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A VERY long term project - Finally finished !

This is where we don't want anything but evidence of your finest wood butchering in all its glorious, and photograph laden glory. Bring your finished products or WIP's, we love them all, so long as there's pictures, and plenty of 'em!

Re: A VERY long term project - at last a progress report !

Postby SamQ aka Ah! Q! » 30 Nov 2019, 20:44

JFDI Roger and if any jobsworth want paperwork get a spark to sign it off.


Agreed. And, that is being kind to the average "jobsworth"...I find a long, steady, unthreatening, but unwavering, look and the word "Really?" in a LONG drawl can yield surprising results. As does a prolonged silent stare....Me? scary? Brouhahahahaha....210lbs of fighting fat, I'm just a big cuddly....

Sam
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Re: A VERY long term project - at last a progress report !

Postby chataigner » 31 Dec 2019, 18:57

The next window - ground floor street frontage - takes shape.
Had a rush of blood to the head and bought the oak to make the last two windows and the new front door. The first of the windows is now taking shape in the workshop.

Here is the fixed part of the frame and the first bits of the opening lights - the second part of one of the opening lights can be seen in glue up on the bench. The gaps around the opening lights always look frightening at this stage, but I use the AQ21 wiping seals and they need an absolute min of 4mm, 7.5mm max, so I go for 5-6mm. With three seals in the width, that comes to quite a big gap !

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Hope to be ready to install it next week, but finish takes a while, especially with slow drying in cold weather.
Cheers !
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Re: A VERY long term project - at last a progress report !

Postby chataigner » 05 Dec 2020, 15:28

Oh dear, it's been a year since I posted an update on this. Quite a lot has been done though.

Kitchen corner almost there, one bedroom more or less decorated, false ceilings and insulation fitted throughout, new front door made and fitted, bathroom ready for tiling, etc, etc.

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The last window is nearly finished in the workshop and will be installed before Xmas.

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Cheers !
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Re: A VERY long term project - at last a progress report !

Postby chataigner » 18 Oct 2021, 09:43

At last an update - my wounded ankle requires a bit of rest, so unable to press on with the work, I'm seated at my desk updating this thread. Despite lots of good intentions, I just dont seem to get around to posting very often on this project, but progress has been made, in fact I'm quite close to finishing it. With a bit of luck it should be all done before Xmas and I can start looking for a tenant.

The two big jobs since last posting were the roof and the exterior cladding/insulation. I got professionals in for the roof and they did a lovely job. It was a relatively new outfit that had done a few high profile jobs in the area recently and had had quite a bit of coverage in the local media - so I asked them (along with two other firms) to quote. All three were within a few % of each other on price, but it was terms and conditions that swung it. One wanted 50% up front with no guarantee of completion date, one gave a vague idea of doing it within a year and the one I chose gave a clear date (3 months), but also asked for 25% up front (at signature). To test their resolve I asked for a 10% penalty in the event of more than 1 month overrun and offered just 10% up front. They agreed.

In the event they arrived on the day agreed, worked fast and well and finished in just over a week. I was really impressed by the people, everyone seemed to be highly motivated and worked as a team with no sense of hierarchy. I was interested to find out how they were organised and discovered that all the men in the company are shareholders and they elect their MD for a fixed term of 2 years, then a new election. Salaries are voted and everyone has a profit share. Seems to work !

Anyhow - here is the before :

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and here the after :

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Following that I found the time to fit the exterior insulation and cladding :

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The insulation and membrane were a terrible job - I wanted to be sure I didnt get the insulation wet, so picked a really fine week in mid summer, but working on a south facing wall in the full sun at 38°C was not much fun. I also discovered that you cant lead a ladder against the insulation or the membrane while working on it and had to come up with some innovative solutions... Glad the elf and safety people couldn't see me.

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Notice two fixed lights just under the roof line, these light the attic.

Inside much has been done, the kitchen now has a gas hob and a cooker hood :

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The shower room has a toilet, a shower and a vanity unit :

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and the space under the stairs has been turned into a laundry/utility room :

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Because the garden of little house backs onto the garden of my main house, I hadnt got the electricity connected (no point in paying the standing charge), I worked with an extension lead. As completion approached it was time to make the jump to connection to the supply, but as I'd done the wiring and consumer unit myself I was a tad apprehensive about awkward questions. It all turned out well - the chaps who came to connect the supply and change the meter etc seemed perfectly happy and everything works fine.

Next week (ankle permitting) I lay the flooring in the living room and remove the protective mdf from the stairs and stain/varnish the wood. Then it will be time to contact a few agents to see what guarantees they can offer regarding non-payment - difficult tenants etc before deciding whether to use an agent or handle it myself.
Cheers !
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Re: A VERY long term project - at last a progress report !

Postby Malc2098 » 18 Oct 2021, 10:19

Wow! Nice.
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Re: A VERY long term project - at last a progress report !

Postby 9fingers » 18 Oct 2021, 10:37

Excellent progress David!

I did the tax affairs for a friend a few years back and was horrified by the way agents handled his rental. They took in the region of 10% and for that just passed the details their favoured plumber/spark/builder to the tenant and it was like a blank cheque. they also continued to take their fee and pay out "rent" to the landlord when the tenant stopped paying rent!

