How to finance buying a wreck for re-sell?

HugoSP

It depends what you buy and how you manage the risks.

If you buy something for the right price that is mortgageable and has potiential to increase its value, and can live in it whilst you work on it then the risks are much lower.

This is why I say to people who are considering property development that they should first take a look at their own house, and consider how value can be added without incurring too much cost.

Start with the basics. Replastering for example can only cost so much, and those who struggle with cost control should IMO double any qualified estimate and treat that as worst case scenario.

ameliarate

We recently bought a 2 bed bungalow and have had the loft converted and are planning a kitchen extension, re-wired, re-plumbed, put in central heating etc.. It will be worth it in the end and we have no mortgage (!!!). I have to say though my OH is a bricky and has worked for years as a site manager and my brother in law is the builder yet it has taken much longer than we expected, has cost quite a bit more than we estimated and has been bl***y hard work and not at all like "property ladder". We are now at the decorating stage which we are doing ourselves but with 4 beds, 2 baths living room and hall it is hard work and time consuming. I would agree with Doozergirl start off small on a house that really just needs a refurb and go on from there.