I BOUGHT A PAIR OF CHEAP GARAGES
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- เผยแพร่เมื่อ 16 ก.ย. 2024
- Today you join me on a tour of a cheap pair of garages that I have just bought. I'm not entirely sure what I'm going to do with it next.
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.
#property #propertydevelopmentuk #propertydevelopment #housetour #fixerupper #homerenovation #houserenovation #buytolet
Whatever you think the project will cost, it will cost more and however long you expect it take, it will take longer. Whatever you think is easy to achieve will not be as straightforward as you first thought. Apart from these minor issues it will be a breeze. Enjoy the ride !
He's been doing this for decades
I admire your entrepreneurial spirit, Matt. This is something that would send me running in the opposite direction! The very best of luck to you.
Thanks!
The Estate agent must have seen Matt coming from a long way away.
@@gambrydew2059 I can never understand people like you who make such comments. I guess that’s a good thing.
Matt and his business partner are going to need it.
@@highpeakproperty from his various comments to this vid, guessing he's a local and opposed to your proposed plans to build?
It looks like there's a fairly substantial level difference between your plot and your neighbour on the right (looking in from the street). For a 2 storey house, I think the founds / retaining wall requirements would end up being pretty significant and 'unusual' groundworks are usually slower and more costly than anticipated. Speaking as an architect, I'd personally try and get planning for a house of some sort and punt it on, the costs on this one could increase rapidly and unexpectedly but good luck either way.
Speaking as a structural Waterproofing surveyor, this would be a relatively straight forward waterproofing system. Making use of natural drainage so therefore reducing the cost of a sump/pump
I'd submit plans for a coach house. That way you could bring the property closer to the road (approx 4m driveway), you'd get a private garden at the back away from traffic, safer for a family with small kids and two single garages below the 2-3 bed property. As living space would be on the first floor, you'd also be able to make the most of the views.
Just be aware of any time you have to deal with Network Rail re the boundary to the railway side. They honestly work in another galaxy where time itself doesn’t exist. Apart from that it looks like an interesting project. Building cost will be approximately £1600 - £2300 per square metre.
that was my initial thought Bob
Agree - I wanted to buy a plot of NR land behind my house to develop it with 2 houses and they weren't interested due to its small size/other priorities - they were quite rude.
Hi Matt, hope you are well. I think £80k is on the low side. People pay that for an extention on an existing dwelling theses days. More like £150k to build a new build... Hope you can prove me wrong. Good luck.
Yes definitely mate. My mate just paid £68.000 for a loft conversion with en suite. £80000 is a little low. If there isnt any utilities, Power, drainage, water supplies, it all adds up.
Another great video, Matt, loving the content, as ever. If I can make some suggestions; 1. speak to a local planning consultant, they should be able to give you a fair idea of what the council will say but will likely require plans first. 2. Get surveys/ searches done, ie ground conditions, utilities, soil sample etc. most risk is in the ground. 3.Pay for a quantity surveyor to help with drafting the contract with the builder and also help you tender for the building work if/when you get there. Yes these are extra costs but they help make sure that overall project costs don’t run away with you.
Theres a lot to consider which is why I'm staying open minded about what we do with it. I'm really not fussed which avenue we go down
Good advise, Lucky you are , living in a country where there are such systrms, like consultant for council planning, surveyor for ground and utilies, surveyor to help with contracting of the project. You can also use these even before you buy the land to see if the project is worth doing. Where as where I live first you have to deal with corrupt local council people to agree on a bribe to get permission to buid. The rest you have to do it by yourself. İn the end you may still not get the building permit.
A 2 bed stone detached cottage with off street parking in high peak area . I think your estimate of sale price is a little low Matt. Hopefully building permission should be approved as the site is not green field and your not demolishing a listed building. Noticed other stone houses in the area so going for a stone option is good . If the views at second floor level are magic then maybe a upside down property might be the way forward as we only use bedrooms at night and for sleeping. Had a upside down house with open plan living on the first floor but we did have master bedroom upstairs. Never looked at views from bedroom but living area looked out to the Pacific Ocean. Had a balcony so could sit out and enjoy the view. Anyway I’m sure you have all angles covered. Look forward to more videos.
Good potential Matt, something I’ve done is to flip the site through auction once you have the planning permission, you’ll be surprised how often self builders over pay, I recently did this on a burnt out unit I bought for £49k and it sold for £96k, pretty close to the potential profit of doing the development. Look forward to seeing some of your projects completed soon, good luck and keep the videos coming.
Good idea
That is a great idea, no build cost or hassle.
