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Discussion Starter · #1 ·
Hey Guys,

An opportunity has raised itself, I've found a bargain house needing modernisation, £40k cheaper than the other houses in the street.

Am seriously looking at having a dabble.

Anyone done it or have any tips?

Cheers,
Steve.
 

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i'd do it mate.... before someone else does... providing you can do the work for less. and it is structurally sound... you should get that checked though.

But other than that, why not eh?
 

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Discussion Starter · #4 ·
i'd do it mate.... before someone else does... providing you can do the work for less. and it is structurally sound... you should get that checked though.

But other than that, why not eh?
My mate wants to come in for halves, spread the risk.
I've chatted with the estate agents, a house in the same street is up for £95k. I've been advised it needs around £15k of work on it, can do the majority of stuff ourselves.

I'm going to book a viewing tomorrow.
 

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Couple of questions you need answers too.

1. Is the housing market in your area ok?

2. Can you do the work neccessary?

3. Have you really got enough money to include a realistic contigency budget?

4. Are you doing it for yourself or for gain?

5. What/who is going to motivate when you get to the point that you just can't be arsed to carry on? You will get that feeling at some point during the renovation.

6. Are able to handle all the crap that goes with it? Like the red tape and sheer bloody mindedness with councils for certain properties/work?

If you feel you can do it then go ahead and good luck, i made a fair bit back in the early 00's but i will never do it for gain again.
 

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Discussion Starter · #7 ·
Housing in my area is still on the up, although its slower than it was.
Not 100% on the work necessary yet, will see when I view
Got the money available
Doing it for gain
Hopefully we can motivate each other.
I'm sure I can handle the red tape, I have a degree in software engineering and I manage a software department of 10 developers.

I've never done it before, but have wanted to do it for a while, I'm thinking that at this price its a good first investment
 

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Discussion Starter · #8 ·
My mate has done one before and is definitely a worker and not a lazy sod. 95% of my mates I wouldnt do it with, but I'm sure this guy will pull his weight. His own house was a wreck when he bought it, stunning now.
 

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and you will pay tax on it if you already have a place??

why so cheap?? repo?? or sounds like its really run down...so be careful you do your costing right.

Take it your not in the trade?? so need plasterer, sparky, plumber yes??
 

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Discussion Starter · #10 ·
I'm not in the trade, so it does really depend on the work that needs doing.
From the exterior the house looks fine, could do with a lick of paint and garden is rough, looks like its been lived in by an old person.
I dont know about the inside yet, will be looking shortly and then organise a surveyor.

I know people in the trade but I'm not looking at this with thoughts of relying on them, we all know what happens when you do that!
 

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I know people in the trade but I'm not looking at this with thoughts of relying on them, we all know what happens when you do that!
you have met the wrong type of trades men then ;)

i hate to sound negative mate but think hard and long about it.
its about the return you get from selling that counts and you will be splitting it 50/50 and getting taxed.
if you do it keep it simple magnolia walls nice and plain cream carpets.ect ect

it all adds up mate skips/paint even nails will eat into your return.set up a acc at your local builders mrch they can be a godsend for info and contacts.

as for working with town council types if you have worked with pre school kids you might have a better understanding of them:)

good look if you do but its hard work for a small return but is better than the stock market efforts today
 

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Discussion Starter · #13 ·
What I meant by the not relying on them was that I am not relying on them to come in quick and do a job for mates rates :)

Will certainly be looking at keeping it simple, along the lines of new white bathroom suite(I can tile and fit a bothroom myself), cream walls and carpet. My mate has a trade account already as he's done one house recently.

With his last house it was a 5 week turn around from purchase to putting it back on the market. I approached him about this house so its not as if he's roping me in to help finance one of his ideas.

we would be looking for £10k each from this, but as you say, its before tax.
 

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I buy and do up houses for a living and while you can and usually do make very good money on them.it is very unusual to find a house on the open market like the one you have found, i normal hear about on the grapevine before they get to estate agents so i would do your best to be pesamistic with your costs so you dont come unstuck ie loan payments while waiting to sell can soon eat away at your profit but lets hope you make a mint out of it:)
 
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