisions will be delayed and work won't get done if you're not around or run into problems. Your mortgage company, however, will still want its interest, eating into your potential profit. Remember that the quicker you can turn a property around, the quicker you will be able to make a profit. If you want to make a career of it, it might be wise to hire a project manger for the first development, but watch what they do as closely as you can to get a good idea of what you will have to do next time.

Find The Right Builders

The builders you choose will have a massive impact on your development. Make the wrong decision and they will end up costing you money - and drive you round the bend into the bargain.

1. Ask at least three builders to provide quotes. Either find companies through recommendation of friends or family, or through a trade association, such as the Federation of Master Builders.
2. Produce a detailed list of what you want done and make enough copies to send to each builder you ask to quote for the job (include architects drawings, if relevant).
3. Check when the quotes come in that they include all of the work you want done (so you can compare like with like), but don't choose on price alone. Visit past jobs to check out the quality of craftsmanship.
4. Draw up a contract between you and the builder, spelling out exactly the work that is going to be carried out and when it should be finished (with a penalty clause if they have not completed by this date).

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Comments

Hi Sarah, excellent tips, particularly on the money front. What a calamity can arise from a purchase not surveyed or properly researched! I always look at my budget and double it as a contingency. I know that's probably beyond the means of your small developers starting out, but I've always found better to be safe than sorry. Also I've found attending local council meetings can yield a wealth of information about planned development and local service extensions. Never mind the fact that having a recognizable face for meetings with civic leaders is never a bad idea!

Posted by Chris Builder on 27/10/2009 04:26:29

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I am plannning to buy a new home and have a good deposit. I have seen a house, 2 receptions, small kitchen and bathroom downstairs, and 2 bedrooms upstairs. The house is detached. As the house requires 'total renovation', damp proof course, treating damp floor, central heating, electrics, re-plastering and new windows, I wonder how best to get quickish quotes as to how much this work would cost,many thanks.

Posted by Karen on 12/10/2009 15:08:00

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We live in a 1930's Semi, 2 bedrooms.It already has a sigle story extension at the back of the house (wich is a large kitchen and down stairs bathroom), need advice on wether it's worth building on top of the extension to make it double story . we chequed wether it had suttable foundation for the extention and it does so we dont have to pay. Also we want to rearange upstairs to have a corridor to lead to the extension and a staicase to the loft, we want to add a room upstairs as a study/bed room but then really you need another bath room for it to work (mabey an on sweat in one of the rooms ? ) . As this is all very costly would it be better to just do the extension get on to the next property ? Any and all advice would be welcolme .As this is our first house we have bought ,we dont really no what makes a profit ! Also should we be conserned with ceiling price ? I really want to become a property developer but as i am only 20 and have little money to invest is there something i can do in the mean time to help me for the futer ? ps love the book (The developers bible) Thanks , sam .

Posted by s j gilbert on 25/08/2009 17:01:38

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Hi Sarah, My partner and i have just brought a 3 bed semi detached house, it has a lovely view of fields out the back. we can't decide if we should do a loft conversion, as it is 3 bedroom and we would have to lose one to make a loft room. We did think we could use the cupboards under the stairs to go up to the loft, but the chimney breast is there, so we will have to lose a single room to create a double room and en-suit. what do you reckon we should do, forget it and do up the rest of the house or go for it?? Also down stairs we have a big lounge, dinning room, kitchen and garden room that all connect. The garden room needs knocking down, as it is a bad extension. We would like to build a wall between the lounge and dinning room, but are not sure if we should build a bigger extension that covers the kitcen so we can make a big kitchen dinner, or should we put a conservatory on the back, so we do not need planning permission. I can send you pictures of these, or your welcome to visit. we both love your shows and would love your advice as this is our first house. Thanks for your time.

Posted by Sophie on 13/07/2009 20:54:27

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Sarah, I am trying to get in to property development and wondered what type of property you would recommend for a first project? I am very pasionate about making this work and really want to get it right for my young family. Any advice would be much appreciated

Posted by Freebe3 on 17/06/2009 20:13:05

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Hi, can you telling if i change the garage into living space. will i devalue my house or made money? great show by the way! sarah

Posted by sarah on 15/06/2009 17:05:59

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Hello, I would love to begin a career in property development. I am young and willing to learn but i have no idea where to start, do you have any adivce? Laura

Posted by Laura on 02/06/2009 10:41:49

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How can i find an old episode online, dvd, on television? Its from either series 2,3 or 4.; Its a woman who does a development herself (not the one with the tiny garage ). she extends out the back of the house and makes it huge. I'm sure the living room is contempory and is L shaped. I am also sure it has the bifolding doors out into the back garden. I anyone can remember the name of the episode or where i can get it. Please email/reply.

Posted by ALAN MONTGOMERY on 01/05/2009 13:51:42

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thank you Sarah. these 10 pages have been very informative.

Posted by Susan Davies on 08/04/2009 18:06:13

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Sarah would it be possible for you to be able to recommend a builder in North Devon who could oversee a bathroom, kitchen, en-suite refit, fit new internal doors, replace skirting boards, window sills, door surrounds, UPVC back and front door, re-plastering or all internal ceilings and walls, painting and many other jobs like that. The is builder would have to be able to work from insturctions by e-mail or phone as my husband is working for the army in Cyprus and we will not be returning to the house until the end of July? Thanks very much for your help.

Posted by Kathy Cottle on 04/04/2009 08:51:40

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We live in a 1930's Semi, 3 bedrooms.It already has a sigle story extension at the back of the house , need advice on wether it's worth building on top of the extension to make it double story . Also we want to rearange upstairs to have a corridor to lead to the extension and a staicase to the loft, we want to add a bathroom upstairs and keep the 3 bedrooms . We are not sure who to talk to and if it's possible to do ?? Any and all advice would be welcolme . Love your show and really respect your advice , it makes us mad when people don't listen to you . Many thanks , Kristi .

Posted by Kristi on 26/03/2009 10:45:35

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Loved your series and really miss it. I have just bought a house with huge potential. I plan on working on it over the next couple of years and eventually selling it for profit for my pension. The house has so many possibilities for renovation and extension that it becomes confusing. I have limited money for renovation and need advice on the best way to utilise my budget in order to maximise profit. Are you doing a new programme soon, as I would love to take part?

Posted by Rose on 15/02/2009 14:20:11

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we are going to convert our garage into a room and extend the utility room,linked to the garage through a door and build onto the utility room a possible wet room. this room is into the garden and wiil have shower and toilet plus wash basin, is this prefferable to an ordinary shower room? thanks for a great series.

Posted by reggieboy on 11/02/2009 20:45:41

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Great series. Your talent for disagreeing with folks who ignore your advice in such a polite way is an art! I wish you would do a series about renovating property abroad. We are taking the plunge and buying a house in Abruzzo, Italy that needs quite a bit of renovating. We would love to have your advice about layout, style.Unlike some of your guests, WE would listen to you and take your advice. You are THE MASTER!

Posted by wendy on 31/01/2009 05:05:36

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Hi Sarah, love your show and though it shows a glimer of what property development entails it is always an inspiration to go out and try it myself. I have for many years been put off the idea to investment and take a risk as my finances is limited and have always played catchup with the booming market of pre-credit crunch. Now that the market has taken a turn I, and I'm sure everyone else, believe opportunities are arising in more favourable terms. An area to which I would like to explore are not residential homes but in business premises. It's a steep challenge to investment in London, however, it is my preferred location and any advise will be much much much appreciated! Hope to hear from you soon.

Posted by Fan of Show on 28/01/2009 21:27:41

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Do you have any advise on where to buy from. Can you advise on buying at auctions? Thanks

Posted by Ian on 21/01/2009 00:36:55

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Hi, I really want to start in this area of property development, but just need a little guidance as to where to start firstly and how to assess what a good area would be and how can i find a delapidated house(s) to choose from? please help. ranj

Posted by ranj on 07/01/2009 21:30:29

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Dear Sarah, Please advise where to start - I have a 3 bed semi in St Albans and urgently need GOOD advice on extening it to 4 beds ensuite, utily & conservatory. Can't afford to move but have considerable financial reserves - would be happy to be show "guinea-pigs" Sincerely, John

Posted by Bebbspoke on 30/12/2008 11:30:55

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your tv appearancies in todays climate need to be dated, graet show, perhaps today look more at pitfalls kind regards mark

Posted by markodickens on 17/12/2008 12:04:58

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7. Who's Going To Do The Work?

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