@@tomatobrush3283 build costs are challenging right now, single builds can’t benefit from scale and I’ve had my fingers burnt a few times with additional costs. If you are lucky enough to find a self builder or get a couple of people in battle at auction the results can be good to breathtaking. Also market is softening so there’s risk the end value/ resale could be lower in 12/18 months time.
@@markkingproperties2237 Really good points Mark. Its funny what people think is achievable after watching homes under the hammer!
Like others have said the levels between properties will add to build costs even if you used a raft foundation, fair play for having a go
You are just an amazing man. I love your honesty and the way you present yourself. 👌
Thank you so much 😀
"Quite a quiet spot" - next to a train line....
Matt ....even the existing concrete sectional buildings can be sold. Somebody will want them and even be prepared to dismantle and move themselves. It all helps with the cash flow ! Good luck Pal.
I think building a 2 bedroom cottage would be ideal for a space there that money will be able to get u some brand new cars and buying cheap cars for the high peak autos channel that's a not bad idea there mate
I hope that theres enough room for a nice little place there but we shall see
I suppose living opposite a train line could come in handy.
@@highpeakproperty you could even do a two bedroom with one bedroom in the second floor along with a bathroom and then slit the attic into a second bedroom and a store room
I’d say build it as far back as you could go to leave space for a front and small side garden, having it near the train line might make it harder to sell but you could advertise it as “rural cottage overlooking the quiet village train station “ 😅
I'd be working on £1500psm for an average build, stonework could push that up slightly, and a contingency of 20%. Bit cheaper if you project manage and get separate trades in.
I dont trust builders, Matt needs to shop around.
Looking forward to seeing how all this pans out and where it goes, excellent stuff 👍
Just a thought but if the planning officers are reticent then perhaps a building in the style mirroring the old rail building next to it would improve the chances + add some more character and uniqueness. As always, commending your ventures and look forward to seeing whatever you do with it!!
I almost bought a piece of land thirty odd years ago that would have fitted six to eight garages on in the middle of terraced housing.
Always kicked myself for not going ahead.
Hi Matt, if it was me, I would get planning passed and sell it on to a builder. Quicker return and less hassle.
The great thing about garages is not just the rental income but the investment size. You can for example sell one later and get a nice lot of cash but not a huge amount.
and the seller didn't know that already? they couldn't take Matt's cash fast enough!
@@dazspurs9899 Sure people may know the value of things but can they use them. Matt has access to the car market and thousands of his followers have cars. So he can leverage this...perhaps.
Anyway, my point is that investing in houses usually means investment in hundreds of thousands which ties up capital. Investment in garages can yield similar returns but can be liquified to release tens of thousands. It is a smaller block of capital to tie up and release. As an example. if you are retired and have a simple pension selling a garage a year may release enough capital for your immediate needs. Selling a house can release too much at once.
Also, from an investment perspective as you get enough cash together together you can invest it more quickly in acquiring these smaller units. You don't have to wait those extra months/years waiting to get the investment together.
If you imagine that 5 garages equates to 1 house (and that is not the typical ratio). I could have 4 garages bought and making money before I would have enough money to get that first house.
Oh dear... good luck!
Don't build a stone cottage Matt. Find a company in eastern Europe that builds timber framed or modular factory built homes and is willing to ship and build in the UK, here in Bulgaria I can think of at least two. The build cost here is about £600m2 to turnkey, but will probably creep up to £1000 by the time it gets done in UK. I know of Bulgarian people in the UK and also Germany and France that ordered their houses that way, and saved massive amounts, of course brexit makes it the whole exercise much more complicated. The houses are bespoke, so can be built to UK building regs, but far exceed the current insulation required in the UK.
Happy new year here’s to more vids like this
Thanks! There should be a lot more this year as all the projects progress
Good purchase - well done and thank you for vlogging it all 👍👍
Parking for station/canal ? Pocket money on plot whilst retaining options.
Out line planning permission for house/shop/unit and sell plot,minimal investment quicker return,move money into another project would be my choice.
Build house,not enough profit after unexpected costs and fees ?to just sell
Keep house and rent it out.
Good luck Matt.
Build shop on ground floor and flat above
Great video Matt, if the garage has to come down, i would definitely recommend advertising it for sale as some one will buy it and get them to dismantle it and take it away , its a win win no demolition or skip costs and a couple of quid in your back pocket.
Yes definitely
Good luck trying to get builders tied down to a price. Had a quote for removing an internal brick wall and a beam put in. New ring main for kitchen diningroom and refit kitchen and total cost quoted was £35000. Some builders think they are playing for Man United.
