Homes under the hammer. Refurb costs

adam88

Not sure if the right forum, I enjoy watching homes under the hammer (basically English small scar developers buying run down properties and doing them up to sell on) but one thing I just can’t understand is how cheap the refurb costs are. Tonight for eg, a lad did a total refurb of a flat including new bathroom suite, tiles, new carpets, insulation, new kitchen and appliances for 7k.

Now I know currency differences and that but I can’t get my bathroom changed for 5000 never mind a whole 2 bed flat. Are we being ripped off over here or am I missing something

Idbatterim

We are being robbed here!

Rodney Bathgate

They are going for the cheapest of the cheap. Crappy appliances, crappy counter tops etc. Most people will not do that if they are fitting out their own home.

Plus trade prices, ex-VAT and if they flip or let out enough properties they likely get discount for repeat business / exclusive supply etc that the public won’t get.

Plus they will project manage the work themselves and often are tradesmen so do some work themselves or have tradesmen lined up / working for them at rates joe public won’t get.

NIMAN

Plus, are they telling you the truth?

And if doing the work yourself, you don't have any labour charges.

Rodney Bathgate

Yes, a bit like Wheeler Dealers never including Ed’s time in the costs.

mickdw

Ive often thought the same.
Sure they will have tradesmen who work alot for them but most of these investor types dont do alot of the building work themselves. Some of the pricing is mind boggling and getting mates rates just doesnt explain the difference between here and there.
Im involved with new build construction here and to be honest what they would quote 20k sterling for would be 100k euro here, it that madly out of whack.

NIMAN

Rodney Bathgate wrote: »

Yes, a bit like Wheeler Dealers never including Ed’s time in the costs.

... and you wonder why Ed left.:D

CBear1993

Because ireland is an over inflated ****show of a construction industry. Go around any new build houses / apartment blocks and ask the people who have moved in - the snagging list is endless. Tradesmen still coming into your home as you live in it upto 2 years after. Mental.

It’s a vicious circle. The developers shaft the main contractor who in turns shafts the subbie/ ordinary tradesman. That ordinary tradesman has to recoup the costs somehow when he’s doing small jobs like home improvements.

adam88

mickdw wrote: »

Ive often thought the same.
Sure they will have tradesmen who work alot for them but most of these investor types dont do alot of the building work themselves. Some of the pricing is mind boggling and getting mates rates just doesnt explain the difference between here and there.
Im involved with new build construction here and to be honest what they would quote 20k sterling for would be 100k euro here, it that madly out of whack.

Yip. The last show I saw last nite involved completely tearing down the flat and putting up new walls. Quality of the stuff looked good. 7k. Like I said I can barely get a new bathroom here for that price

steinbock123

That program’s been running for years and they show a lot of repeats, so sometimes they show a program that was shot 5 or more years ago.
But I know what you mean, prices are still ridiculously low.
As are the cost of the houses themselves to buy at auction, and as are some of the rental rates quoted, compared to rents here at any rate.

splinter65

My mother is nearly 86 and she sits shouting “Lies! It’s all lies!” when any of these shows are quoting costs for refurbs.

Gumbo

Labour rates.
Cheap materials.

The most expensive items they use is the paint and that hides what actual materials they used.

Building is cheap here if you can do all the work yourself.

mickdw

Gumbo wrote: »

Labour rates.
Cheap materials.

The most expensive items they use is the paint and that hides what actual materials they used.

Building is cheap here if you can do all the work yourself.

But its not just paint. They could have new windows and doors internal plastering. internal timberwork, new kitchen complete, new bathroom all fitted out with new carpets and floor finishes throughout and all repainted. Cost maybe something like 9k.
You might get the kitchen units swapped out here for that.

Gumbo

mickdw wrote: »

But its not just paint. They could have new windows and doors internal plastering. internal timberwork, new kitchen complete, new bathroom all fitted out with new carpets and floor finishes throughout and all repainted. Cost maybe something like 9k.
You might get the kitchen units swapped out here for that.

Like everything else in the UK, cost of living is lower.
Cars cheaper, insurance cheaper, houses cheaper but wages are cheaper too outside of London which has its own financial market.