SLLM (Single Lady Large Mortgage)

Merlin's_Beard

@Sistergold would you manage the BTLs personally or outsource that to an agent?

Sistergold

Merlin's_Beard said:

@Sistergold would you manage the BTLs personally or outsource that to an agent?

I will outsource to an agent let them take the fees to manage

Sistergold

Mortgage update 
Direct debit went out yesterday which included OP of £999.99. New mortgage balance 👇🏾

Initial mortgage balance was £487500 now £384745 which means I have paid £102755! I have managed to pay over £100k since start of mortgage in July 2019! Just wanted to celebrate the £100k mark! This does not include any deposit paid on purchase. Looking forward to the next £100k. ✍🏼

Sistergold

Just to celebrate 🎊 

LadyWithAPlan

I do get having so much of one’s capital invested in one’s house is a concern especially if you are single… I am sure this is why I am not feeling the need to rush in and buy myself. 

 Can you not buy just one btl in cash? 

Or save towards that? That way if you has no or a very small mortgage on the btl it would be less of a risk. 

You are in a good position to not have to buy - no doubt you will get better deals. 

I think property prices got so hot in the last few years that sellers are still living that dream. 

What with COL, rates and peoples focus on spending a bit less - house price predictions of falling and stagnant for the next year make sense. 

she_always_has_a_plan

@Sistergold Amazing achievement, well done!!

Sistergold

That’s the thing @LadyWithAPlan, I can see why you are not in a hurry London prices are crazy. And you are doing great with your savings, when the time is right you can buy with a good deposit. 

With regards to buying a buy to let. I want to buy two while the market is not heated up as at times it’s difficult to even secure viewings. Booking the 5 viewings I did this weekend was easy and I just think it’s a good time to look into buying as there is not the stress of many people trying to view. My thinking is that once I secure the two I can then look into reducing the mortgages. Yes buying one with little or no more mortgage is a possibility and have also been considering it. I will buy at least one. My aim is to have 4 rentals if I can. I just need to try and not pay too much  for the houses I buy. So the last two I said I offered on I offered £20k less than asking price. The offers were rejected and they were pressing for me to increase. I told them no that was the highest I could offer. Told them I felt they were very good offers considering the work that needed to be done. Will see if someone else buys . Since these were my first viewings I didn’t want to secure the houses too quickly as I want to get a ‘real feel’ of the market to avoid overpaying. 

Sistergold

she_always_has_a_plan said:

@Sistergold Amazing achievement, well done!!

🤗 thank you

Sistergold

Kitchen reflections 
So I had a moment today to reflect on the kitchen project. I then realised that I had not taken time to find the approximate cost of making my kitchen. The total I have includes my Amazon spend as I bought some things like castor wheels, metal cutting blades, sanding discs and many other things from there as it was convenient due to them delivering. 

This diary will not be complete without me noting down the cost of the kitchen. 

LISTED as found in bank statements rather than invoices as I could lose those 

Dishwasher £775
Metal superstore orders £3020
sink £457.31
microwave £500
Amazon spends £1731.41
screwfix £1529.30
builder depot £1455.84 mainly wood 
B&Q £1299.95 vinyl floor, paint and brushes etc
kitchen tap £162.00
dual fuel cooker range £1085.00
Kitchen countertops, welding machine, welding supplies etc £3789.61
other expenses £1290.00
food macerater £412.00
extractor hood £180

TOTAL SO FAR £17687.42
(Without plumbing and electricians cost)

additional cost

plumber £400 move washing machine to garage plumb in new sink plus dishwasher 
plumber £750 move boiler from kitchen to garage
electrician £2500 new fuse box, run wiring for new cooker as previously all gas, more plugs, 16Amp wiring and sockets for welding machine in garage

Grand total so far £21517.42

Did I think it will cost that much? Not quite if I am being honest. All I knew was I was okay with it costing as much as it needed to cost. When I bought the house builder had quoted me £26k for a howdens kitchen. Wickes had quoted me £13k for some kitchen. So in a way I was happy to spend about £26k without labour costs given that inflation has now taken over. 

The kitchen is not quite complete as walls/tiling still to be bought and to be done. There are two more units to make, will upgrade fridge, also need new washing machine. I think maybe the figure will probably round off to about £25k to make. Having said that the kitchen is functionally complete and it will take me a while to motivate myself to finish off the last bits which are more to do with extras and aesthetics. Also I need to get some money together say £3000 to start thinking of finishing as I have found with any project costs do escalate. My mortgage product will expire end of June and at that point it’s looking like it will go up so probably I will need to wait till then before I start spending again as for now I am overpaying on the mortgage to have good loan to value. 

The above costs is money actually spent, I have not tried to factor in the hours/days/nights/weeks/months I spent working  on the kitchen. I don’t want to lie it was the hardest diy I have ever done. 

What were the benefits?
Learnt so many new skills, whole process turned out way better than I ever imagined. 

Now I am convinced that given time and determination one can learn most skills in upgrading your own home. 

The process was quite manual/physical and very intense, I really lost weight in a good way.

I really toned up and also got quite fit.

Managed to make adjustments as I went along without cost escalating as I was doing it myself. Builders fabricators once you start changing the brief they add more money in general. It was nice to let my imagination run wild once I was confident on how to do it. 

“Saved money on labour cost” I have this in quote as yes I “saved” but for the hours I actually put in I could have been better off financially if I have put in the extra hours at work and get someone else to make the kitchen. Looking at the skill set I acquired I still think it’s savings as I can say I now have a new hobby - welding. Because I actually enjoyed the process it was quite therapeutic and I have so many things I want to now make and it can not work if I have to ask someone else to do it. 

As I was not worried about labour cost I did not need to compromise on the quality and quantity of units or appliances or fittings. 

As I was making the kitchen in my spare time it took months and so allowed me to spread the cost. I ordered the metal as I needed it. I ordered the appliances and fittings over months. 

My kitchen is all metal framed, hinges are metal and welded so there no possibility of doors falling off. So I could say this kitchen can last and last and last, many generations if inherited by someone who likes that kind of kitchen. 

Everything about the kitchen is the way I like it. All floor units are free standing and almost all are on castor wheels even the sink unit, I have enjoyed being able to move units to clean underneath. 

Would I recommended anyone else to make their own kitchen? YES! I have never had a better made kitchen, have never had such an efficient functioning kitchen, and in my eyes it’s the most beautiful. I know I know it’s not magazine type but hey if I don’t clap for myself who will? 

Still on my wish list- Granite worktops if one day funds permit, fitted laminate for now and will keep these for a few years. 

badmemory

I don't think I have seen mention of what you are doing with the walls.  Mine are mostly tiled at present but I have been trying to summon up the energy for a replacement kitchen & I am thinking splashwall like I have in the bathroom.  No nasty lines for every bit of dust to collect on & easily wiped down.