I'm up 50k in 20 months

padington

Thanks to the property bulls on this forum I'm up 50k in 20 months. My small two bed terrace in london got valued by two local estate agents as being worth 61k more and I spent about 11k doing it up. Foxtons said it was worth 111k more in 20 months but I'm discounting that as sales hype.

This really was down to the rational of Hamish on here and my uncle.

Thanks for the help. I am a believer that a house should be a home firstly and not just an investment but it's brillant to have more equity inside it.

Mucho gracious.

shortchanged_2

Groin thrusting all round.

floopnoodle

You bought a 2 bed terrace in London for £61k?

shortchanged_2

floopnoodle wrote: »

You bought a 2 bed terrace in London for £61k?

Good point. Never noticed that, £61K for a 2 bed terrace in London.

Doesn't quite add up really.

floopnoodle

shortchanged wrote: »

Doesn't quite add up really.

Neither do the other sums. £111k - £72k = £50k?

I'm guessing this is an 'in' joke or dig at someone that I don't get

lostinrates

Sounds like you are down 11k (plus fees).

Much like us, we bout and have never felt poorer, rofl. Wish we'd been able to do ours up for 11k. Or ten times that come to think of it. Its not real till its realised IMO. We don't intend to realise ours anytime soon.

Good luck op.

Prothet_of_Doom

Okay, so you've got a nice house in a nice area and you are not in negative equity, which means remortaging it, to move to a lower mortgage rate will be possible, and should you ever wish to move to say Stoke on Trent, you could buy a couple of nice terraces with the equity and be mortgage free.
Well done.

MFW_ASAP

lostinrates wrote: »

Sounds like you are down 11k (plus fees).

Much like us, we bout and have never felt poorer, rofl. Wish we'd been able to do ours up for 11k. Or ten times that come to think of it. Its not real till its realised IMO. We don't intend to realise ours anytime soon.

Good luck op.

I'm in the same boat as you LIR. I've just destroyed my mortgage free challenge yet again and borrowed £28k to do my windows. It never ends does it?

padington

Paid 282.5k. Spent 11k (walk on glass skylight, new boiler, window shutters and transformed garden).

Now valued at 350k

That's 56.5k to be precise. Take out buying fee's that's 47.5k up.

Also 'if' Foxtons are anything to be believed thats 97.5k profit in less that two years.

Oh yeah I would have to take out sellers fee's from that but still, not bad.

It's a bull market for sure.

Thrugelmir

padington wrote: »

Paid 282.5k. Spent 11k (walk on glass skylight, new boiler, shutters for front room window and transformed garden.

Now valued at 350k

That's 56.5 to be precise. Take out buying fee's that's 47.5 up.

Also 'if' Foxtons are anything to be believed thats 97.5 profit.

Oh yeah I would have to take out sellers fee's from that but still, not bad.

It's a bull market for sure.

Take the profit while it's there.

padington

Thrugelmir wrote: »

Take the profit while it's there.

It's a handy investment vehicle, I get to live inside it and not pay a land lord rent ... :money:

But would like to move overseas one day, I'm waiting for the sweet spot of a really high pound coupled with high property priced to make my move.