Just love the honesty in these videos….. and the inexperience on display. Something very charming and lovely about the optimism being thrown at a slightly undesirable turn of events. I believe you will succeed. Happy New Year.
Thank you very much!
Just make sure you don't knock the garage down before planning is approved!! You get credit for replacing an existing structure
Knock the garages down and put a wooden chalet up, hot tub round the back etc and rent it as a luxury holiday let.
This would suit a self-builder on a budget. I'd get the outline planning, clear the site completely, and then sell it. The profit margin sounds tiny relative to the time and energy spent to get it if you do the whole thing to completion. There's a lot to be said for a quick in and out which doesn't take too much time and energy to get it.
Hi Matt. I watch both your channels as Im a petrol head and a chartered surveyor who designs and builds new-builds and extensions. With the daft increase in material costs and labours costs post covid I fear your £80k build budget is light but if it were me Id speak to local estate agents to understand what accomodation is in demand in that area and go from there. If the figures dont stack up to build it Id get planning permission and sell it as a development plot. Good luck with it though.
absolutely no doubt the previous owner already done it,it's a red flag they took Matt's first offer
Hi Matt I am a Architectural Designer and looking at your site from your video I would recommend getting structural Engineer to look at the site due to the level difference to the garage next door.
Good luck with the project.
I am sure somebody has said this to you before but you have a very good voice and tone for things like this. It’s very engaging and friendly, and also not big headed how many people on TH-cam sound. It’s refreshing.
Wow, thank you!
Congrats Matt. I take my hat of to you. No one knows for certain how any project will turn out, but you have to be in it to win it and it's a thought about, calculated risk. Nice one👍
good luck,,,,,, brian d.
Thanks 👍
This should be a very interesting one, looking forward to seeing how this progresses regardless of which of the options you end up going with. Good luck with whichever route you take.
Sites like that on the main line into Stockport/Manchester are great places for train commuting. Furness Vale is a nice place to live.
Wishing you all the very best. Looking forward to seeing how you get on.
Thank you!
You can use a container and make it into an office and kitchen space
Matt your beginning to sound like a estate agent rural quiet spot what next to railway line Crossing / junction box and electrical sub units id be running a mile
Great purchase. Build a cottage definitely. Look forward to the build. 👍👍👍😊
Good luck matt you will get this project sorted you clever man 😊
Well done Matt. Ignore the comments suggesting you've made a mistake. I can only say as someone who's been in the property industry for 40 years, you got a good deal and I'm envious! You will be able to make your £50k profit by just selling the plot on after getting planning. Don't worry about the building work -you won't make any more that way.
I wonder if you could make a couple of apartments for renting. Might give a better rental return. Could go down well with the town planers as low cost housing.
❤ your channels thank you 🙏
Cheers!
This should be interesting! I look forward to seeing how it develops.
Thanks!
Matt hasn't refurbished and sold the other properties yet before he's buying new one's, I think Matt needs to slow down abit.
@Gambry Dew Well you're entitled to your opinion, but I'm sure Matt knows his limitations, and already has a successful car dealership under his belt. Nobody ever got anything done by sitting on their backside, or taking a few risks.
I admire Matt for his intrepid spirit, and his desire to branch out. I wish I'd done the same when I had cash to spare, and youth on my side.
Keep it up Matt, but just be cautious about what you buy, and who you deal with.
Should be an interesting watch. I know the area, would just consider retaining walls due to the level changes. Hopefully the neighbouring railway won’t cause a problem. Good luck should be an interesting journey.
I think you're right. I quite liked the idea of the railway - it isnt a busy line so I thought it added a bit of character
Good man Matt .... Always forward thinking......Best of luck with all your endeavours....you keep making the videos. .And I ll enjoy watching them....Thumbs up emogi.......
Little advice, when you have that amount of greenery, get a grab lorry not a skip, it's much cheaper, also building a house in that location with the tree's getting planning could be fun, ontop of that if planning is approved you're looking at 2.5m deep by 450mm footings
Ohhh , this will be interesting
I guess you are in the park…probably a good thing you have this channel as I’ve known the parks take 8 years deliberating before…passing from one officer to the next as they move on and drop cases. At least you’ll be able to link them to this well followed update to get them moving! Good luck with planning… oh always ask for more than you want then when you scale it back you get what you want rather than something that’s way too small.
Hi Matt good video
You may be better off getting outline planning for a dwelling and move it on
This would keep architects fees to a minimum and leave garages in place
Cost could start to increase with ground works also being near the railway you could end up sinking 30 to 50% of build costs in the ground
Go carefully
Hi from Italy. I admire your mental strenght. Happy new year
Thanks!
