Bought my first do it upper

[DSLiverpool]

Dropping off the money laundering form and posting the survey acceptance note (they wont email the survey until I do) today, I have the contract from the estate agent so just waiting to ensure its not got anything major before I cough up.

[paulwirral]

DSLiverpool said:

Survey being done Tuesday, no drama expected.

Im selling this not living or renting it and it will go up for sale during the refurb (interesting hey) so the buyer can have a choice of kitchen etc and we can haggle a bit - Im hoping this strategy / method will result in a ultra fast sale ie deposit taken on day of completion or similar but Im a novice and It may be a stupid idea. (Im definitely doing it this way though)

good luck with this idea but take into consideration you will be presenting an unfinished house to a first time buyer or buy to letter most probably . I work in exactly the same agreement and much the same area and have always found its best to present a finished property and even then it has to be the best in the street for the least money , you wont believe what buyers expect these days , more so when they know your in it only for the profit . It sounds like you have bought well so my advice would be do a nice job and spend a little more on kitchen, bathroom and fittings and you should sell well , feel free to ignore me but your target market wont have much spare cash or the buy to let brigade will want it for buttons , finshed and ready to let the day after completion . Good luck again mate but it is quite an eye opener once your in this way of life !

[DSLiverpool]

paulwirral said:

DSLiverpool said:

Survey being done Tuesday, no drama expected.

Im selling this not living or renting it and it will go up for sale during the refurb (interesting hey) so the buyer can have a choice of kitchen etc and we can haggle a bit - Im hoping this strategy / method will result in a ultra fast sale ie deposit taken on day of completion or similar but Im a novice and It may be a stupid idea. (Im definitely doing it this way though)

good luck with this idea but take into consideration you will be presenting an unfinished house to a first time buyer or buy to letter most probably . I work in exactly the same agreement and much the same area and have always found its best to present a finished property and even then it has to be the best in the street for the least money , you wont believe what buyers expect these days , more so when they know your in it only for the profit . It sounds like you have bought well so my advice would be do a nice job and spend a little more on kitchen, bathroom and fittings and you should sell well , feel free to ignore me but your target market wont have much spare cash or the buy to let brigade will want it for buttons , finshed and ready to let the day after completion . Good luck again mate but it is quite an eye opener once your in this way of life !

Cheers, I know nothing so am all ears, it's an experiment and I doubt I will lose anything, lets see what transpires. I (naively) think it will be a sought after house, were doing the frontage first a touch of lipstick on a pig ;-) will post a pic when I've paid.

[Spudler]

DSLiverpool said:

it will go up for sale during the refurb (interesting hey) so the buyer can have a choice of kitchen etc

Not a good idea.
Decide on an inoffensive kitchen and get it fitted.

[paulwirral]

Decide on your target market and work towards it , I think you are going towards what I said , lean towards first time buyers , make a nice job and they will find it easier to raise the money on mortgage , and the valuation will come in right . Keep in mind when it goes up for sale even if someone offers asking price on day one you will get paid in probably 3 months time , we usually take a 9 month time cycle start to finish , god luck again

[paulwirral]

Decide on your target market and work towards it , I think you are going towards what I said , lean towards first time buyers , make a nice job and they will find it easier to raise the money on mortgage , and the valuation will come in right . Keep in mind when it goes up for sale even if someone offers asking price on day one you will get paid in probably 3 months time , we usually take a 9 month time cycle start to finish , god luck again

[paulwirral]

Decide on your target market and work towards it , I think you are going towards what I said , lean towards first time buyers , make a nice job and they will find it easier to raise the money on mortgage , and the valuation will come in right . Keep in mind when it goes up for sale even if someone offers asking price on day one you will get paid in probably 3 months time , we usually take a 9 month time cycle start to finish , god luck again

[Eski1991]

Spudler said:

Not a good idea.
Decide on an inoffensive kitchen and get it fitted.

Agree with this.

Without a kitchen most lenders are "difficult", you may not need a mortgage but potential buyers might. Have a look at Ikea kitchens or just a basic gas hob and cooker and some units off the bay.

[DSLiverpool]

I think I've confused the issue, I'm not skimping on it on the contrary as long as we make £20k I'm happy.

Our house is exactly the same as this one, just mines a wreck and no extension otherwise exactly the same.

http://www.zoopla.co.uk/for-sale/details/28856610?...

