I BOUGHT A CHEAP FLAT
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- Опубліковано 30 лис 2022
- Today you join me on a tour of a cheap flat that I have just got the keys to (eleven months after my offer was accepted). It needs a fair amount of work doing on it so this is the first of several videos.
Thank you for watching. I would greatly appreciate a thumbs up if you enjoyed it and don't forget to subscribe for plenty more videos to come.
Thanks to Ryan Yates for the drone footage. Check out his channel below: / @rmyates
#property #propertydevelopmentuk #propertydevelopment #housetour #fixerupper #homerenovation #houserenovation #buytolet
Hi Matt. A word of advice on your rental property portfolio. Try and standardise across all your properties ie use the same paint colour from the same manufacturer, same kitchens, door handles, light switches, sockets etc. Makes maintenance in future much easier. Trust me if you have different colours of paint from different manufacturers you will end up painting full rooms because you can’t remember what the paint was. If they’re all the same you can paint individual walls to freshen up when tenants change. Good luck.
Nothing wrong with those radiators, leave them alone.
Rustins do great Rad enamel
@Robb Flynn Sorry but We all have different tastes your majesty
@@MotorTorq_ZA what’s the point of spending money on replacing them if they work fine your there to make money not spend it the next owner will probably change half your work anyway no need spending too much on some things
@@run19O they’re old fashioned heaters
@@run19O we’re living in 2021 not 1921. We’ve got King Charles not King George
We need a 'house vertical' report to check for mot failures, outstanding finance, mileage discrepancies and previous accident damages etc. Got to check service history on these older examples too. Seriously though, this looks like a great project and will make a lovely home for someone. Can't wait to see it finished.
Ahahaha
Perhaps call it "Peak Properties " ?
Do I get a V5 logbook as the owner of a new property?
Replace the boiler by all means but I'd leave the radiators, I'd fit new thermostatic valves maybe return valves too and it's job done.
Would second this. But take the rads off, wash all the sludge out, repaint and refit with TRVs
I love the style of these videos they’re great. The editing is so clean and the financial transparency is a rare and worthwhile addition. I also really appreciate that it’s very similar to High Peak Autos yet so distinctively a different Channel. Keep up the great work. Maybe a house tour of your own place sometime?
Yes he does it in a way which is easy to follow and understand and inspirational
Thanks! Maybe one day
@@highpeakproperty Read, study and inwardly digest Mark Richardson's post. It is all *very* sound advice. Too many people do far too much on a refurb, and do what they want, rather than leaving if for the tenant to live the way they like to live. You are trying to force your standards onto them. All his suggestions are extremely sound. The lights over the bed is a great idea, without going ott. No need for extra sockets or usb either. Rads are fine, just need a re-paint (unless they are not working - if it aint broke don't fix it). I would also leave the kitchen units, but obviously add hob/oven. You just need new door-fronts. The bathroom is your most expensive job, I've just done a change from bath to shower, which is much more expensive than a bath, but much more convenient. Your refurb cost should be in the region of £7,000 - try not to overthink it.
This is my first time seeing your video, and I hope you will keep us all up to date with what you are doing, and look forward to seeing the end product. Best of luck 👍🏠🏠🏠✔
@@joline2730 I think that Matt may decide to reconsider some of his options, but regardless, it's his property, and he can do whatever he likes with it. It's his money, and I very much doubt if his tenants will be complaining about the extra upgrades he's done on their behalf. Getting all the work done before he lets it is far better than making adjustments later on, once tenants have moved in. You seem to be complaining about his extra efforts to bring the flat up to his own high standards, rather than 'trying to force his standards onto them'. (paraphrased). Most landlords in my experience try to spend the absolute minimum amount of money on refurbishment costs.
You also seem to be forgetting that all this renovation work is necessary in a flat of that age, to allow it to be let in the first place. Most tenants will want a modern style flat for £750 a month rent.
@@NomadicNight Yes, of course, mine are only suggestions, and he can do what he wants - I'm only trying to save money, inasmuch as not doing things that don't really need doing, like the rads, for example. You can spend, and keep on spending on a property, the trick is not to go over the top. I am sure he will do a good job, but better to aim for a good paying tenant than try to squeeze a high rent. My opinion only !! 😄
Radiators can stay as the other comment suggested!! Nothing wrong with them, wash them get them painted if necessary, I also advise you to place a bath tub with a shower, not sure who has the time but apparently it's a selling point! The apartment could be sold to a young couple who eventually have a kid! Widen the scope of the potential buyers..
What paint them so their already way less efficient than they already are? Tool.
