We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

buying and selling refurbished properties

2»

Comments

  • kinger101
    kinger101 Posts: 6,672 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    xyz111 wrote: »
    Hi
    I am a structural engineer by trade and could find it natural to buy old properties -work them and sell them...

    Please advise some tips as to how to get into the businees..and how much tax free profit should i expect...etc.

    many thanks...

    To get into the business, follow these steps.

    (a) buy a house
    (b) fix it up
    (c) sell it.

    To maximise tax-free profit

    (a) quit your job and dispose of all income bearing assets.
    (b) do quite a shoddy job on the renovation. Not too shoddy that you make a loss, but sufficient that you only make £12,500 of profit per year.
    "Real knowledge is to know the extent of one's ignorance" - Confucius
  • DaftyDuck
    DaftyDuck Posts: 4,609 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Best bit of advice I could offer would be: make friends with a good structural engineer - knowing one might save you a fortune.....
  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    G_M wrote: »
    Indeed. Me too. Hence my :rotfl:.


    But the OP seemed to want serious advice.......... :D


    I don't think they did really or they wouldn't have needed to ask? :D
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    xyz111 wrote: »
    how much tax free profit should i expect...etc.

    Most successfull business people worry about reducing their tax liabilities once they've made a profit. Never let the tail wag the dog.
  • Mutton_Geoff
    Mutton_Geoff Posts: 4,046 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    xyz111 wrote: »
    Hi
    I am a structural engineer by trade and could find it natural to buy old properties -work them and sell them...

    Please advise some tips as to how to get into the businees..and how much tax free profit should i expect...etc.

    many thanks...

    Work out what your average hourly rate might be on the time you spend refurbing. You may be surprised how little it can be, together with a huge element of risk. Stick to the day job? (Not being facetious, it’s the conclusion I came to).
    Signature on holiday for two weeks
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    If you have to ask, then you definitely aren't going to make a profit...

    Remember, you'll be competing against builders and developers with years of experience and decent financial backing, who also have good working relationships with local agents to source the right properties.
  • jimbog
    jimbog Posts: 2,285 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    BoGoF wrote: »
    Watch Homes under the hammer

    You will find someone has spent 6 months, lots of hassle, to make £10K 'profit' before expenses.

    Better to work in Tesco's on minimum wage
    Gather ye rosebuds while ye may
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.3K Banking & Borrowing
  • 253.7K Reduce Debt & Boost Income
  • 454.4K Spending & Discounts
  • 245.3K Work, Benefits & Business
  • 601.1K Mortgages, Homes & Bills
  • 177.6K Life & Family
  • 259.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture