Need some advice on a property........
Discussion
Too many unsold flats in this area (west yorks) that under normal circumstances would be sold to BTL landlords.........however the arse has fallen out of the "i am going to be a landlord market" so now the only people buying are pension funds etc who want massive discount to buy the whole block...........people sat on land they have bought to develop are still having to build unless they can afford not to, so its a bad situation in my view
Well I'd say its not worth it IMO.
If you were to borrow the full amount for the development I reckon you'd be lucky to make circa 200k. You could quite easily walk away with nothing it you don't have good contacts.
You cannot even hope that you can push planning a little further, ie a few extra units as if you did you'd them fall into the social housing bracket & at that point you're figures would look worse still.
If you were to borrow the full amount for the development I reckon you'd be lucky to make circa 200k. You could quite easily walk away with nothing it you don't have good contacts.
You cannot even hope that you can push planning a little further, ie a few extra units as if you did you'd them fall into the social housing bracket & at that point you're figures would look worse still.
Area limit is indicated as 15 units for that size of plot... So it's just inside that. 500k seems expensive for a plot that _may_ realise 1,750,000.. I agree that it would seem to be too tight to try. There's not a big enough margin in there, unless the 500k dropped or only 300k was offered...
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