We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
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.
Property investment/Auction
CDODF
Posts: 1 Newbie
Hello,
Please help!
I want to buy a property to develop!
I am struggling to understand all the fees they are asking for at auction!
Can someone also please tell me the advantages and disadvantages!
Please help!
I want to buy a property to develop!
I am struggling to understand all the fees they are asking for at auction!
Can someone also please tell me the advantages and disadvantages!
0
Comments
-
CDODF said: I want to buy a property to develop!Do you have any experience in property development ?Do you have a team of reliable, skilled tradesmen to hand ?How much money can you afford to lose when this scheme goes pear shaped ?
Her courage will change the world.
Treasure the moments that you have. Savour them for as long as you can for they will never come back again.2 -
If you don't understand the auction fees, how much do you understand about property development?
Advantages and disadvantages of what in particular?2 -
Advantages - get a bargain, do it up cheaply, make a huge profit.Disadvantages - buy a money pit, run out of money trying to make it OK, sell at a huge loss.2
-
Read all the T&C of the auction house. Then read the specific contract/terms of sale for the house you are thinking of bidding on. Add up all the costs and fees. It quite likely will add up to a lot.
When I was reading through auction documentation recently, it was notable how the charges kept appearing pages into the specific contract. Basically it seems that in some cases, they seem to go on making up new things that you have to pay.1 -
Have you been watching too much daytime television?
"I want to start property investing, can someone tell me what might be good or bad about it" is quite a broad question.
Best case, become a millionaire. Worst case, go bankrupt.0 -
All these pessimists! Take no notice.No reliance should be placed on the above! Absolutely none, do you hear?0
-
I've developed a few properties over the years - not professionally, just for a bit of fun. One place took 18 months to finish, I wasn't exactly rushing. I remember distinctly taking two evenings out to do a brilliant job of the flooring in one of the toilets only for the plumber to come along 48 hours later and flood the place, ruining the brand new floor.
Every time I've looked at auctions, they've always seemed like a cesspool of basket-case un-mortgageable properties.
Death provides a steady stream of genuine previously loved properties in estate agent windows. Much of the work is often just cosmetic - and carpets are flowery enough / bathrooms are drab enough to put off even the most determined FTB. Look for labels on the kitchen units ("cereal", "bread", "cups") designed for carers - that means the kids aren't local or have much time... They probably won't have the chops to 'do the place up' anyway.
If there are only one or two children, they could just want their money and will negotiate, whereas a large number of children will struggle to make a decision and there is always one that wants more.
Auctions? They're only for the gamblers I reckon...3 -
-
Is it meaningful that the book is available used from 50p...?propertyrental said:
2 -
WellKnownSid said:
Every time I've looked at auctions, they've always seemed like a cesspool of basket-case un-mortgageable properties.
Who else would put a house through an auction?
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.1K Banking & Borrowing
- 252.8K Reduce Debt & Boost Income
- 453.1K Spending & Discounts
- 243K Work, Benefits & Business
- 597.4K Mortgages, Homes & Bills
- 176.5K Life & Family
- 256K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards