Renovation project as first time buy

hazyjo

Are you sure it's not an auction property, or a repo looking for offers over? It is very unusual to be that cheap. Doer uppers aren't usually half the price.

Jx

sparky130a

Doozergirl wrote: »

It's the opportunities that are rare. But they are there and someone has to get them. There are plenty of people who want the opportunity.

And plenty of people who say it can't be done. If the people on this board were all right, then no one would ever make any money from development.

I'm not one of those people.

But caution in this sort of venture should be pointed out.

Because you can bet my pair to a barn dance if it goes wrong....

Best of luck to the OP.

leespot

These type of projects really aren't for everyone. For me personally I love the challenges the renovating work brings with it but at the same time I'm capable of knowing my limits. I enjoy the learning aspect too, so many things you can pick up along the way. The fact that money might be made is always a bonus, but for me it is important that we have somewhere to live also. We'll go from this house when it's sold with around £100k more than we paid, which is a lot of money but then we will have spent about £40k renovating.

Caution is absolutely needed with anything like this, as is a sensible approach to the financial aspect. We're not intentional developers - both work full time. We just enjoy putting life back into older houses needing some TLC. Best of luck OP, hope it works out for you.

martindow

Profits are going to be larger if you price your labour at zero and just use the cost of materials. I'm not sure you should see it this way. Your OH's time has value and hours spent working on the house are hours that he is not earning.

Projects like this can go on for years if he is forced to do paid work and work on the house as and when. The novelty of living in a caravan especially in winter will soon wear off.

Could there be planning issues with putting a caravan on the site?