We were initially tipped off about this opportunity by a trusted contact and it sounded like a very exciting prospect. The property is in a sought-after village in North Norfolk and was on the market via a high-end Estate Agent. There was full planning permission in place to convert the property from a two-bed house to a four-bedroom house.
At first, we couldn’t quite believe the price. These kinds of projects don’t usually come around at such enticing price tags, so we had to take a closer look. Of course, this also meant there was a lot of interest in the property, so much so that it went to a full and final bid process.
In order to secure the deal, we had to be able to complete quickly, as well as compete on price. However, fortunately, we won the bid and arranged for an experienced quantity surveyor in North Norfolk to manage the project for us.
The original build schedule was eight months, starting from June 2017, and for the first six months, we were ahead of schedule. However, at Christmas, the project manager was let down by the carpenters, which had a knock-on effect on all the other trades lined up. It became a bit messy trying to re-organise everyone and get them to commit to the new timetable.
We managed, and it’s now projected to finish just three weeks beyond the deadline, although this has caused the project to go slightly over-budget. But it has still been an excellent investment due to the low purchase price and the contingency measures that we put in place. We negotiated a bespoke contract with the quantity surveyor in order to mitigate any disruption.
From the start, we have had a lot of interest, including from overseas buyers. This is due to its location – North Norfolk being one of the top places in the UK for property price growth.
We’ve been keeping all interested parties updated and have already done site visits with some of the potential purchasers. Everyone is now waiting to see the final product.
From working on this project, we can recommend some things that have stood us in good stead. Firstly, always have a reliable builder and bullet-proof contracts in place. Have a contingency plan to cover any delay and extra cost. And most importantly of all, buy at the right price and choose the right location.