Stop Guessing Renovation Costs: My Exact Formula
Johnny Thompson Property
3,167 views
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
8 Comments
Stop Guessing Renovation Costs: My Exact Formula
Johnny Thompson Property
3,167 views
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