Effort and energy required for a cosmetic do up?

[YayHouses]

Hi Guys,

I'm in the process of buying my first investment property. My intention is to do a cosmetic doup, replace carpet, new paint, upgrade bathroom, maybe add a bedroom. My question is, how much time is required on my part? I came across these guys called "renovate to profit" (google it), and they seem to handle everything for you. As I have full time work, is it realistic of me to expect minimal effort on my part? Has anyone used them before?

Thanks for reading

[DaveW]

It's a good idea to do the first do up yourself or at least as much as possible then on your next one you know what you are talking about to project managers and contractors. Otherwise how do you know they are not ripping you off? Also make sure you have enough capital with a 50% contingency. Apply for new credit cards if you have to. Take advantage of the balance transfers which are cheaper mortgage rates.

[jimO]

probably the only thing you need to do is sign cheques

[wicked100]

Replace carpet. check. new paint check. upgrade bathroom check -looking simple enough so far...... Add a bedroom?? no longer a cosmetic do up!

I think the question you should be asking yourself is "how much time can I realistically put into this project" But I'm afraid that the time to ask that is BEFORE you buy.

I've been in this position myself, I was a shift worker, and quite frankly, it was extremely hard to juggle.
My "builder" let me down and I was forced to look elsewhere in a hurry!

Ended up getting Hire a Hubby in but was a little suspicious of the amounts being invoiced. Still, it worked out in the long run.

My advice ?? do as much as you are able to do yourself. Be realistic though, get advice from qualified people if you need to, weigh up how much your time is worth to you, the speed you can get things done versus paying for someone else to do the job.
If you do get someone in, be there as much as possible, ask questions and observe.
Good luck

[Reno Man]

Here are some facts on renovations in New Zealand

1. Over 85% of all renovations carriedout in New Zealand run over their expected timeframe.

2. Of those that run over their timeframe 50% take twice as long or more to complete.

3. Over 90% of renovations exceed theclient’s initial budget.

4. Of those that go over budget over40% go over by more than 50%.

5. It’s estimated that up to 40% ofcontractors in New Zealand have no public liability insurance or the wrong typeof cover or it is insufficient for the work they carry out.

6. Unresolved issues with contractorsare the biggest issue in the disputes tribunal in many parts of New Zealand.

7. Both building new and renovatingfeature in the 10 most stressful things that happen in our lives.

[Reno Man]

Companies that do the whole project don't want to work in with contractors they cant control as it costs them time and money when they don't show or are late and they hold everyone else up. Either have it done completely or do it yourself. Half and half will cost you a lot more and simply wont work I can assure you. PM me if you need any advice I'm happy to help -w e do about 75 renovations a year for investors and home owners now so your welcome to tap into that experience if it helps you first time around. cheers Mark @Maintain To Profit

[YayHouses]

Thanks for the feedback everybody; the consensus seems to be to not bite off more than I can chew. I agree adding an extra bedroom does seem a bit ambitious at this stage. Ideally I won't need to rennovate at all, but if I do I'll post my progress.

[jimO]

Companies that do the whole project don't want to work in with contractors they cant control as it costs them time and money when they don't show or are late and they hold everyone else up. Either have it done completely or do it yourself. Half and half will cost you a lot more and simply wont work I can assure you. PM me if you need any advice I'm happy to help -w e do about 75 renovations a year for investors and home owners now so your welcome to tap into that experience if it helps you first time around. cheers Mark @Maintain To Profit

actually as a contractor i would much rather work for the owner than some outfit that thinks it can "control" me and on any of the jobs i have been involved in its the "main" contractors monkeys that hold up the job, your rates seem excessive as well $45 a hr for a handy man you wouldn't get much work in Dunedin

[Reno Man]

Our rates are mid range for Auckland and we have no plans for Dundein as our growth year on year in Auckland is always above our expectations, I agree many contractors dont fit the model but the whoe of the NZ building industry runs this way form large commercial to residential building so it has a long history. The majority of contractors are great builders or tradies but struggle with either their sales or admin functions after being on the tools all day or chaisng debts and get into trouble. They dont have those concerns whne they work for us as we even help them with their helath and safety policies if necessary and they also need to have PL insurance to work with us - so generally they have a safer business for them and their clients. Its horses for courses however as you say. That whats great about this forum its great for advice and experience.

[Petals]

So a handyman would cost the customer 51.75 if you account for the GST.......

[grip]

Our rates are mid range for Auckland and we have no plans for Dundein as our growth year on year in Auckland is always above our expectations, I agree many contractors dont fit the model but the whoe of the NZ building industry runs this way form large commercial to residential building so it has a long history. The majority of contractors are great builders or tradies but struggle with either their sales or admin functions after being on the tools all day or chaisng debts and get into trouble. They dont have those concerns whne they work for us as we even help them with their helath and safety policies if necessary and they also need to have PL insurance to work with us - so generally they have a safer business for them and their clients. Its horses for courses however as you say. That whats great about this forum its great for advice and experience.

In your opinion what is the minimum threshold for jobs to be project managed? And how much extra does this add to the cost of the project? Eg is your fee 10% of project cost?

[lawt]

In your opinion what is the minimum threshold for jobs to be project managed? And how much extra does this add to the cost of the project? Eg is your fee 10% of project cost?

What do you mean by project managed?
Someone really needs to manage any project don't they?
This may be the owner, architect, engineer, builder etc or heaven forbid dedicated third party project manager.

Now the rest of them seem to be fairly competent, but in my experience the only reason I can see to use a third party project manager is to 1) add direct cost for the manager 2) add cost by increasing the length of time taken to resolve any issues that will invariably arise. 3) create confusion as to responsibility and lines of communication. So my advice would be to never use a project manager at all - leave it to the architect.

[Davo36]

If it's just a cosmetic do up most people would manage their own. Unless perhaps, you've got a high powered job where you are better just to focus on that.

For full on development I'd use a development manager again. The one I used cost 5% of the build cost and he saved me heaps in time, stress and actual money.

[CHCH-Property]

Here are some facts on renovations in New Zealand

1. Over 85% of all renovations carriedout in New Zealand run over their expected timeframe.

2. Of those that run over their timeframe 50% take twice as long or more to complete.

3. Over 90% of renovations exceed theclient’s initial budget.

4. Of those that go over budget over40% go over by more than 50%.

5. It’s estimated that up to 40% ofcontractors in New Zealand have no public liability insurance or the wrong typeof cover or it is insufficient for the work they carry out.

6. Unresolved issues with contractorsare the biggest issue in the disputes tribunal in many parts of New Zealand.

7. Both building new and renovatingfeature in the 10 most stressful things that happen in our lives.

Interesting figures, where is the data sourced from??