I Wish To Start Renavating Propertys, And Would Like Some Info Please

GDB2222

I don't see how you can make money doing this if you hire in an outside contractor to do the work. If you have your own team, have an eye for design and know how to keep the costs down, there may be hope.

poppysarah

Are you a builder? If you're not then I can see there being a lot less profit if you have to pay someone else.

sonastin

You have to be capable of doing the renovation to a high standard. Buyers are no longer fooled by a cheap kitchen/bathroom suite and a coat of magnolia paint - in general they would prefer to buy the tired property cheap themselves and choose their own kitchen/bathroom/decor.

googler

IAN_moone wrote: »

its just google tends to either tell me about how it works in other county's or takes me to someones site telling me they can make me millions if i just buy there e-book lol.

Put the term 'UK' in all your searches

Logon to google.co.uk rather than google.com

googler

If you spend 6 mths developing a single property, and in that time property prices go DOWN, and the drop in the underlying value cancels out any value you've added with 'redevelopment', where will that leave you?

You do realise you'll find it very difficult to buy and sell within 6 months, don't you?

If your strategy is based on the apparent success of those portrayed in the daytime TV property development shows, I suggest you examine closely the copyright dates shown in the end credits of each programme. Let us know if you find any more recent than 2008.

IAN_moone

Ok thanks to everyone who has replied

I would be doing 99% of the work myself. plan would be fit kitchen + bathroom (a nice one with nice tiles) lick of paint all round, new carpets, change electrical fittings if they look old, change door handles so they all match etc.

i intend to get a reasonable deposit down for this and if things don't work out then ill have no regrets about loosing it.

I wont be doing any structural work to the property, at least not the first few.

and again, this isnt somthing im going to start next week. like the rest of you i don't have a crystal ball, but i cant see the point in worrying about the current state of the market when things may well be differnt when the time comes.

Thanks

jc808

How good are your DIY skills?

slopemaster

IAN_moone wrote: »

lick of paint all round, new carpets, change electrical fittings if they look old, ...

Remind me not to buy any of your houses where you've changed the 'old-looking' fittings without touching the old wiring.
(And probably also painted over the damp stains and hidden the dry rot)

Doozergirl

IAN_moone wrote: »

Ok thanks to everyone who has replied

I would be doing 99% of the work myself. plan would be fit kitchen + bathroom (a nice one with nice tiles) lick of paint all round, new carpets, change electrical fittings if they look old, change door handles so they all match etc.

i intend to get a reasonable deposit down for this and if things don't work out then ill have no regrets about loosing it.

I wont be doing any structural work to the property, at least not the first few.

and again, this isnt somthing im going to start next week. like the rest of you i don't have a crystal ball, but i cant see the point in worrying about the current state of the market when things may well be differnt when the time comes.

Thanks

That's not renovating, I'm afraid. There's no money to be had in taking a decent house and tarting it up. If you take a house that isn't in a good state and do what you're suggesting, be prepared to get found out on survey. People are so wary of developed houses, they have the pick of everything and think they can do it all themselves. If the developer hasn't actually done any developing, the survey will pick it up in an instant - and they probably could have done it themselves.

If you buy a house at the right price and need to do as little as fit pretty things, you could sell it on having done nothing and save yourself the hassle.

Yorkie1

Presumably you know what work requires Part P certification and have that to cover all that you intend to do yourself?