The maths most refurbishment investors run is incomplete. They focus on build cost and exit value but underweight time, finance cost during the build and the cost of mistakes during construction.

A proper appraisal includes finance interest through the build period, void allowances on letting, professional fees, and a contingency that reflects the actual risk profile of the project. Done that way the ROI number is defensible.

For Devon landlords we offer ROI appraisals at feasibility stage, before the property is purchased. The appraisal often becomes the basis of the price negotiation.