Replace them with some type 22 double convectors. Who would renovate and keep radiators from the 80s 🤣
@@bobby5634 exactly! So inefficient compared to the type 22’s
@@andrewgould9395 putting smaller radiators in suggests you're not that bothered by efficiency, you need to target a lower flow temperature if you're aiming for an efficiency improvement.
Roni: I totally agree the rads can stay. Other people are stupid, if it aint broke don't fix it. I would just clean and pain them.
Nice one, before you put new floor covering down just check the copper rad pipes in the floor have been wrapped - concrete and copper don’t mix and I’ve had to hack through new floor coverings to fix leaks over the years, not what you want in a flat and especially when rented out.
Definitely need to wrap the rad pipes in concrete floors.
Nice find Matt, Perfect bread and butter stock. But we do need to work on your negotiation skills. A couple of points if I may:
1) Wall down and breakfast bar - Agree, the small outlay will make a massive difference and really make the property look more modern.
2) Cupboard into a wardrobe in the 2nd bedroom - Agree, just what I would do too.
3) Bathroom - If this were a house 100% I would say keep the bath as that is always high on the list of wants for families. However, your target market is more likely to be single professionals or older/retired people so I think the shower and more space in the bathroom will appeal to them more.
4) whilst the box housing the extractor fan ducting is annoying, it's not really taking up any usable space, so the cost of ripping out and making good won't give you any return on your investment. Personally, I would leave it, re-route the fan via the loft if you wish, and maybe add two down lights recessed in the old box to be over the bed lights.
If I can share a word of advice, you need to treat these properties more like your part exchange cars, you are always saying you could do X,Y,Z to improve the car but it's not worth investing your money past a certain point. Well, the same for property rentals. Things like media walls and moving the light in the hall won't add money to your rental. In fact, people may hate having a media wall as you are forcing them to use the room how you configure it. If you were flipping the place then I would agree with these things as you want the property to really stand out. I was the same when I started out, I used to gut the places entirely and start from the ground up. However, after a while, I realised a fresh coat of paint, new flooring and a kitchen and bathroom update make a property look and feel fully refurbished. Plus you can turn the properties round much faster and save thousands. I can honestly say all tenants want is a clean and tidy property they can call home. And if you want a lower turnover of tenants, offer the property unfurnished. But you are well on your way.
I'd totally agree with this. Also the blue bedroom doesn't need plastering. Wall repairs and Eastville it'll be perfect for painting. Don't get carried away. Don't put usb points in. Its a cost you don't need.
I’ve never understood the fascination with open plan living especially in small flats. The ability to close the door to the kitchen and keep cooking smells in there is underestimated. Also, no one needs to heat a kitchen so if you can close the doors on the living room you only need to heat that space
Totally agree. It's easy to get sucked into making a place like you'd want it if you were living there. I'm not convinced tenants want to same things. How much more rent would you get for the cost and hassle of moving the hallway light and fan ducting? I'm not even really convinced about replacing the radiators.
@@moosic2i Agree. I cook fish and spicy food and while I enjoy eating them I don't want the rest of my home smelling of cooking smells. So having a separate kitchen is useful. I think a lot of new builds use open plan as an excuse as you'd see how small the kitchen and living room are if they had dividing doors/walls.
I bought a very similiar flat from an elderly lady who had to move to a retirement home. I did a full a renovation myself other than the plastering and electrical testing. The main advice is to keep to budget and keep it simple. Don't think about what you like but just what does the job and looks nice. Avoid grey as that's out go for white and neutral colours. My flat is now rented. Good luck Matt. 👍
Loving the new channel, really enjoyed this one, cant wait to see it all done.
Looks great Matt, will look forward to see the finished project
Thanks so much this is a really helpful video to learn from. 😊
A lot of these jobs and ideas sound like the sort of thing you do to your own house, not necessarily to a rental property where it is all about return. Such as the bathroom extractor re-routing
Absolutely right
You're smashing it 👏🏻
Really good channel - Thank you 👍👍
Looks like a solid property, looking foward to seeing progress
Great presentation Matt. As always no nonsense and straight to the point. Love the way you way you have diversified into this new channel running in parallel to High Peak. I think you a role in one of those daytime TV property programs awaits you. Your a natural at this. Well done. x
Thanks! I appreciate it
Great purchase Mat. Would be nice to see the property finished 👍👍
Should be ready by Christmas then I'll have an update
First view of your property, very interesting look forward to the work 👍👍👍👍👍
Another enjoyable & watchable video Matt. Great work
Thanks
Thanks! Now I know the meaning of Cheap!
