The Property
This bungalow presented itself as a straightforward refurbishment project, the agent needed to move quickly because previous sales had fallen through twice. She had 4 offers on the table, but none were proceedable as they were in a chain, (they had to sell their property to buy). This shows high demand for the type of property in Whitchurch, a peaceful village adjoining suburb of Southern Bristol, so a flip would be easily achievable. The property needed a new kitchen, bathroom, installation of gas central heating, and new décor throughout.
The Plan
We wanted this to be a quick turnaround, and therefore decided to go with our main contractor who we had worked with previously. We provide the materials that customers can see, and he provides the building materials with labour.
The Journey
Our idea was to make the kitchen and living area open plan by taking down the separating chimney wall. Before getting started, however, we decided to get the estate agent’s opinion on our design, since she knew the clientele. Buyers for bungalows are likely to be locals who had lived in the surrounding area prior to downsizing. The agent advised that the locals were unlikely to prefer the open plan format, and recommended investing in improvements to the property elsewhere. After some thought, we obtained a quote for a large decking area extending from the living room though a full wall-sized bi-fold door. This would create a wow factor addition to the house!
While the property was being cleared, we collected some quotes. Unsurprisingly, the cost of new decking, removing the old wall and installing new bi-fold doors exceeded our budget. So something had to go, unless of course….
‘’An agent contacted Emily about keen buyers, they arranged a quick visit, and a sale was agreed at full asking price the next day!’’
The offer was subject to having the deck and bi-fold doors installed. To our surprise, the buyers offered to pay for half the cost of installation as well; what a great deal! It really pays off to keep your agents informed about your actions. In this case, the agent knew about our bungalow flip project, hence the recommendation came our way.
James put together a schedule of works for the builder, detailing each section for different trades, this is so it is accessible by all and not just the main contractor. Realising that we may still be over budget, Emily volunteered her time to assist in building the deck, ultimately not only reducing costs in labour, but also allowed her to learn about decking.
The wood chosen was Douglas Fir, it is durable and resistant to rot, decay and insects, which makes it perfect for outdoor projects. It is a dimensionally stable wood with few knots. When it expands and contracts in response to moisture, although all wood products do, Douglas Fir does so more evenly. It is unlikely to warp and buckle especially if clear vertical-grain products are chosen.
It is crucial to ensure the levels of the deck are accurate, especially when coming off an existing building with doors, in this case the living room with a bi-fold door. The level of decks had to be below the damp proof membrane to prevent any form of water from entering the property through the layers of bricks above the damp proof membrane, this is to prevent damp in the future.
In just eight weeks, the whole property was upgraded with a new boiler and gas central heating system, full rewire, new fully fitted kitchen and bathroom, new flooring, and decoration throughout, new deck and bifold doors. We were happy with the turnaround time, but sadly had quite a few areas where a delicate touch was required to ensure a lovely finish. As a result, a snagging list with pictures, documenting what needed to be rectified was provided to the builder.
We pay our builders with milestones and in instalments, never up front. The last instalment of payment held back here was particularly useful as leverage, we were careful to ensure that until the certificates were provided, and work had been rectified, the money would not be paid. In this case, our builder decided to leave the rest of the work and forfeit the money, so we had to hire a skilled handyman to finish the work, as well as buy indemnity insurance for the installation of bi-fold door.
Highlights:
Purchased discounted due to being a chain free buyer.
Sale was agreed before refurbishment was underway.
Quick 4 months turnaround! Bought 9th Oct, sale complete 9th Feb
This project was done with none of our own money.
Quick tips:
Try to obtain at least 3 quotes with same schedule of works before choosing your builder.
Get the local agent’s opinion on the layout of the property, they know what sells and what will not.
Volunteering on site is a good way to learn more about the ins and outs of a particular job.
To know more about investing with EMJA Group, please contact us here.
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