Bought my first do it upper
Discussion
Mate does the energy surveys for houses coming on the market and called me on a house that is pure homes under the hammer, someone's died in it or gone to a home its terrible and needs everything apart from a roof and walls.
Ive put an offer in and have a builder on standby, I will update this thread as a guide for the inexperienced (me) and how it pans out and any pitfalls.
I cant and wont do any work on it its not my thing so all through the builder who will project manage it and will get a bonus if it comes in under budget or sells above guestimate to ensure good quality work.
Fist up can someone advise a flexible buildings insurer for the project please.
Ive put an offer in and have a builder on standby, I will update this thread as a guide for the inexperienced (me) and how it pans out and any pitfalls.
I cant and wont do any work on it its not my thing so all through the builder who will project manage it and will get a bonus if it comes in under budget or sells above guestimate to ensure good quality work.
Fist up can someone advise a flexible buildings insurer for the project please.
Offer of £80k accepted, off to agents with ID and utility bill, builder is arranging a basic survey, they say not needed but I have no experience and in my book you buy a house with a survey.
Basic maths are buy for £80k spend £25k max, sell for £130 to 140k in line with other houses sold and for sale on the street. Its a 3 bed semi with garage and off street parking.
Basic maths are buy for £80k spend £25k max, sell for £130 to 140k in line with other houses sold and for sale on the street. Its a 3 bed semi with garage and off street parking.
Christ, £25k barely pays for the kleenex bill I need for crying into when reading my own budget spreadsheet with my 3 bed semi do-er up-er. I've always said I'm doing it wrong.
Best of luck with the project. If it all goes through (and fingers crossed it does) then you must start a thread. Them's the rules.
Incidentally, does it have a kitchen as is? Are there electrics/a heating sytem etc? I ask as some/all mortgage companies will have issues if not.
Best of luck with the project. If it all goes through (and fingers crossed it does) then you must start a thread. Them's the rules.
Incidentally, does it have a kitchen as is? Are there electrics/a heating sytem etc? I ask as some/all mortgage companies will have issues if not.
The Moose said:
DSLiverpool said:
Bromborough near my work (coincidence), perfect house for someone as its near a health centre, bookies and Tesco - a claimants dream.
Claimants won't be buying What's the long term plan, buy - do up - sell rinse and repeat?
Or buy - do up - keep in portfolio?!
Note the chap who found the house does the energy ratings of houses before they go on sale so is ideally placed to find good deals.
DSLiverpool said:
The Moose said:
DSLiverpool said:
Bromborough near my work (coincidence), perfect house for someone as its near a health centre, bookies and Tesco - a claimants dream.
Claimants won't be buying What's the long term plan, buy - do up - sell rinse and repeat?
Or buy - do up - keep in portfolio?!
Note the chap who found the house does the energy ratings of houses before they go on sale so is ideally placed to find good deals.
KTF said:
Out of interest, is there a mortgage on the property or did you buy it with cash?
If its a mortgage did you check the fine print about terminating it early as they may not like the idea of lending for only a few months.
For this purchase no mortgage, hence keeping the project small.If its a mortgage did you check the fine print about terminating it early as they may not like the idea of lending for only a few months.
Sounds like an interesting project, I've added it to the build threads wiki.
What sort of standard are you looking at getting it to? We're already way over £25k on our 3 bed refurb in Coventry, but we're doing it to a fairly good standard as we want to live there for a number of years.
What sort of standard are you looking at getting it to? We're already way over £25k on our 3 bed refurb in Coventry, but we're doing it to a fairly good standard as we want to live there for a number of years.
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)
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)
DSLiverpool said:
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)
How will this work from a tax point of view?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.
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