Stop Guessing Renovation Costs: My Exact Formula

Most beginner investors guess renovation costs (and get wiped out when the real bill comes in). Don't make that mistake. In this deep-dive walkthrough, I reveal my exact, line-by-line formula for estimating refurbishment costs down to the penny before I ever make an offer. I'm taking a real property listed for £145k in Lincoln and showing you how I calculated the exact £13,980 renovation budget required to force the value up to £175k. This isn't guesswork. This is the same data-driven process I use in my 1:1 consulting, combining a site checklist, a detailed spreadsheet, and AI cost analysis to ensure the numbers stack. What we cover in this video: ✔ Full “mock viewing” using photos, floorplan and street view ✔ Filling out my Property Viewing Checklist live ✔ Turning that into a renovation scope line by line ✔ Using AI to estimate unknown costs conservatively ✔ Adding contingency (15-25% depending on risk) ✔ Checking the refinance numbers for BRRR ✔ Deciding what offer I’d be comfortable making This is exactly what I do before putting an offer in on any do-er upper. It’s beginner-friendly, detailed, and something you can repeat for your own deals. Free Resources Mentioned: 📄 Property Investment Spreadsheet 📄 Property Viewing Checklist 📄 Area-Finding Tool 👉 Download them free at https://johnnythompson.co.uk UD1VAZMFTLSOREPD