No holding you back Matt . All the best for this project wish you the best Les
Thanks!
A small flat roof balcony at the back would be nice for private time
Quiet spot next to a rail crossing 😂
Perfect plot Matt, great idea, remove the garages and concrete slab, don’t forget to allow for the statutory services, retaining perimeter wall/ fencing. Option 2 get planning permission for a beautiful cottage and then sell the plot with planning permission, you should make money without the hassle of the construction. Good luck.
That’s the other option. That would certainly be easier. Cheers
If Matt didn't get planning permission, he wouldn't get 44K for that plot if he sold it, he'd lose money on it.
@@gambrydew2059 If he doesn’t get planning permission, the clearing and tidying up of the plot could make it more marketable and he could get £44k + subject to market conditions. I would be a little surprised as he paid £44k why he wouldn’t get that back? Granted with purchasing and selling fees there may be little profit or a slight loss.
you need to consider impact on the amenity of the neighbouring dwelling - ensure your design causes no overlooking, no overbearing and no marked loss of light. Check with local structural engineers for foundation designs adjacent to a railway - as well as check the needs of access and egress of vehicles. I might be the Local Authority Highways require you to access and egress in a forward motion for safety to you and other road/path users. This will take up space by needing to provide an area for turning. You may argue with them that the site access is existing and there are no turning provisions on site, private use of the site would be less than a commercial use and as such, no need to provide turning facilities.
🏡🏡🏡🏡🏡🏡🏡 Good luck Matt. Diversity can reveal Opportunity's.
Dear Sir !! ............Well Done ...........Look forward To See what happens !! AnyWay ......GodBless & Happy New Year
Happy new year!
Sunny F ness vale hope you like trains and traffic due to level crossing, think this site used to be a small haulage yard in the 1980s when we lived there. Good luck with the planning😀😀😀
Sorry pal. I took the veyrons out just before you got there. !. Good luck with the project
I was hoping for an old E Type or a Jensen Interceptor
Good luck!
Thanks!
Matt
I live down near Exeter and you wouldn't believe the amount of industrial units being built and no wonder a small 2 storey one gets £1300 or month !
The costs of mains - sewage/drainage may be high. An £80k build cost may creep to £100k, depending on the builder and whether he/she is local. Your rental estimate is sound. The big issue will be time. The project may take a year.
Good luck with this one.
I think you're right. I think it could be closer to £100k when done. We'll see.
With the cost of living and building materials going up everyday, dodgy builders and their wages, mishaps the lot, he's looking at 130K.
@@gambrydew2059 yep the risk of crap tradesmen and shoddy work is high, far easier if you know people you can trust
Extend the roof so that it could fit a ramp in there and rent it out as a mechanics garage? You’ve got the 2/3 car parking outside which will be attractive for the potential mechanic
Good idea
Good luck my friend, Keep us posted.
Thanks! Will do!
I think that's a great buy in a great location..wish you well with it👍
I really do wish you good luck, I walk past there often with the dog down from Chinley and Peak Planning are a nightmare, they are known for being very very difficult. I had my own nightmare with them just over garage planning permission and that was using a local architect that knows them. but nothing compared to my neighbour who has done something similar to what you have described it has taken him over 5 years of constant meetings and many many many revisions of plans to finally get planning permission that he is now building. If you speak to any local builders I am sure they will tell you how difficult they can be.
Some things to note for you, my parents are small property developers and I've lived in all of their projects from their run down state to the finished product and in-between.
Building a house is very costly, land in the UK is often very expensive now you may have got very fortunate and found land at an affordable price, however two things, there's a ceiling price for that area and a reason for the sale, it's probably failed previous attempts for planning permission hence the what's seemingly lower cost, not a bad size plot, now secondly is ceiling price, as you mentioned a house can have walls of gold and it's own water park, it won't matter because nobody will pay what you want for it if it's in an undesirable area.
You also did not mention access to water, or gas, if there is neither then the installation costs will likely be high and lengthy, it's also not connected to the sewage system which is a further cost and it's on a hill, foundations for a house on that land could be costly too, furthermore the local area has a surprisingly large say in what you can do with your land, so hope and pray the people making the decision aren't old and decrepit, that's often a bad sign for change.
