In 2021, property investor TJ Atkinson bought a listed property in Kent for himself: “I wanted something quirky, with some character that I could make my forever home. It’s in a prime and central location and I knew I could turn it into a beautiful home.”
Despite his experience and contacts, TJ found renovating the property wasn’t easy due to its listed status. He had to wait on several rounds of applications to get planning permission approved, and the initial architect he hired had no listed building experience.
“I was very restricted on what I could do and change within the property, which took away from my desired plans,” he says. “I didn’t fully understand the small, intricate requirements which caused so many delays and significant costs.
“Other refurbishments of this magnitude have cost me £50,000-60,000 previously, whereas this project is forecasted to cost nearly £200,000 due to specialist materials and labourers.”
He estimates that his architect fees alone are £30,000. His advice to others is: “Listed buildings should be left to the experts. It’s an easy way to lose your money. The planning requirements are often more complex and specialist.
“Don’t fall in love with properties. Even residential properties should be solely looked at through investment lenses.”
‘Failing to research my builder cost me double’
TJ also made a mistake with a refurbishment project in Erith, Kent in 2019.
“I saw an opportunity to add value to the property by adding a loft extension,” he says.
But the builder he gave the job to subcontracted the work to another builder who didn’t fully understand what was wanted and, when he did, asked for more money.
“I made a mistake of paying the builder 50pc of the work upfront. When he asked for a further 25pc, two weeks in, I refused, and he walked off the job and refused to complete it.
“As they still had keys, they returned to the property and left the taps on and blocked the bath and sinks, causing the property to flood and ruin the floors and walls.”
TJ had to find another builder to complete the job, meaning it cost him double what he’d expected.
His advice to avoid finding yourself in a similar position?
“Make sure you have contracts with your builders, go and view two or three of their previous jobs, and speak to their previous customers (without the builder present). That way you can find out more about the builder, their attitude, work ethic etc. And don’t pay 50pc upfront.”
