It is often said that something will always go wrong on a project. That is not necessarily true
An experienced team with a well thought out project plan should be able to overcome most issues and still deliver the project on time
However for numerous reasons many projects suffer delays. It would take too long to go into all the reasons
Lack of planning
The preconstruction stage is where the project is planned. This is where you will make or break the project before you even start. Get it right here and it should be plain sailing. Fail to complete this stage properly and it will be an uphill battle from day one. Many projects are doomed to failure at this stage because of lack of attention to detail
Lack of experience
Far too many people try their hand at property developing and refurbishment with no experience. They watch TV programmes, join Facebook groups, watch Youtube videos and think it looks easy. They think they can make a small fortune in property with no experience. If it was that easy tradesmen and Construction Professionals would do the same. They wouldn’t bother spending years at college and University. The only thing that is easy is the chance to lose a lot of money very quickly
Not calculating costs correctly
When you are calculating costs on a refurb project nothing should be arbitrary.
Inexperienced people guess at labour and material costs.
Or they try and use the square metre method. This is a very inaccurate and amateur method.
When calculating costs you need to have your figures as accurate as possible.
You cant just hope for the best
Property development is a business and should be treated like any other one. No other business owner would just take a guess at their operating and staff costs and hope to make a profit
Not having the right team
There is no such thing as a standard refurb project
You need to look at each one individually and decide which team members the project needs
Don’t waste money on team members you don’t need and don’t expect someone to fill a role they are not qualified or experienced in
Accidents on site
The construction industry is one of the most dangerous in the UK
Serious accidents and deaths happen all the time