Looking forward to seeing the finished project
Have been waiting for this one Matt🙏🙏
Cheers!
very professional i like your taste and the overall vibe of the editing. The transitions are excellent aswell. Nice work man, dont forget to update us its been 3 weeks
Love your attitude and candidness about how you fund everything.
Thanks!
fantastic! cant wait for updates Matt
Me too!
Awesome video
Good purchase Mat
Dammit, beat us to it regarding keys and service history 😂. Lovin’ this content Matt 👍🏼
Thanks!
Evening matt saving this for
2 am drive to the airport will be covered. Keep em coming
Thanks! Drive safely
Nice property, some great ideas, especially the wall in the kitchen, this will open the flat up, looking forward to seeing the refurbishment and the new look. Another great video
No, i dissagree, especially the wall in the kitchen. In my experience this has no effect on rentable value. Also no need for replastering, walls seem sound with no damp. Do not install usb sockets. Why replace and move radiators with no financial benefit? Extractor duct does not impinge on useable space so why remove? This a business opportunity, not a show house.
Looking forward to seeing the end result 👍
Pumping the content out lad 👍
Trying! Cheers
Very interesting twist in the program. I wonder if you may start with the property as you get it, messy run down and as it comes. That will show the contrast of the before and after, all you efforts and work done to turn it around into a smart living space. Cheers and keep it up!
Put an hvac system in, as the lounge is dining too. Worth every penny, place will always be fresh, wont need extractor over hob, wont need fan in bathroom, wont need fan in bedroom, very very little to run, they're silent, tenant pays running cost and your property is aired permanently. Go all electric too, unvented water cylinder and electric wall heaters, pipe problem is gone ! I'm amazing!
For the pipework for the rads, you can buy skirting which has a rebate in the back of it for heating pipes. It is what I intend to do on the ground floor of my house as I also have solid concrete slab.
Burying rad pipes in solid concrete floors is not always a good idea - the pipes will wear over time and cause leaks which cannot easily be diagnosed. All you see is the pressure dropping on the boiler and finding the cause can be an absolute nightmare.
@@LA-fr7fx Which is exactly the reason I won't be doing it and going with the above instead.
Loving this off shoot of the car videos. You come across as a normal bloke just wanting to do well. Can't wait to see the finished result.
Thanks!
You should be on mainstream TV and start your own production company. The quality of your videos is excellent. Succinct, realistic, passionate, knowledgeable, honest and homely. Your car videos are brilliant, and this video adds another dimension to your work. Please keep it up and hopefully one day you'll be on TV! Although UA-cam is TV!
Thanks
Good luck
Amecing video as always
Really good video, really enjoyed watching 👍
Thanks!
Iam an avid watcher of your high peak car videos and only second time watching your property chanel I wish you every success with your projects matt and as my dad used to say God loves a tryer keep the videos coming matt really enjoyed it and all the best 👍
Thanks!
That looks a solid project and nice on the exterior too. This is going to sound weird, but, my parents house was built in the same year and the bathroom had exactly the same extractor fan which made exactly the same racket. It just brought back a memory, like these things do 😂. Good luck with the refurb.
😂 it’s funny isn’t it. As somebody commented, I think it’s powered by a rolls Royce Merlin engine
Look forward to seeing the finished product. That 2nd bedroom will need to double up as a storage/laundry area I think. Like living kitchen idea which will work well.
Another great episode. Having done this myself for developers I’d say, change the radiators for new double convector rads the same size as the existing. Solves the pipes issue. They’ll get hot quick and cost less to run.
You could lose the radiator in the kitchen all together as cooking creates heat and the living room rad will be sufficient for both rooms.
Good idea opening up the space between the living and kitchen to provide a space for some sort of seated dining.
Personally I’d not fit an oven, just leave a space for a free standing oven so it’s the tenant’s responsibility, they get filthy anyway so saves cleaning.
Electric shower is the way to go although I’d keep a bath, parents use then to bathe children.
I was nearly going to suggest losing the gas altogether and having electric heaters in each room and small electric on demand water heaters for the hot water, it would negate a yearly boiler service and safety check. You decide on that one.
There may well be a clause stating that hard floors are not allowed in the living room, landing and bedrooms, carpet usually has to be fitted to stop it being noisy for the downstairs occupant.
In my experience tenants want
(1) Clean kitchens & bathrooms.
(2) Showers.
(3) Baths for kids.
(4) Low maintenance outside space.
(5) Somewhere to dry clothes outside when it's dry.
