Hmmmm...was it just me, or were these developers working for peanuts? I don't know if their efforts were worth it. In fact, I don't think I would go through the trouble both sets of developers went through for the return they got.
Property 1 - Mansfield
In Mansfield, Nottinghamshire part-time bouncers Danny and Sean are taking on a 2 bedroom Victorian house.
My thoughts:- these guys were a pair of monkeys, literally. They didn't have a clue.
- they seemed so moody. I don't know how Sarah worked with them. Completely unapproachable from what I noticed. Everytime Sarah said something they didn't agree with, I thought they were going to punch her in the face.
- the most experienced handyman was working his usual jobs through the majority of the development, while the inexperienced chimp was left to make a mess. What kind of people work like that? Monkeys. Development is a full-time commitment, or at least it should be.
- When the inexperienced chimp ignored Danny's advice about getting professional help for the tiling and outside door, I was thinking, "you idiot!!!!" I would have been so angry if I was Danny. But then again, if Danny was around...
- the margin for profit was ridiculous. They bought the house for 58k, with a 8k budget. They planned on selling for 80, which leaves a profit of 14k between 2 people. Worth it?
- the finishing of the property was embarrassing. Paint was all over the place- pipes, light switches..etc.
- the kitchen was so narrow, and there were exposed pipes, that were half painted.
The chimps remained close to their budget; it jumped to a mere 11k, which isn't bad, as we Property Ladder fans know. But they stuck to their budget at a cost- a lousy finish. The moody chimps ended up getting an evaluation of 177k, which would leave them with an 8k profit, 4k each. For 5 months work, pathetic. They ended up renting the property out...
Property 2 - Telford
- firstly, the property was awful. I wouldn't have even bothered buying it, especially with the low rate of return they were expecting. The property was purchased for 210k, with a budget of 35k, and they expected to sell at 280k, leaving them with a 35k profit.
- this project was done by 4 people. That's insane. I would never get into such a small development with so many people involved. Again, that's a 4 way split, meaning they were aiming to get just over 8k for 3 months work.
- I liked the fact they listened to Sarah beeny's advice. They weren't the typical "know it all" developers. They actually listened.
- to be honest, I didn't think much of the exterior paint job. It made the property look kinda' cheap(er)
- I thought the interior design was extremely appropriate. Everything was well finished (not too over the top) and the staging was also cost effective and pleasing.
-I liked the decking because of the view. Of course, an idea by the Beeny.
- the project manager and his wife went on a 3 week holiday during the development. That pissed me off. That's such a stupid thing to do. Why would you do that? It's a costly move (which they paid for, because the completion date was prolonged). Like I previously said, development is a full-time job, and you need to make sacrifices during one.
Their budget ended up at 59k, and they got evaluations between 280k-310k. If they reached the top end evaluation, they would stand to make a 10k profit each after 3 months. It's not bad, but is that enough after a full development? Maybe I aim too high. The profit margin was there, but not if it means 4 people get an equal share. But then again, i guess the risks are minimise when more people are involved.
Your thoughts?
Landlord Forum
