Potentially my second doer upper

[DSLiverpool]

http://www.zoopla.co.uk/for-sale/details/33401390#...

Well the first one took a year but made just under £30k

This one looks ripe but has been for sale for ages, not seen it yet but will do ASAP - needs a fair bit if work but has great potential

[Lozw86]

Certainly has potential, and very very cheap. You could not buy a studio flat for that price here

View it and get a survey done perhaps

[dazwalsh]

Depends on the ceiling price of the street. Nice big blank canvas though.

[DSLiverpool]

I think street ceiling is £85k for 3 bed, this has 4 doubles - maybe a good renter.
My issue is I don't trust builders, as I know so little I have to trust them and I just don't like the scenario - I watch homes under the hammer and they spend say £15k and I'm astounded - last one cost circa £25k no rewire or replumb

[cossy400]

IMO there is a lot of st thrown about on Homes under the hammer,

All seems too easy and very little spent, but house appears to look mint.

If the ceiling price is 85k for a 3 bed, whats it likely to be for that one?

In the pics it doesn't look bad at all,

Good luck OP

[jonah35]

Did you make £30k after solicitors costs, estate agent fees, council tax, insurance, energy bills etc?

[DSLiverpool]

jonah35 said:

Did you make £30k after solicitors costs, estate agent fees, council tax, insurance, energy bills etc?

Yes net profit - to be honest £27 and a bit but that's before my personal tax

[Pheo]

DSLiverpool said:

I think street ceiling is £85k for 3 bed, this has 4 doubles - maybe a good renter.
My issue is I don't trust builders, as I know so little I have to trust them and I just don't like the scenario - I watch homes under the hammer and they spend say £15k and I'm astounded - last one cost circa £25k no rewire or replumb

I could see how it might cost that (or atleast proportionally significantly less if you are the builder. Your labour costs are essentially paid for by you flipping it, whereas if you are using a builder then you are paying their labour costs.

What concerns you specifically about the builder? Ripping you off for work not needed? Doing a shoddy job?

[dazwalsh]

I don't know, I watch some of the homes under the hammer and the budgets are about right as to what I would spend on them. 10k should get you replumb, rewire, kitchen, bathroom and the finishing touches on an average sized 3 bed providing you do the vast majority of the work yourself.

That's ripe for renting if you rent each room out at what 250 a month? Let's say purchase for 70 and 15 on the insides and that's a healthy yield. I would go for it if it was in leeds.

[Little Lofty]

dazwalsh said:

I don't know, I watch some of the homes under the hammer and the budgets are about right as to what I would spend on them. 10k should get you replumb, rewire, kitchen, bathroom and the finishing touches on an average sized 3 bed providing you do the vast majority of the work yourself.

That's ripe for renting if you rent each room out at what 250 a month? Let's say purchase for 70 and 15 on the insides and that's a healthy yield. I would go for it if it was in leeds.

Can you come and do my refurbs please

My rough costs for a 3 bed semi are as follows:
Clear house/skips £1000
Re wire £2000
Re plaster £2500
Heating £2/2500
Bathroom £1000
Kitchen £3000
Tiling bathroom/kitchen £2000
Internal doors £500
Building work / alterations £1000/1500
Fire and surround £500
Composite Front door £500
Patio doors £650
Drive £2500
Decoration £1000
Carpets/blinds/ wood flooring for hallway £1500
New windows £2500/3000
Garden/patio £1500
Not every house will need all of the above but more often than not they do, I'd say my average spend inc solicitors/estate agents/insurance/utility bills is £30k

[Baldinho]

Look out for wet and dry rot. Will add to your bills and turnaround time. Interesting looking project though.

[DSLiverpool]

At £70k it doesn't stack up , I know you southern guys would pay £250+ and more but it won't go for more than £90k absolute tops, I guesstimate in needs £20k at least so it's only use is as a renter - I am getting a who me house rent and a 4 way split rent estimate next week. Also I would bid £63 ish

[economicpygmy]

DSLiverpool said:

jonah35 said:

Did you make £30k after solicitors costs, estate agent fees, council tax, insurance, energy bills etc?

Yes net profit - to be honest £27 and a bit but that's before my personal tax

Was there much inflation in that area?

[DSLiverpool]

economicpygmy said:

Was there much inflation in that area?

Not really it was just a cheap semi at £80k - street ceiling was approaching £150k but this was too near the junction for top $

[paulwirral]

I work on 15 to 20k for a 3 bed semi , fees and materials all in , i do all of the work barring gas and electric , finished to a high standard so it's the best a potential buyer has seen .
I told you on your first project to work on a 9 month or more turn around , that house has rental written all over it . Prenton isn't the best area on the Wirral but neither is it the worst .
Is it really that cheap if it's been for sale for ages ?
I'd be starting high fifties if I was you .

[DSLiverpool]

Lol I live in Prenton Paul it's the best I can do
Yep high 50s and maybe 4 studios rather than one - not sure will do some thinking over Xmas
A relative owns a letting agency round the corner so I can get a realistic view

[paulwirral]

Sorry , I wasn't being cheeky , theres quite a lot going on in prenton recently , it's probably a smart move .
It's a big house that needs a lot of work , but it's got double glazing and heating in already .
Remember to check building regs if your looking towards studios , fire regs and that sort of thing , I'm not up to speed on them but I believe they can add up quickly .
Good luck with the offer , I got laughed at once for a low offer until I pointed out it was the best offer they had on the table !

[F1 NDW]

I also live in Prenton and own a number of properties in Birkenhead in the range of this one you are looking at. To be honest I am just letting the houses tread water at the moment. I plan to get rid of the lot, renting is becoming such a PIA as the government cut and cut benefits. It's certainly not the time to be selling these types either, last time I looked prices where still going down. If you go down the route as suggested previously of multiple occupation beware, the rules and reg's increase daily! I haven't read about your first project but from the small snippet in this thread it certainly sounds like a much better way to go. Good luck,

You must live near Jockman and myself!

[DSLiverpool]

I decided against houses and we are concentrating on shops with flats above this year.
I think jockman bought my mates old house by sainsburys - not sure. I'm in Burrell road and were really happy here after living in west Kirby for years.

[98elise]

DSLiverpool said:

I think street ceiling is £85k for 3 bed, this has 4 doubles - maybe a good renter.
My issue is I don't trust builders, as I know so little I have to trust them and I just don't like the scenario - I watch homes under the hammer and they spend say £15k and I'm astounded - last one cost circa £25k no rewire or replumb

It depends on how much you do yourself.

One of my rental properties needed a complete refurb. New kitchen, new bathroom, new carpets, and every wall stripped and repainted.

I did all the work myself, so the total cost was 9k (ie materials only).