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    • crisp
    • By crisp 7th Feb 18, 12:15 PM
    • 403Posts
    • 55Thanks
    crisp
    What property would you buy with 1 million
    • #1
    • 7th Feb 18, 12:15 PM
    What property would you buy with 1 million 7th Feb 18 at 12:15 PM
    from a house sale and you want to gain the largest uplift in value from renovating and/or extending and inside the M25?

    Separate budget for renovating and/or extending.

    Sorry if we offend anyone from our stance, but its the only way we have moved up the ladder over 30 years from our average wage jobs and our first 40k property.
Page 1
    • cloo
    • By cloo 7th Feb 18, 12:45 PM
    • 1,012 Posts
    • 938 Thanks
    cloo
    • #2
    • 7th Feb 18, 12:45 PM
    • #2
    • 7th Feb 18, 12:45 PM
    I don't know at the moment. Maybe a suburban family home somewhere right next a well-rated, oversubscribed primary or secondary school where there might be a good chance of a lot of families might want to buy, regardless of economy?

    Where we are in Finchley, and more so round East Finchley might offer decent opportunities for this, though I think prices have been fairly unmoving for a while.
    • PokerPlayer111
    • By PokerPlayer111 7th Feb 18, 12:48 PM
    • 243 Posts
    • 84 Thanks
    PokerPlayer111
    • #3
    • 7th Feb 18, 12:48 PM
    • #3
    • 7th Feb 18, 12:48 PM
    If you have 1 mil and average jobs you need to diversify investments else you'll have most your net worth in housing. Probably only want absolute max of 50% of your net worth in housing.
    • Kayalana99
    • By Kayalana99 7th Feb 18, 1:16 PM
    • 3,398 Posts
    • 6,073 Thanks
    Kayalana99
    • #4
    • 7th Feb 18, 1:16 PM
    • #4
    • 7th Feb 18, 1:16 PM
    Id want to build my own but that's just me. I have been looking recently at properties and even the 300k-500k ones seem so basic to me. Yes they *look* nice but how many have a built in cinema or extras like that?

    There are some for sure, but they seem very rare. For example one near me was just in paper for having a built in trampoline in the garden (so floor level) actually perhaps quite a cheap thing to do but everyone is ooh and ahh over this trampoline...it's like no one has any imagination.
    People don't know what they want until you show them.
    • googler
    • By googler 7th Feb 18, 1:20 PM
    • 14,716 Posts
    • 9,652 Thanks
    googler
    • #5
    • 7th Feb 18, 1:20 PM
    • #5
    • 7th Feb 18, 1:20 PM
    I'd get something custom-built if the whole million was available for it.
    • crisp
    • By crisp 7th Feb 18, 1:42 PM
    • 403 Posts
    • 55 Thanks
    crisp
    • #6
    • 7th Feb 18, 1:42 PM
    • #6
    • 7th Feb 18, 1:42 PM
    I don't know at the moment. Maybe a suburban family home somewhere right next a well-rated, oversubscribed primary or secondary school where there might be a good chance of a lot of families might want to buy, regardless of economy?

    Where we are in Finchley, and more so round East Finchley might offer decent opportunities for this, though I think prices have been fairly unmoving for a while.
    Originally posted by cloo
    We are not too far from you, but Finchley isnt a place we have looked at much. Will have a look tonight.
    • crisp
    • By crisp 7th Feb 18, 1:46 PM
    • 403 Posts
    • 55 Thanks
    crisp
    • #7
    • 7th Feb 18, 1:46 PM
    • #7
    • 7th Feb 18, 1:46 PM
    If you have 1 mil and average jobs you need to diversify investments else you'll have most your net worth in housing. Probably only want absolute max of 50% of your net worth in housing.
    Originally posted by PokerPlayer111
    You are right.

    We have smallish pension pots - both under 40k. We started thinking late.

    With our sale we can take 100k into our ISAs over the next 2-3 years.

