How an Architect Spots Hidden Value in Property Deals
Episode Overview
Most investors look at a floor plan and see a two-bed. Ross McIlvean looks at the same layout and sees hidden value in property deals that others might miss.
In this episode of The Scottish Property Podcast, Nick and Steven are joined by Ross McIlvean of LTJ Architecture to discuss how architecture, planning knowledge and practical design can help investors unlock value. Ross shares his route into property, his first flip, building a portfolio in Dunfermline, solving an illegal attic conversion and using layout changes to turn two-bed properties into three-beds.
Episode Timestamps
- 00:00 Intro: Ross McIlvean joins the podcast
- 00:34 Ross’s background and route into architecture
- 01:22 Why buildings and local architecture matter
- 04:35 Architecture that adds commercial value
- 05:11 Ross’s first step into property investing
- 06:17 Property education and learning the basics
- 07:49 Ross’s first flip in Cowdenbeath
- 10:26 Why flipping is harder in today’s market
- 11:45 Using architecture to unlock hidden value
- 13:13 Pricing refurbs and understanding project costs
- 17:48 How architects price their work
- 19:57 Building a portfolio after the first flip
- 21:12 Turning two-bed properties into three-beds
- 23:52 Removing chimneys and changing layouts
- 26:34 Minimum bedroom sizes and practical layouts
- 28:51 Solving an unofficial attic conversion problem
- 31:13 Undoing bad work to make a property compliant
- 33:44 Rental growth in Dunfermline
- 35:39 Ross’s static caravan investment
- 38:37 Moving from employment to self-employment
- 42:13 Working with Jay Alexander and the Flour Mill project
- 45:36 Starting LTJ Architecture during Covid
- 48:34 Planning delays and the council process
- 49:50 Planning permission vs building warrant
- 52:01 Retrospective building warrants and why they’re risky
- 54:21 Building control inspections and completion certificates
- 55:12 Ross’s role through the design and approval process
- 56:20 AI, architecture and design visuals
- 59:57 What’s next for Ross and his portfolio
- 1:04:56 How to connect with Ross
- 1:05:47 Final thoughts
Useful Links
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Would you buy everything in one street like Ross? Drop it in the comments
