property market

[REDSAW]

any one experienced buying and selling houses, buying cheap, renovating and selling in a few months that sort of thing?

just payed of my mortgage (got deeds today) and me n her are thinking sell up, buy something and do it up why we rent!.

what stories can you tell of these modern times?

 

[Ray Stafford]

any one experienced buying and selling houses, buying cheap, renovating and selling in a few months that sort of thing?

just payed of my mortgage (got deeds today) and me n her are thinking sell up, buy something and do it up why we rent!.

what stories can you tell of these modern times?

Did a couple years ago, sworn off it since. If I raised the subject, I think Mrs S might get positively medieval on my bum. And not in a good way.

Congrats on paying the mortgage off though. I have that pleasure to come soon - just 31 years after taking out that 25 year mortgage.

 

[rpm]

Do it too often too quick and you will clobbered for (I think) capital gains tax.

 

[Ray Stafford]

Do it too often too quick and you will clobbered for (I think) capital gains tax.

It used to be that it had to be your main residence for 6 months to get round the CGT issue. I don't know if its still the same.

 

[cr0ft]

A far amount of our turnover (and even more of our profit) is made by fully managed property renovations for our customers. The advice I can give is: -

1.) Don't buy an older house, they are money pits. Avoid anything much more than 60 years old in my opinion, unless you are willing to price to completely gut it.
2.) The highest profit to be made is in converting a house into flats. It also spreads your risk a bit too as it gives you more properties to sell/rent.
3.) Don't pay too much. Negotiate hard on the price (especially if you are a cash buyer) and really research local house sale prices. If you pay too much for a property (like the customer we are working for now) you will never turn it round for a profit which would be depressing!

In my opinion the money is in building new properties but finding the land can be hard. 1/3 of the sale cost of a new build should be profit if you are planning it right. This is the area I'm planning to go into as soon as my mortgage is paid off (5 years hopefully).

Your business plan should allow up to 6 months to sell a place and have a backup plan if it doesn't sell, i.e. will you rent it or live in it?

 

[lame plumber]

get it right and its simple, hit the market wrong, find some issues the cost more than you expect and you can lose a lot. If your desperate to do it, just keep it simple dont ever restore something to your personal tastes, folks might not like green rooms throughout It was easy in the boom times, anyone can do it then, now its harder, loans arent as easy to get for renovators or those buying, you need to be able to plan to be able to rent it out if it doesnt sell and ensure you wont lose money doing so. I managed to do it a few years back, cant be assed to do it now, hurts to much working to a timescale.

 

[Irish]

any one experienced buying and selling houses, buying cheap, renovating and selling in a few months that sort of thing?

just payed of my mortgage (got deeds today) and me n her are thinking sell up, buy something and do it up why we rent!.
what stories can you tell of these modern times?

speak to a mortgage advisor mate they'll give you the best advice, we did similar but we re mortgaged the house we'd paid off and bought one with the money . no point in paying someone elses mortgage while you're doing up your new place . and you save the cost of moving etc

 

[Ray Stafford]

Find out what the pros are doing. I have a customer who has about 140 rental properties.

He often spends 6 months inactive, and once sat on his hands for 3 years, when the market wasn't right. His argument is that he may well waste money chasing his tail in an unfavourable market, and sometimes doing nothing is the best strategy.

 

[plumben]

You have to own the property for 6 months before you can sell it on due to capital gains

 

[stevetheplumber]

if your planning on renting your less exsposed to market swings provided the rent can cover the repayments so if the market drops between buying and selling you have the option to rent and sit tight
with interest rates so low even if you take some wages and 4 percent profit your up