whats your current housing situation?

Kenny4315

4 storey townhouse, bought april 2007 £350k, required full restoration, spent £75k, current value £800k, sold previous sept 2007, £324k bought for £120k (2000) plus £12k refurb, around £250k from sale waiting to see what happens in market. Will either get some more BTLs later in year when or will clear mortgage debt on main house/reduce current BTL debt. BTL bought Nov 2006, £346k, refurb £10k, value £600k, O/S debt £282k

Cleaver

Kenny4315 wrote: »

BTL bought Nov 2006, £346k, refurb £10k, value £600k,

Really? How does that work?

baileysbattlebus

Cleaver wrote: »

And do you actually own a Battle Bus as well?

We used to have a people carrier and with 3, at the time, teenaged brats - it literally was Baileys' battle bus - every time they were all in it - it seemed as if they were having a battle!!!! We don't have it now, but we still have the now, much older brats.

lynzpower

Me, & OH and our little dog live in a huge 3 bedroom tied accomodation as part of my job. I live in the crappest part of Londons Zone 1 bit rough! We have views over waterloo/the city/ london eye/ houses of parliament from our roof terrace though.

Thanks to my employer we pay 325pcm all bills included. :j We save hard, we dont buy unneccesary stuff really, but enjoy holidays and would like more but he temps and I only get 20 days pa.

We are saving like mad but not sure what for, just making hay while the sun shines.
Although we often toy with buying property ( we also have a STR pot from a SO flat I sold in 07) we dont really like anywhere enough to really want to stay.

Im fairly happy with my job, and love our home. But Im not happy with living in the UK and the pace and stress of it ( the stress of my job is pretty high & work in v physically hard job at times) and would love to move to working in a different pace of life with different values. Me & OH are currently looking into volunteering opportunities overseas. Watch this space!!

mewbie_2

BTL bought Nov 2006, £346k, refurb £10k, value £600k...

Cleaver wrote: »

Really? How does that work?

Slap of paint, bit of laminate, knock through, partition, bosh, dosh, wallop, bob's yer uncle - job done - 250k profit.

Kenny4315

Cleaver wrote: »

Really? How does that work?

Very simple, I knew the street was significantly under-valued, as I already owned a house on it. Now I have sold my original house, and have my BTL flats and my main house here.

History section ..... large townhouses were not popular until recent times, they were expensive to maintain, and many preferred to live in 'modern' houses built like SH*TE, with all the mod cons, as a result, streets like the one I am in, were bought by dirty scoundrel LL's (Rackman type) and turned into cram them in bedsits. Most of my street was in the hands of 3 or 4 guys until around 2000, when the HPI made them sell them off. Prior to the boom there was no market for such houses, because it was not worth spending the money on them, No4 on our street was 4 flats now single house bought Aug 2008, for £615k and they've spent around £250k doing it up. Since 2000 large amounts of money have been spent converting back to either single houses, or refurbing either flats or house. I have converted 1 and refurbed the other, the result is that the street has gone from having large houses that are run-down to having large townhouses in very good order, and is now one of the best in the city.

Also the guy I bought off on the flats just wanted out, (his dad was rich and property was a 2 year hobby until he got bored, i bought it at the same price he did in 2003 there or there abouts), I had the deal done within a few hours of it going on the market. :money:

My main house was derelict and went to sealed bids, after the council basically told the guy who had left it empty for 10 years, that if he didn't they would. He inherited it via his wife who was the neice of one of the guys who owned most of the street.

Kenny4315

mewbie wrote: »

BTL bought Nov 2006, £346k, refurb £10k, value £600k...



Slap of paint, bit of laminate, knock through, partition, bosh, dosh, wallop, bob's yer uncle - job done - 250k profit.

You don't even have to do that ... when others are spending huge amounts of cash on the same street. Since start of 2007 till end of 2009, the top half of the street (say the first 13 houses), has had well over £1m invested, refurbing and converting.

dwsjarcmcd

Good thread and interesting stories, I've had loads of houses and sold at both the top and bottom of the market.

Three years ago, we went to the south of France and fell in love with the place, so sold as soon as we got back and downsized. Bought an apartment in Juan Les Pins on the riveria.

Currently live in a 4 bed detached, mortgage free but have a mortgage of about £125k (and changing every day on the place in France!). It's now worth loads more than our UK home.

Lucky to earn good salaries and have an amazing wife who is great at saving, so we are fine, for now. We both work for a financial institution, so we aren't complacent and have increased our savings and reduced our spending.

Even better in August, my maintenance to my ex-wife reduces by £1,000 per month!!

beingjdc

I rent a 2-bed 2-bath flat with a friend, and have lived here since Autumn 2006. Before that I rented a 1-bed flat on my own, and before that I owned a flat, which I sold.

SingleSue

dwsjarcmcd wrote: »

Even better in August, my maintenance to my ex-wife reduces by £1,000 per month!!

Blimey, it takes a year for me to get the amount it is reducing for you from my ex!

Hmmm, might be time to talk to him again....