Listen to this episode below:
Stuart describes himself as a product design entrepreneur who performed a life pivot to become a full time property disruptor. I’m sure he’ll fill us in on what this means on a practical level, but to give you a bit of perspective, Stuart has built two successful businesses in the design and marketing space, but made the shift to being involved in property full time after his daughter was born and he had an opportunity to exit his content marketing business.
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Stuart defines his strategy as ‘redefining micro living’. In his eyes, the market is changing, with higher standards across the board and a change in the traditional definition of what co-living means.
His first question at the start of any project is whether or not he can create a bespoke design that works with the fabric of the building, and this approach is applied whether he’s looking at single lets, serviced apartments, HMOs or even flips.
He takes a lot of his design inspiration from industries outside the property world, including bars, cafes and restaurants so that his residential interiors mirror the environments where people want to relax and spend time.
Successfully transitioning his design and innovation skills is Stuart’s proudest achievement. He started with a clear vision of what he wanted to create, but had to prove that there was real demand for his skills.
His first year was a real proof of concept for him and the projects he’s delivered, the feedback he’s received, and of course the profit he’s made, has all shown that his initial hunch was correct and he’s got a really lucrative career ahead of him as he continues to disrupt the property world.
On a 4 bedroom family home that was being converted into a 6 bedroom family home, the budget was based on a 3 month schedule and the renovation works were completed as planned. It all sounds like a good situation to be in, until Stuart realised that the 6 month ‘rule’ on refinancing meant he wasn’t able to move the property from bridging to a cheaper mortgage product for another 3 months – a lot of additional expense he hand’t planned for.
That was a minor blip, but a good lesson to learn early on. A slightly bigger issue arose on another project during the strip out. Taking the walls back to brick revealed a lot of gaps and cracks, and after consulting with a surveyor it transpired that some earlier renovation works hadn’t been done correctly, and the building was slowly falling down.
The site was closed for health and safety reasons, and someone’s previous shoddy work results in a £20,000 increase to the budget for Stuart. Cash flow became a problem and it was a real struggle to get the build finished, but he persevered and delivered another beautiful property.
What’s Your Favourite Book?
Stuart Scott’s Links & Resources
Co-Living Spaces – Stuart’s main business website, showcasing some of his amazing interiors
Wunderlist – Stuart’s recommended to-do list app
Less Annoying CRM – Need a system for managing your contacts and clients? Stuart relies on Less Annoying CRM
Email Stuart Scott – Got a question or looking for some advice? Get in touch with him here.