buying a house to sell to make profit

googler

missile wrote: »

I would avoid buying a house from friends and relatives.

Or

Never do business with friends or family

Mallotum_X

Quick fast profit by amateur developers is dead, unless you know what you are doing and have done some research this is just going to lose you money.

phoebe1989seb

LEJC wrote: »

Have you really costed this out ?
only ask as I am midway through a renovation and have done all that plus central heating,new windows and doors and an electrical rewiire....my total is running very close to £40k and its not been a particularly lavish project

New bathroom £3000
New kitchen £5000
Conversion of old bathroom to utility room to create a bigger kitchen area £4000
New carpeting in all rooms £1200
Painting and decorating materials only as we did it ourselves but its been time consuming £500
the painting and decorating has only been with magnolia and white paint and has probably only been achievable because every ceiling and wall has been re skimmed by a plasterer at a cost of £1650

I'd like to hope you will do your renovations for your calculated cost but in practice I think your budget is tight and your expectation of a return too high.

Totally agree with this - we spent £40k on restoring our last house (inc new solid wood kitchen + granite worktops, two new bathrooms, rewiring etc etc) intending to stay there long term having dowbnsized from a much larger house . We did lots of the work ourselves as experienced renovators. Had we not decided to move we would have eventually spent more, so what the OP is planning to do on such a small budget seems very unrealistic.

When we came to sell the EAs said that whilst the work we had done was of a very high standard with high end fittings, we had only ended up making it more saleable and to prove a point we did sell in two weeks.......but took a huge financial hit Conversely, when we sold our previous house in 2007 (bought in 1997) we made a stonking profit of over £400k - so further proof that the heady boom days are long gone in most areas.......

drummer_666

I bought my first house in June. £75k. Another one in the same road sold for £120k in Feb. After improvements my house has a double size kitchen diner and wetroom, plus the upstaris bathroom will be much nicer.

My house when bought had single glazing, ancient floor standing boiler, no damp proofing in kitchen floor, not been decorated in 30+ years i.e. polystryene ceiling tiles etc. And the coal house attached to the main house as shower room and utility, but without the roof being done properly.

I am gradually doing it up spending £18-20k with the aim of selling and making £20-25k profit. Already spent £12k but that's the bulk of the work other than the windows. BUT I'm doing most of the work myself.

Here's some rough figures:

Wall knock through to make bigger kitchen & new roof £2,000
New damp proof kitchen floor £800
New kitchen inc floor tiles £2,000 - but bought trade and fitted myself
Hall skimming & Kitchen dry lining and skimming - £1,500
New kitchen electrics - £620
New boiler, cylinder and pipework - £3,100
New wetroom £1,000 - eBay bargins, tiles on offer
New bathroom £1,000 - eBay bargins, freecycle, fit myself
Coving, Skirting, Paint etc £800 - bought either trade or on offer