Number 1, unless you are already in the trades, or freakily good at DIY, you will need to learn new skills, which takes time (and potentially money if you have to pay someone to teach you)
Number 2 if you are not in the trades or freakily good at DIY, and you don’t learn the new skills you need and you really know what you are doing, you probably aren’t going to do a great job on your refurb. And you will almost certainly take longer doing a poor job than someone who knows what they are doing, and who does a great job.
Number 3, if you are reading this post I am probably safe in assuming you are (reasonably or really) ambitious about your property business. There are more valuable tasks you should be undertaking to grow your property business. Two of the most important are:
- Finding deals
- Finding finance
And in my opinion you should use your time for these, and not so trying to save a few quid trying to fit the kitchen at your refurb project.
Most of the time, doing it yourself is a false economy.
When I tried doing a lot of the work on my first refurb, every time I finished a task, I had to get someone in to undo what I’d just done and do it again for me.
That wasted time.
It wasted materials
And it would have been much quicker and less costly just to get someone in to do it from the start.
Not to mention the opportunity cost of me not being out:
- Finding deals
- Finding finance
Here’s to Successful Property investing
Peter
Peter Jones
(ex) Chartered Surveyor, author and property investor
http://www.PropertyRenovationProfits.co.uk
By the way, I’ve rewritten and updated my best-selling e-book, The Successful Property Renovator’s Workshop, will show you how to organise and undertake your renovations and guarantee yourself a profit every time – based on the more than 100 property renovations I have undertaken over the last 25 years.
For more details please go to:
https://www.propertyrenovationprofits.co.uk/the-successful-property-renovators-workshop/
And, of course, there’s also 63 Common Defects in Investment Property and How to Spot Them, in which I’ll show what to look for when buying a property, and how I inspect my properties to give myself the best possible chance of understanding the structure and any repairs and improvements.