Hoping to sell for £135k ish

[paulwirral]

Just do nothing like that place and your sorted ! And jones and chapman are the most expensive agents around here , I'm just finishing one at heswall now and they are the last agent on the list , twice what other agents charge , a nice house sells its self and agents know that , don't get tempted by high valuations or low ones for easy sales , agents work for their selves , not you !

[DSLiverpool]

Hmm


The main roof is pitched and finished in asbestos cement slate. Surfaces are moss grown
and some displaced tiles were noted. There is no lining to the roof. Such aged tiles can 3 produce air bourne asbestos fibres with long term and adverse health issues. The roof is
near to the end of its life and will require short term replacement. Specialist removal and construction costs should be investigated before exchange of contracts. Condition rating 3


Apart from that everything else was as expected - terrible - on the plus side no Japanese Knotweed

[scenario8]

Doesn't look like the end of the World. You probably assumed "everything" needed doing. Now the list of everythings just got a bit longer.

Keep us in the loop.

[Ade07]

Will be watching this with interest too as I also do exactly the same thing in the same area. Some buy to let's and some buy to sells. Agree on the issue about offering the property fully finished through, a good kitchen and bathroom is a must.

[DSLiverpool]

Quick update search fee paid to solicitor and thats where we are - just waiting to be told to pay for it.

[Perec]

FlashmanChop said:

DSLiverpool said:

Find a local energy rating surveyor, offer him a decent bung for a nice project he comes across. By accident that's what I have done.

And that's why my old firm is being investigated by the OFT. Had the letter 7 August forwarded.

Can't beat a good do'er'up'er.

Some of the ones I've done you struggle to spend £10k, but the returns are huge

Good luck.

Why would that be of any interest to the OFT? If paying for leads is now off limits every direct sales outfit in the country will soon be out of business.

[DSLiverpool]

Well the search has been ages not sure why but Im paying for it next week and were ready to roll, since last posted I have seen a 3 bed semi on probate up for £110, houses generally go for £135 on the street but thats not enough headroom - we guess £10k for a kitchen and a make over I offered £85k they asked for proof of funds duly supplied and they are sitting on the offer - no sweat.

In a little fishing village called New Ferry I can get a kitted out sarnie shop for £48k + £5k for the ovens, fridge counter etc it has a 2 bed flat included and sounds like a project for someone but not for me.

[northwest monkey]

DSLiverpool said:

Well the search has been ages not sure why but Im paying for it next week and were ready to roll, since last posted I have seen a 3 bed semi on probate up for £110, houses generally go for £135 on the street but thats not enough headroom - we guess £10k for a kitchen and a make over I offered £85k they asked for proof of funds duly supplied and they are sitting on the offer - no sweat.

Is the £10k for the kitchen or your whole budget?

If it's just for the kitchen, then don't spend that much. You shouldn't need to spend half that - never forget this isn't your house.

Good idea on doing the outside as a priority though - you'll get people looking at the house then & talking about it. I'd drop the idea of marketing it before it's finished - especially to first time buyers. They'll be looking around houses with shiny kitchens & bathrooms - not dusty sites with bags of plaster on the floor etc. They will absolutely definitely not be able to get the idea of what it will look like. There's a reason why Barratts build the showhomes first....

This kitchen cost under £4k fitted with appliances - as you could see if the picture thing worked

Edited by northwest monkey on Saturday 14th September 01:43

[DSLiverpool]

£10k for entire makeover, external tidy, new kitchen, decorate and remove clutter maybe less than £10k but they have my offer.

At my work we are getting into home automation so I might included a couple of automatic light products basic stuff, I just got the iPhone central heating kit to play with on friday, looking forward to that.

[Spudler]

DSLiverpool said:

At my work we are getting into home automation so I might included a couple of automatic light products basic stuff, I just got the iPhone central heating kit to play with on friday, looking forward to that.

I'm sure it's tempting but don't spend a £ more than you have to, it eats into your margin and you WON'T see it back.
No offence intended but its at the wrong end of the market for anything other than basic.
Just my opinion tho.

[DSLiverpool]

Finally got keys on Thursday, initial declutter started, work starts properly on Monday. Budget £20k max taking entire cost to £101k all houses for sale on the street when I bought mine have sold for £135k plus so I'm hopeful of maybe £140k

Question - gas, eleccy, council tax what do you do? We took readings on Thursday but do I tell them? What's the score? Also buildings insurance anyone recommend anyone? For 8 weeks.

Paid deposit on a 2 bed terrace in Tranmere at £30k needs £15k spending on it and will rent at £450 PCM as per next door both sides. I will keep this as part of my portfolio and look for others nearby.