(6) Airing cupboards (so don't rip them out thinking you're creating space)
😳
You can deal with the noise by having a layer of rubber underneath the wooden boards. The advantages of a hard floor are obviously cleaner and easier to clean.
Interesting video, looking forward to the next update. Subbed 👍
Thanks for the sub!
I love Matt’s video I’ve always had an intrest in realestate my dad does property, catering and cars so I learn majority of my dad’s property advice of Mat. Inspirational🤟🏽
Very good! Go for it. All the best
@@highpeakproperty OH MY GOD NO WAY
@@highpeakproperty THANKS SO MUCH
Hi Matt well done kept this to your self . Check if that is a structural wall in kitchen you can get rebate skirting boards. Plus the bearings are worn out on the bathroom extract fan original fan. Bosch boiler to install check pipes are installed correctly in concrete. You seem to on top of it all good luck onwards and upwards.
A good purchase
The only carpet we have is on the stairs and the landings. Makes for easy cleaning too. 👍👍👍
Loving the videos. It would be interesting to hear of your negotiations/ dealings with the freeholder and the management company with regard to all the works you are planning.
With the channel being so new, it would have been hard for him to have started filming the video a year in advance I'd have thought
To HighPeak: Good point there from timc. If you do anything structural you need Freeholder's permission (and this will be expensive and time consuming), so leave that wall (kitchen) where it is !! 💯🏠
Matt love your channel fella great entertainment zero BS always look forward to your next vid and I might even treat myself to some HPA merchandise for Xmas. Keep it going
Thanks!
Obviously you know what you are doing. Just one caveat and that is something you touched on; the cost of borrowing and of course cashflow. Good luck and keep us all updated.
Yes! Go with a large shower! Gives room for a decant sized vanity for storage too.
I'd leave the rads exactly as they are. Can't see a reason to change them; just flush them.
Fair play, Matt, very well deserved!
Thanks!
Wow didn't know about property you started too good luck and I will check every video
Thank you
Fantastic mat love this property channel.subscriber from high peak auto.
Thanks!
Nice video matt. It would be nice to see what your properties look like after their refurbishments :)
Working on it
Looks like a great investment property Matt. 👏👏👏
Thanks! I thought so
For the radiators you can get coloured pipes or sleeves so the pipes match the skirting boards.
Those radiators look fine. There are no such things as 'inefficient' radiators, they can be slow or quick to heat a room, but our house has them and they work perfectly well.
Top channel matt
Thanks!
Loving the new channel, very interesting 👍 Personally I'd always keep the bath.
This is exactly the project I want to do. Only, I'd replace with radiators the same size as whats currently there, if the old ones are imperial then you might need a slight extension on either side, but wouldn't look out of place.
Good luck and please post progress updated along the way
They made the radiators huge in 1981 to extract every ounce of heat possible from the boiler water. Smaller radiators would require raising the boiler water temperature for the same room temperature. Sorry I just realized they’re single panel, and double panels would be better…but how much better - the payback period would probably be 100 years.
Nice blank canvas, good opportunity to do everything right first time, mitigate those long term maintenance costs.
LOVE this video! Willl you also do renovation videos? and then before and after video with the final financial breakdown? That would be AMAZING!
~Jj
I hope we get to see some of the results from your renovations :)
Easy resto this one, open the kitchen out to the Lounge, clean decor and flooring and job jobbed! Plenty of space for various ideas.
Maybe leave those big old rads unless they’re in the way of something, admire your enthusiasm but keep it cheap and effective 👍🏻
Matt, top of the stairs. Take the small wall down and install open stainless steel or chrome horizontal railing - throws a lot of light down the staircase.
Nice little project you've got there Matt. Despite the property market and interest rates changes you're onto a winner here. Good luck with that 👍
Thanks! I think so
I know someone has said nothing wrong with rads, but I'd change them all for new ones. Get a longer, slimmer one to fill the gap between the pipes in the living room.
The bedroom with the fitted wardrobes....change the door around so that it opens into the room. Will give better access to the new cupboards & privacy to the room. Doors never opened the way it does at the moment, so that when the door was open, you still couldn't see in the room.
I wouldn't move the light on the landing, you'll end up with dark spots.
I also wouldn't do the breakfast bar. I know it's fashionable, but noise & smells from the kitchen are really annoying when you've got over the "it's so modern" feeling (they stopped doing it in the 70's for the reasons given) It's amazing how loud a 3kw fast boil kettle is when you're watching a film 😁
Completely up to you obviously, but that's my take. PS, don't tile the bottom of the stairs, fill that space with entrance coir mat. Cheaper & will save the carpet oon the stairs .
