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

Werdnal

slopemaster wrote: »

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)

I agree!

Property renovating is about bringing the dated property up to modern standards, which usually includes plumbing, wiring, damp proofing, possibly even structural repairs etc.

Doing it properly may cost more, but will add more value. Anyone having a survey on your apparently "renovated "property will quickly uncover your faults and any increase in value you think you have added, may quickly disappear. Potential buyers have an array of sources of information these days to find out how much you paid, compared to how much you are asking when selling on. Adding a pretty bathroom and kitchen, a few light fittings and a quick coat of paint may not increase the value as much as you would like to think, especially if the underlying (and more important and expensive aspects) of a renovation have been overlooked - a survey may send them running for the hills!

For instance, I personally wouldn't buy a property with a brand new kitchen fitted, if there was a chance it all needed to come out again to upgrade the wiring!

If you are looking to buy properties that only need "cosmetic" tidying, rather than a full renovation, it may take a long time for your expected profits to come flooding in!

Doozergirl

Werdnal wrote: »

Doing it properly may cost more, but will add more value.

Thing is, in this market, it doesn't. People look at a properly done house, presume it isn't and buy something that they think needs a new kitchen and a bathroom. "Developers" have given Developers who truly care a bad name.

BobQ

I think your idea is unrealistic in the present climate.

The model that worked in the past was to buy a house in a rising market knowing it would be easily sold. It did not matter how long it took to rennovate as the price was always rising. In the current climate the price might not rise and could fall. also it is difficult to sell if you only plan to do the things you say. These days it will only work if you have a team turning over the improvements in a short period and providing the proper guarantees it has been professionally rennovated. You seem to want to do it yourself combined with a full time job which will take much longer and just do partial rennovations.

To do rennovations properly you will need to employ competent tradesmen for the electrical work and plumbing and may need specialists in other areas. Most houses you buy with dated kitchens and bathrooms and needing redecoration throughout will also have other problems, like dampness, old plaster, dated windows, warped doors, old gas and water pipes, old wiring, woodworm. How many of these skills do you have? Can you pick a house that only has certain flaws?

You might be better buying one that was properly rennovated 10 years ago that just needs re-decoration and then letting the property, far less hassle if you do it correctly.

david29dpo

IAN_moone wrote: »

Ok thanks to everyone who has replied



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

How do you know? When the time comes (to sell?) you may get less that it cost.

Uk_Lover

There is money to be made, if you can get the property at the right price, also location is very important. There are loads of Repo's out there at the moment and some can be bought at over 30% off their value. Looked at a couple at the weekend and tbh they were not that bad. Yes they looked a real mess but all doable with a bit of time and money (and lots of cleaning!). Cheap fixes wont make you any money, you need a professional finish to attract your price. Work out the worst case scenario and you will be ok. Expect to re wire, re plumb, re plaster, new kitchen and bathroom then add on a few grand (you need a contingency as running out of money half way won't be good.) If the property doesn't need that much then your already winning the battle!The flat I looked at on Saturday was half done, had new kitchen and bathroom but the rest was a right state. Strange why the fitted them before doing the major work like plastering etc, guessing it was an inexperienced developer. Work done looked ok though but would need to come out to do the main work, but wouldn't need to replace so money saved there.Don't let the negative comments put you off as many make enough money to live a good life, just do your homework properly and expect to work your !!!! off !! Good luck

RenovationMan

We have renovated both of our previous two houses so far and made quite a bit of money on them, all of it tax free as we renovated our main home and then moved on. The houses were all bought using interest only loans, using the savings made on the repayment portion of the loan to pay for the renovations.

We then spent evenings and weekend renovating and modernising the house and when it has come time to sell, both reached full asking price and sold quickly.

We're currently working on renovating House number three.

Radiantsoul

RenovationMan wrote: »

We then spent evenings and weekend renovating and modernising the house and when it has come time to sell, both reached full asking price and sold quickly.

I guess if you factored in the value of your time and a reasonable risk premium for your capital outlay the profit would be diminished or disappear. Not that it is not a profitable hobby and it may be more interesting than watching Eastenders.

RenovationMan

Radiantsoul wrote: »

I guess if you factored in the value of your time and a reasonable risk premium for your capital outlay the profit would be diminished or disappear. Not that it is not a profitable hobby and it may be more interesting than watching Eastenders.

Probably diminish rather than disappear, but as you say, better to spend time painting a room with the wife and kids and having a muck about, laugh and chat than to sit like a drone and watch TV in silence.

To be fair though, it's not too difficult to understand how to rewire a house (there are only 3 wires) or fit central heating (there are only 2 pipes) yet it saves a Kings ransom in renovation costs! If you are 'handy' around the house and can source materials cheaply, then you can get jobs done at a fraction of the cost, yet the person buying your renovated house just sees the end product and doesn't know how little it cost.

China2

RenovationMan wrote: »

To be fair though, it's not too difficult to understand how to rewire a house (there are only 3 wires) or fit central heating (there are only 2 pipes) yet it saves a Kings ransom in renovation costs! If you are 'handy' around the house and can source materials cheaply, then you can get jobs done at a fraction of the cost, yet the person buying your renovated house just sees the end product and doesn't know how little it cost.

I assume you are Gas Safe registered then?

Telling people to have a go at fitting a central heating system themselves is not smart

angrypirate

China2 wrote: »

I assume you are Gas Safe registered then?

Telling people to have a go at fitting a central heating system themselves is not smart

When it comes to hot water pipes, anyone can have a go. Its where its gas you need a Gas Safe "engineer". If you are needing to install an entire system, you can install the rads and pipework for the water yourself and then bring in a gas safe "engineer" to do the boiler.

And i put in engineer in " " because they are not professional engineers. I am a professional engineer - i have a masters degree and have my chartership from an internationally recognised body. Being qualified to fit gas boilers is a very different profession.