    The idea would be this move and possibly one more before we retire in 10-12 years and downsize.
    • crisp
    • By crisp 7th Feb 18, 1:49 PM
    • 403 Posts
    • 55 Thanks
    crisp
    • #8
    • 7th Feb 18, 1:49 PM
    • #8
    • 7th Feb 18, 1:49 PM
    I'd get something custom-built if the whole million was available for it.
    Originally posted by googler
    We did talk about it as it would be a nice dream.

    I guess we are quite daunted by the timescale and budgeting as we have never done more than extend and renovate.

    As Kayalana99 said, we would put in a cinema and gym and have the house meet our needs.
    • Niv
    • By Niv 7th Feb 18, 1:53 PM
    • 1,588 Posts
    • 1,370 Thanks
    Niv
    • #9
    • 7th Feb 18, 1:53 PM
    • #9
    • 7th Feb 18, 1:53 PM
    Id want to build my own but that's just me. I have been looking recently at properties and even the 300k-500k ones seem so basic to me. Yes they *look* nice but how many have a built in cinema or extras like that?

    There are some for sure, but they seem very rare. For example one near me was just in paper for having a built in trampoline in the garden (so floor level) actually perhaps quite a cheap thing to do but everyone is ooh and ahh over this trampoline...it's like no one has any imagination.
    Originally posted by Kayalana99

    Isn't that just, dig hole in garden, buy trampoline, put trampoline in hole?
    YNWA

    Target: Mortgage free by 58.
    • ReadingTim
    • By ReadingTim 7th Feb 18, 2:08 PM
    • 2,551 Posts
    • 3,644 Thanks
    ReadingTim
    Generally speaking, the most significant uplift would be obtained by buying a doer-upper in an area which is on the cusp of gentrification, or other form of urban renewal, ideally at a time when the market is rising rapidly everywhere.

    If I could be any more specific, I'd probably be doing that myself, rather than having to work for a living....
    • hazyjo
    • By hazyjo 7th Feb 18, 4:06 PM
    • 10,337 Posts
    • 13,381 Thanks
    hazyjo
    Would prob go for this as maybe a plan for the next couple of years or so. Not that I'd hugely want to live in Lewisham, but lots do:


    http://www.rightmove.co.uk/property-for-sale/property-64000103.html
    2018 wins: Single Malt Whisky; theatre tickets; festival tickets; year of gin!
    • JoJo1978
    • By JoJo1978 7th Feb 18, 4:20 PM
    • 342 Posts
    • 423 Thanks
    JoJo1978
    Sell. Put half the proceeds in investments to at least start a pot for your future. Employ a wealth manager and it may even make your small annual income too.

    If the remainder doesn!!!8217;t give you enough for a London pad consider shipping out, half a mil will go a long, long way if you!!!8217;re prepared to go North. But practicalities of that depend on family/jobs etc.
    Hamster in the wheel (London) 1999-2017
    Mortgage free since 2015; Pension pot sorted 2017
    Part-time gigger and charity volunteer 2018
    • Cash-Cows
    • By Cash-Cows 7th Feb 18, 4:27 PM
    • 197 Posts
    • 147 Thanks
    Cash-Cows
    You should look for a small house on a big plot. Then seek to get additional houses on the site or knockdown and rebuild the existing one into something better.
    • Cakeguts
    • By Cakeguts 7th Feb 18, 4:38 PM
    • 4,145 Posts
    • 5,785 Thanks
    Cakeguts
    http://www.rightmove.co.uk/property-for-sale/property-50699532.html

    This is what you get in this part of London.
    • googler
    • By googler 7th Feb 18, 4:51 PM
    • 14,716 Posts
    • 9,652 Thanks
    googler
    Isn't that just, dig hole in garden, buy trampoline, put trampoline in hole?
    Originally posted by Niv
    Given the weather in the UK .... make drainage for hole, such that it doesn't become a stagnant rainwater pit?
    • googler
    • By googler 7th Feb 18, 4:53 PM
    • 14,716 Posts
    • 9,652 Thanks
    googler
    http://www.rightmove.co.uk/property-for-sale/property-50699532.html

    This is what you get in this part of London.
    Originally posted by Cakeguts
    Externally, what an absolute mess.

    Looking for over 1mill, and can't even get a gardener in ?
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