Fair play for having a go Matt, I myself (chippy) owned 2 houses(outright) by 38 yrs old and stopped, biggest mistake I made was stop driving forward by buying bigger and better. 26 yrs later in the doldrums
Great video, loved it from the start, you have great presenting skills, good job lad, i subbed
Much appreciated!
Took me a while to come round, but I got here👍 & yep still jel - I would guess in the future you maybe getting some funny looks by the bank staff wanting new loans and mortgages😜
Yes nice video
I would put a combi boiler where the immersion tank is, and so free up the space in the kitchen. That allows you to make a much better use of kitchen space and getting looking really nice. The space around the new combi boiler can be carefully shelved (so nothing can touch the boiler) and so be a good airing cupboard.
Good luck, Matt. It looks a really great little property. Some of the comments on this video are on the money. I'd listen to them. There are some obviously very experienced property people on here who only wish you well.
Knocking out the content 👍
trying to! Cheers
Good sized rooms, especially the kitchen. You need to check whether the gas fire has a flu, and establish which direction the rooms face. If the sitting-room faces north, it might explain the long radiator. A lot of flats dispense with the bath and fit a shower, to make room for a washing machine, and the extractor will vent the steam. You might want to find out whether the kitchen wall is load-bearing before you think of removing it. The flat looks to have plenty of potential as the brochures tend to say.
Chase the pipes into the wall matt. I'm a plasterer and I hate surfaced fixed pipes. I've skimmed round enough of them lol
You forgot to mention that it needs a gearbox oil service and a good buff ;)
Matt You deserve a TV show where u flip everything from cars to houses 😂😂 Cheers tho for the vid!!
Haha thanks
Just put new doors on the existing kitchen units.
They're too old and manky
Re the radiators they will be imperial sized but if you measure them you can get a new one around 50mm smaller and fit a drain tail on the valve and you won't need to alter pipe centres. Also keep them big and then you can get a low temp system that will do the job and also save on gas 👍
Great vid as usual Matt, you might have to ask the lease company before you start taking down internal walls etc as have heard they and funny if you don’t!? 🤔
When you raise the staircase wall, put a glass pane in to raise the height and make it safe while not making the space feel smaller
great vid! that bathroom looks straight out of a horror movie...
The smell was disgusting
The Old radiators, will Outlast any new cheap ones, just flush the system👍🤗
1) leave the rads the same size as the pipe work will look naff. 2) washing machine needs plumbing so you won’t be able to put a fridge freezer where you suggested. 3) 500 cupboards is a great idea to ‘find’ free space - don’t go bigger. Best of luck!
Gonna look nice that when it’s all done mate
I can’t wait to see it finished
Good flat... great potential 👍
Thanks!
Depending on where you measured Your kitchen units , they should be around 570mm deep including void at the back .15mm/18mm for the doors and Worktops are generally 600mm or 616mm depending on where you buy them .
Sounds like you are doing all the right things to ensure a minimum EPC Rating of C is acheivable.
I am sure you have already checked but you might need written permission to remove the kitchen wall and have the bathroom fan run through the loft space also you might find that you might have access to the loft space but it might not belong to you. The shower room seem a good idea.
If your having a new central heating boiler it would make sence to have the old radiator pipe work replaced considering its been in from the get go. It might be worth looking into having cat 6 put through the property. If you make this property a very high spec consider the rental income. I am certain you will have looked into this already good look.
Reminds me of my childhood in England, looks just like a small town that I think was called Tring.
Go the Aldi (Ferrex) tools At 7:55 ! Nothing like getting decent DIY tools at a good price! I usually wait until they discount them before considering to purchase one I might use in the future. Great idea with the power outlets to get ones with a USB port, especially for the bedrooms, as it frees up the outlet for a TV, fan, desk lamp, etc. Also good idea with ditch the bath and just going with the shower only, it will free up the bathroom & make it more practical,
I can beat your 11 months - I bought an investment flat last year and it took 15 months. At times it really seemed like the vendor didn't want to sell. However like you I knew it was a good price so I persevered and I'm now glad I did. That flat has a short lease but it's nothing really to worry about as long as you're aware from the start.
It’s crazy isn’t it
I've used that blue back in the day, ha, ha.
To everyone saying have a walk-in shower not a bath, that really wouldn't be possible. The SVP serving the bathroom is located on the left of the wall at the hall end. You can see the fall in the existing pipe from the bath where it runs behind the WHB. Sure, you could lift the whole thing and step up into a long, open-ended shower but that would look crap. An over-bath shower is definitely the way to go here for this and a few other reasons.