Looking into buying and selling properties??? help

natalie79

We are a couple in our late twenties who have a £90'000 mortgage on a 2 bed semi worth about £130'000. We want to maybe have a £10'000 remortgage and have another bedroom and then sell for slightly more. We could then move into another house and do the same. Eventually we hope to have an expensive house with little or no mortgage.

Can anybody advise us ??????????

Debt_Free_Chick

I think you need to look at how much you would spend to create the extra bedroom and then how much extra you could expect to get for the property.

If you have to spend £15k to raise the asking price by £10k, would you still do it?

You may simply be better off selling as is and putting the money for the extra bedroom towards the next property.

It's difficult to be precise without knowing the full details i.e. cost of improvements, what the increase in the valuation would be and the price range of the new house.

PoorDave

If value of house after work minus all costs (build/estate agents when you sell/solicitors etc) is sufficiently more than the current value then go for it! Make sure you budget properly - write stuff down! Include all costs, then just maybe you'll have a plan worth using to make some money.

Keep in mind that what you've had is neither a new idea nor some great eureka moment that will change the world, just a good idea that might involve a lot of hard work!

It seems that builders have raised their costs in the past few years to squeeze a lot of the profit out of such schemes, in my area at least.