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Admire your enthusiasm , but have you really thought this through.
Just a few items that spring to mind from experience:-
Conveyance fees
Surveyor's report
Insurance for unoccupied property
Planning fees
Building regulation fees
Need for Gas Safe certification
Need for electrical work certification
Inspection fees for any drainage work
For actual examples , on our last refurb , moving the gas meter cost £670 , drains (just the inspection) cost £330.
Keystone is right - £30k isn't anywhere near enough to buy and refurb. a house.Forgotten but not gone.0 -
L Tony6403
I think I've considered it in more detail than the developers I know who have successfully done it. Currently I don't have exeact figures as I don't no my exact strategy yet but I personally know developers who have lightly renovated small homes for less than 10,000, paid for on interest free credit card witch is then paid off for by release a completed stage payment of a light refurbishment mortgage like those offered by mortgage works and others. Hence a quarter of the capital cost and a quarter of the purchase and refurb costs are required up front unless I'm mistaken. Id like to think how much people think would be necessary for an 80k house broken down as the following;
Conveyance fees as noted
Initial survey fees as noted
Insuranc for occupied property ( I will be living there )
No planning fees because of limit to scope of work as listed below
Building reg inspection limited to replacement of electrical and heating systems maximum.
Gas safe certificate at 50ish quid
Inspection of drains performed by myself before purchase of property with 40 quid camera from lidl!
Rerun electrics ( installed myself and inspected as above )
Install central heating system to modern standards ( rads and pipework by myself, cheap boiler by heating engineer.
Reboard and replaster myself with material sourced for next to nothingftom day job.
Floors laid in cheap laminate/tiles by myself
Budget bathroom suite from Wickes self installed.
Budget kitchen from Ikea self installed with cost price electrical goods from mate.
New internal doors, skirtings, architraves self installed.
Cheap 2nd fix electrical fittings
Extranal rendering with almost free materials by myself
Pave front and back gardens/landscape myself
Repointing and other bits and bobs myself
A few trips to tip
Anything you think I may have missed.0 -
P.s painted all around magnolia/white dulux!0
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So you have done property1, its tennanted, they pay on time and look to be staying for a few years...
then what do you do?0 -
If you have to ask what tools to buy then you clearly haven't got a clue how to use them even you were told what to buyI'm only here while I wait for Corrie to start.
You get no BS from me & if I think you are wrong I WILL tell you.0 -
Was it Property Ladder weekend on Discovery?0
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Keystone- a lot of the figure in Nottingham has been dragged down by oversupply of city centre flats. The terraces I've been looking at for the past 12 months seem to have flatlined. However I can't imagine prices falling forever and I could wait 2-3 years and double my deposit size. How much would you think would be neccessary out of interest? What do you mean by learning cliff? What knowledge do you think I lack, I don't deny this hence using the forums. Any input appreciated.
Russe 11- save up for a 2nd deposit ( currently can save 10k per year plus rent surplus from 1st property plus equity increase from renovation works, poss as much as 10k. ) ideally build a small portfolio over the next decade of about 5. Sounds simplistic but I need an overall strategy to acheive anything big. Any input appreciated.
Southcostrgi- they were quite specific questions about the usefulness off certain things, not all of them require skill at all e.g board lifter.
Sgt pepper- I actually spent to weekend with a developer refurbing a property!0 -
OP sounds like a man with big plans and no idea how to achieve them. While I am all in favour of owning lots of tools. Buying a large amount of them at one time seems pretty pointless. You just buy what you need for a particular job and in a short while you will acquire a useful selection.I can afford anything that I want.
Just so long as I don't want much.0 -
Nobody seems to be able to clarify why this is not possible but all seem to say it is!
What would be the actual requirements for someone to do what I intend and how do I fall short of this?
Cheers guys!0 -
You won't be able to release equity on a devaluing assett, the mear fact it rented will likely mean any improvements will need constant attention every few years.
The only way that what you have in your mind will work is if your investing in a upward trend, so unless you are looking at finding a lot more money and investing in the higher end with experience then you are setting out to fail.
After voids, maintenance, rental costs you won't be clearing a profit, you might be able to just keep up with inflation if you get it right.0
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