You didn't mention the time this had been on the market either to my knowledge, if it had been longer than 6 months I'd have suggested a much lower offer or to pass as that probably tells you something, you also have privacy requirements and some of the property beside you could impact how your house is designed and built, and where specifically on the land, to be honest with you I think you've bought a poor plot of land, for your use case it seems great but the location for a house seems more dependent on the buyer reducing the market and a costly development to flip, my parents often bought houses that needed a lot of work and the two of them combined had all the skills and trades to complete all the work themselves, and the day an electrician or gas engineer steps through any door you may manage to get on the land, you will be handing over a lot more money than you want and should, it looks like you have an open mind and have understood much if this and looked into it but anything property related is never as simple as it appears, there's always a hidden cost no matter the planning, I'd also keep the finish appropriate to the area, view which houses are selling and their level of finish, putting a 25k kitchen in a house in that land is just a way of throwing money away, keep it relative to the market for that area and the price, I'd suggest using right move and looked at properties that previously sold in that area, speak to the locals about the area, just dig up bits of information if you haven't already and good luck.
Oakwood garden rooms is a great shout
Hey, what fun! Potentially, a great project and good luck with it!
Matt, I love the way you are thinking. That's the way! I am an entrepreneur myself. I can see myself in your thinking. Bravo! Kisses and happy new year from Moscow.
Thanks! Happy new year
Best of luck mate!
Thanks!
It's a good adventure. I can see a pretty cottage near the railway. In local stone. Yes, widen the plot if you can. We need more housing stock. And of course shelter from the naysayers. Good luck though I don't think you'll need it. Looking forward to see what you do.
Totally agree!
Enjoying your new property channel Matt!hope you keep going with the videos👍
Thanks! Will do!
Me too, a Man of My word.
Get planning then put it back on the market with the added value.
Station next door..... rent out parking spaces for commuters on justpark or something while you work out what to do next.
80K total to build new house!!
Best of luck with that one Matt 🤭🤭
Might wanna revise your build costs budd?.........................................
Love it. Ballsy move, i'd be way too scared to take on something like this, so please keep us updated on how it's going
Matt, I’ve got to say your vids are like ASMR, love the car vids but this adds an extra side and I like it, keep it up mate
Good luck.
Thanks!
Love the B-roll in this video Matt.
Thanks!
holiday digs aswell
Would love to see a build series on this if it goes ahead!
Yeah, that would be a good idea actually! Weekly progress installments, or maybe a timelapse video.
There's a lot of value in what people are tired of dealing with. Good to see you can still pick up some pieces, do some work, take a risk and make a profit for your trouble.
Thats exactly what I was thinking. Cheers
no people most aren't stupid they see something as a money pit and want rid of it
nice video
Hey Matt, love the new channel. Been watching your car channel since the beginning, and it’s cool to see you branching out into property. Keep up the good work!
I appreciate that!
I think you will need a back garden,vast majority of people prefer one. Don't think you could sit in a front garden in your plot. But I'm sure it will be tip top when complete. All the best.
Hi Matt I know this area quite well and I think a cottage would look really nice and blend in looking forward to see how you progress on this hope the other two properties are coming along for you best wishes Ian
I think so too! It would look quite nice if done tastefully and it would definitely tidy up the street. Cheers
Hoping you get your planning permission best wishes
44K for that and he's still got to build a house on it, Matthew's got more money than sense.
@@ianyoud1 If he doesn't get planning permission that's 44K down the drain.
@@gambrydew2059 I’ll use if for my own storage if I’m declined permission. Don’t you worry about me, I’ll be fine.
Looks like a good plot for a small coach house. Double garage on the ground floor, and a 1 or 2 story house on top.
You really are starting to turn into a property mogul Matt. 😃
Any updates on the previous properties that you bought (especially the first one, the three bedroomed house)?
Hahah I dont know about that. I'll have an update for you in a couple of weeks. One of them is nearing the end.
I was wondering about what happened to them, maybe Matt will reveal them when they're nearly finished.
Try to get planning and maybe resell with planning in place is an alternative.
given your job and the videos you do of "ive brought" , i would tidy the lot up and store as many of those cars that will fit on the land and have it as a mini sales or like an auction or something strictly for those cars only. cars £1500 & under type sales
Good luck Matt. I'm enjoying your property journey 😉
The open day stuff is a load of Estate Agent bollocks. They would have probably taken 40. It sounds like the margin is too small to build, just get planning and flip
Good luck and just ignore those who try to put you down.
Thanks! Everyone is an expert these days
Next to a train track ? good luck with pp .... they will instantly have a problem with vibration , light ( privacy ) and noise . Before wasting anyones time pop along and have a chat with the council and see what they would allow . They will already have something in mind for the site that you have no idea about plus can tell you if any other planning apps have been put forward and rejected .
You can build a house for 60-75 depending .
Lends itself to a nice bigger unit perhaps with offices above ? PP would be much less of an issue
One word of advice, especially since covid - contingency. Good luck, Matt 👍