buying a house to do up

ard123en

hi folks

I'm starting again trying to get back on the property ladder

I've found a house in my area that needs about 20k worth of work after watching property ladder ect ill up that to 30k. The bonus is I have lots of contacts in the building trade and they are all willing to give some time at cost

its on at final offers over 80 k by this friday

a total budget of 110k is achievable plus im now back living with parents so would not have to live on a building site will work is on the way

houses in the street/local area are going for approx 135 so its not a bad deal

dose anyone have experience of how the building society would view this for a Mortgage id rather borrow 100k at the start that way i know there is more than enough money in the pot to complete the project


plus Im having real probs on how much to offer there were lots at the open viewing today

ard123en

*Sparkle*_3

Hi,

Have you done this type of thing before?

It great that you have people that will do the owrk for you at cost price, but just bear in mind you might not be their priorty, hence it might take longer.

Do you have a timescale to complete in?
- Dont forget you are still going to need to make the mortgage payments on the amount you borrow.

What will you plan to do with the property once its done up? would you sell for a profit or rent it out?

Have you included all the costs, like legal fee's and stamp duty.

Also make sure you shop around for a mortgage, if your going to sell it or rent out then i would suggest you get a buy to let mortgage with no early redemption fee's.

With regards to putting in an offer, you have to realistically work out how much you can spend on this property to make a decent profit, set a budget and dont go over it.

They say,"you make the profit when you buy the property not when you sell!"

Good luck

ard123en

the last time i did a house up was over 12 years ago pre separation to get on the ladder first time round

Since im living at a very low rent at the mo had a time scale of 12 months max would prefere to be living there in 6 though

Ive costed 12 months mortgage payments into the build I will either live in the house when finished or sell to move up the ladder when I serapated 4 years ago was in big depts have cleared the lot and am now in credit by the same amount

so have had 4 years of been good at sticking to a budget

I see this as a good opertunity to get out there again

been good at a budget thought im going to offer very close to the 80k if someone is stupid to offer more and get it then thats there look out and ill look elsewhere

since the property is under 120k no stamp duty have shopped around for legal fees

Arden