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Buying several VERY cheap houses all on 1 street hoping gentrification will happen?
Comments
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dylantombides wrote: »If I own many properties on a particular street, I'm going to reap the benefits.
I'll have about £50k deposit with a £27k salary.
Not with £50,000 and £27,000 a year salary, but I wish you all the luck.
Buy that one....theres a starter for 10....hopefully you can buy next door then the whole street. Not sure what your going to do with them in the mean time.
https://www.rightmove.co.uk/property-for-sale/property-83543087.html0 -
Have you taken tax and SDLT into consideration? I think you'll find that tax (amongst all other previously mentioned) might cause you an issue with your masterplan!"If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett
Save £12k in 2025 - #024 £1,450 / £15,000 (9%)0 -
Scratch that, I found the street you need to invest into:
https://www.rightmove.co.uk/property-for-sale/property-73829953.html
https://www.rightmove.co.uk/property-for-sale/property-73830094.html
https://www.rightmove.co.uk/property-for-sale/property-73937887.html
Theres 30 -
foxy-stoat wrote: »Scratch that, I found the street you need to invest into:
https://www.rightmove.co.uk/property-for-sale/property-73829953.html
https://www.rightmove.co.uk/property-for-sale/property-73830094.html
https://www.rightmove.co.uk/property-for-sale/property-73937887.html
Theres 3
It already has facilities to attract the hipsters.0 -
Or you could just invest in Thomas Cook.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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OK, so you buy the houses. Let's say you buy them for £30k each, plus legals, so call it £130k total. Congrats, you now have four awful properties in an awful area. And an £80k BtL mortgage and no savings.
Now what?
How much are you going to invest in improving and maintaining those properties?
What are you going to do with them in the interim, while you wait for the area to improve?
How long do you think it'll take for the area to "gentrify", and what price rise do you foresee?0 -
10 to 15 years ago it would have been a good idea in certain areas of the UK. Tax and benefit changes have muddied the waters a lot.0
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Always buy the worst property in the best area.
Never buy the best property in the worst area.A kind word lasts a minute, a skelped erse is sair for a day.0 -
dylantombides wrote: »This is an idea/thought I've had in my head for a while. It seems so obvious so I imagine it can't be a good idea.... if it was that obvious and no one is doing it, there's probably a reason why! Anyway I thought I'd ask:
In certain cities/towns house prices are extremely low. I could afford several in the same street. The reason they're generally so low in price is because they're in a super dodgy area. However, there's always the possibility the area will improve/be gentrified and suddenly these houses values will skyrocket. If I own many properties on a particular street, I'm going to reap the benefits.
I'll have about £50k deposit with a £27k salary.
The area of Nottingham I bought in has seen a lot of change for the better in the last ten to fifteen years.
How long can you afford to wait with your money tied up in properties you will have to maintain whilst you wait for the area to improve?
In my case the area is on the edge of the town with countryside within spitting distance with excellent public transport (two train stations, buses every nine minutes and one of the stations will get you into Nottingham station in about five minutes and a third, currently unused traintrack still in situ that is rumoured to be the route for when they extend the new tram system out to our side of town.)
The area is also quite small so I figured the local council would be able to turn it around if they tried.
As you can see I could see a lot of positives about the area. Can you see the same in the area you are looking at?0 -
foxy-stoat wrote: »Scratch that, I found the street you need to invest into:
https://www.rightmove.co.uk/property-for-sale/property-73829953.html
https://www.rightmove.co.uk/property-for-sale/property-73830094.html
https://www.rightmove.co.uk/property-for-sale/property-73937887.html
Theres 3
Durham keeps growing & growing!
Won't be long before it reaches all the way to Russia :rotfl:0
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