In 2018, I watched a promising property deal in Wolverhampton completely collapse. The investor had done their research, found what seemed like a great opportunity, and was ready to proceed. But they skipped one crucial step: getting a Quantity Surveyor (QS) to verify their renovation costs.
What they budgeted at £15,000 for a "simple refurbishment" turned into a £31,000 nightmare when structural issues emerged. The deal went from profitable to break-even, and the investor walked away having learned an expensive lesson.
The MAVEX Approach: QS First, Not Last
This is why every project in the MAVEX framework starts with professional cost verification. We don't just estimate renovation costs – we get them professionally assessed before we even make an offer.
Real Example: 45 Uplands Road
Take our recent conversion at 45 Uplands Road. Our initial estimate suggested renovation costs of around £25,000. However, our QS identified potential complications with the garage conversion that could add £8,000 to the project.
Instead of walking away, we negotiated the purchase price down by £6,000 and budgeted £31,000 for renovations. The project completed on time and on budget, generating the £53,000 equity we had modeled.
"A QS report isn't just about cost accuracy – it's about risk mitigation. It tells you what you don't know, and more importantly, what you don't know you don't know."
The Bottom Line
Professional cost verification isn't just about accuracy – it's about making informed decisions. In the MAVEX framework, every deal starts with professional cost verification. It's not about being cautious – it's about being systematic.