We let 6 properties through the family company and manage them ourselves. We are also local but not quite as local as you so can fix stuff quickly.
I look very deeply into the tenants finances including their credit reports and last 3 months of bank statements. I make sure that the rents can be afforded leaving sufficient disposable income for a decent standard of living. Without this there is the potential time bomb ticking for later. I ask for landlords and employers references. There is high demand for rentals in UK so I can afford to be choosy. Recently I have been getting around 20 applications for each flat. At least half are chancers and a'holes, another few "no show" for viewings. Legally we can't charge extra damage deposits for pets so in common with many UK landlords, I'm reluctant to allow pets which is a shame but they can do costly damage and cause nuisance to fellow tenants.

References can tell you a lot. I had one recently where one partner was clearly a regular gambler from his bank statements and only a casual worker. The other partner had a good job, did all the negotiating and was great to deal with.She was pregnant and had been refused by other landlord and agencies which I felt was grossly unfair. I asked for a guarantor for the rental payment from her father which was readily agreed to.

We collect all rents by direct debit which in UK means that as soon as a tenant makes any changes through their bank, I'm informed by email that day or the next. In contrast, payment by standing order means that it is not until after the due date that you know that anything is amiss. DD charges have just gone up but still worth it to me at £9.60 per month per tenant.
Loss of rental income here can be covered by the landlords insurance policy but we don't take up that option.
We can get pro-forma tenancy agreements free online which are kept up to date with the latest law.

Obviously things may be different in France legally and how much info you can ask for.

Good luck
Bob
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Re: A VERY long term project - at last a progress report !

Postby chataigner » 18 Oct 2021, 10:55

Thanks Bob, useful advice - especially insisting on seeing bank statements, I had not thought of that.
Cheers !
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Re: A VERY long term project - at last a progress report !

Postby chataigner » 20 Dec 2021, 18:22

Floors are now laid, the stairs have been cleaned up and treated with a 3 coats of a non-slip varnish stain. Fearsomely expensive, but I'm delighted with the appearance and it seems very tough. Time will tell.

As soon as Xmas is over, I will install the fence panels to divide the little garden from our main garden and then it's contact some agents to see what they can offer - though I'm leaning towards handling it myself - I'm retired, so why not use my time instead of money.
Cheers !
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Re: A VERY long term project - Finally finished !

Postby chataigner » 23 Feb 2022, 17:16

Today was the culmination of quite a few years spent on this project - the first tenants moved in this morning.

I see looking back on the first few posts that I said "not less than 2 years", well it was not less than 2 years, it was around 6 ! :o :o To be fair to myself I have only worked on it when I felt like it, sometimes weeks went by without me touching it and I never did more than about 1-2 days per week at most.

Time will tell what long term expenses I will have but the rental I am getting equates to around 12% of the investment in actual cash. My labour over several years is of course not included in the calculation...

For the next 12m I will try to avoid taking on anything major, there are 1001 minor jobs needing attention and the garden is a bit neglected, not to mention still being president of our local photo club and vice president of the local equestrian society. So time to take a breather and to catch up !
Cheers !
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Re: A VERY long term project - Finally finished !

Postby Mike G » 23 Feb 2022, 19:07

Well done David. You must be relieved it's all done.
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Re: A VERY long term project - Finally finished !

Postby fiveeyes » 24 Feb 2022, 02:59

Bravo David,enjoy the fruits of your labor.
To you... :obscene-drinkingcheers:
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Re: A VERY long term project - Finally finished !

Postby Andyp » 24 Feb 2022, 07:08

I’ve had to go back up the thread to remind myself of how good a job you have done.

Well done for sticking with it. A great job and quite an asset for years to come.
I do not think therefore I do not am.

cheers
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Re: A VERY long term project - Finally finished !

Postby Phil » 24 Feb 2022, 13:01

That is great :eusa-clap: 8-)

I also had to go back a few pages.
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Re: A VERY long term project - Finally finished !

Postby chataigner » 24 Feb 2022, 15:13

The latest photos :

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Cheers !
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Re: A VERY long term project - Finally finished !

Postby 9fingers » 24 Feb 2022, 15:47

Did the agent give you a property valuation after all your work? Just thinking that might give you a better idea of value to base your returns on rather than cash spent over a few years

I suspect 12% return might be a tad optimistic from a business point of view
I reckon on about 6% for the local market round here before any extra ordinary items and maintenance which possibly brings it nearer to 4% plus any capital gain of course.

Good luck with your tenants
Bob
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Re: A VERY long term project - Finally finished !

Postby chataigner » 24 Feb 2022, 17:36

I'm sure you are right Bob, the 12% is calculated on the rental I'm actually getting and the money I've spent. If I add in my labour the figure of course is much lower. Around 7-8% I think is more realistic (based on a guestimate valuation) rather than on costs, and that still does not include operating expenses such as minor repairs, building insurance etc. For those only time will tell. :eusa-think: :eusa-think:

Either way it beats the rate of return on a savings account !! :obscene-drinkingcheers:
Cheers !
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Re: A VERY long term project - Finally finished !

Postby 9fingers » 24 Feb 2022, 17:51

Indeed, these things seem to go in waves. Since Christmas, across 4 properties I've had to replace a washing machine, oven element, an electric shower and two fences but that is the first significant expenditure in the last 15 months.
At least I'm not doing BTL and needing the income to pay the mortgage.

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