[Brighton] Has anyone here bought a wreck of a house to renovate and sell on?

[Live by the sea]

It’s a lot easier if you are not borrowing money doing flips .

 

[Wrong-Direction]

I'm looking to buy my first property this year if I can get a deposit together! will only be able to afford a doer upper but they're hard to find as I think a lot of builders have their fingers in estate agent pies and they get snapped up quick! Let me know if you need any plumbing done, I'm booked up until the summer for anything major though

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[giveusfalmerplease]

im on the other side of the fence. our house in rundown but my father is too ill to relocate. Weve had new bay windows , double glazing at front, new roof, central heating and complete rewiring (though the wiring isnt recessed so every room needs redecorating) .
Currently paying an interest only mortgage @6% and cannot afford to pay it off so really selling is the only option.
Its a mid-terrace and houses either side off us both worth over 500k. Ours would likely be 350-360 which leaves plenty of margin for a complete makeover. Back extension is single level and cold in winter so needs to be pulled down. Neighbours have 2 story extensions which would mean plenty of options including converting to maisonette and flat or HMO.

Looking for somewhere already done up where my father can live out his days in comfort but after moving cost, mortgage etc we would only have about 280k left. Even places that a few years ago you could get "up north" for 200k are now at least 300k - the world is going mad.

 

[scooter1]

Networking and greasing the palms of Estate agents.

You can then get places before they even going on the market.

You’ll be lucky to find an estate agent that either isn’t already getting his palms greased by a few local builders, or isn’t in the renovation game themselves.

 

[Justice]

A point to remember building materials have practically doubled in price, as tradesman go in this market you need us more than we need you, I’m literally doing 15-16 days.

 

[knocky1]

Is this a look at me thread?
I was brought up in a Hoogstraaren house and witnessed how taking the pi** out of sitting tenants made him millions. You can imagine how my Mum and Dad felt when he would park his Rolls Royce in Brunswick Road and swagger up to the front door for a "look" at his property. I also had many landlords as a student who were making thousands without being b*******.

My partner inherited her family home in the 1990's with a £100,000 valuation. She agreed to let me play about with it and could keep anything over the valuation. Boiler, central heating, sanded down oak doors, skirting and floors, painting in 2 months made myself £30,000.

Retook her money to buy an executor flat with a short lease on Clapham Common for £97,000. Kitchen, bathroom and electrics cost about £5,000 then. Rented for 2 years and sold for £245,000.
Bought an ex Council for £9,400 at the E&C in 1998 and rented at £10,000 a year for 10 years. Sold for £140,000 plus £130,000 in rent.
Decided to have a look in Hove in 1999 and the property bubble London was having had yet to ripple down. £60,000 quickly became £140,000 in meusli mountain. An executor sale in Furze Croft (bathroom kitchen) for £20,000 became £105,000 in 6 years.
Bought and sold a few more in Hove and had one featured in Homes and Gardens. Only experienced one nightmare; NEVER MOVE INTO A DUMP WITH THE WIFE.

My advice is be lucky with price movements, be lucky with purchases, don't be greeedy and have a trusting wife with an inheritance. I never borrowed (except a 6 month bridging loan) and realise I could be worth 5 times more if I had.

I've retired from it now and not had to go to work since 1996. I'd look at probate purpose built flats in Hove, Hangleton and Worthing. Downside today is the initial Stamp Duty and a general tightening by Inland Revenue on CGT, unless you're an overseas billionaire.

 

[Comrade Sam]

A point to remember building materials have practically doubled in price, as tradesman go in this market you need us more than we need you, I’m literally doing 15-16 days.

I've built the odd wooden bike shed for neighbours and in the past couple of years the timber has gone from £150 to £400. The cost of decking as gone crazy.
I also have to confess when I watch homes under the hammer, I always hope that the buyer will say 'We've bought it to live in!'. But it's always another Rakman claiming it's for their portfolio.

 

[loz]

We moved out of the town we had lived in for 30 years to a small village about a mile out of town, the house although not a wreck it needed loads of work both inside and out as it had been rented for 5 years.

We thought we could do it up and sell it and make some cash….we took 30% out of my pension and put a side extension on and a internal wall down so we have a lovely split level kitchen diner. Spent money on the garden and garage.

The trouble is we absolutely love the village and house so we have decided not to sell, so basically I have a bigger mortgage and 2/3 of my pension.

But a lovely house and a happy wife.

 

[Eric the meek]

We moved out of the town we had lived in for 30 years to a small village about a mile out of town, the house although not a wreck it needed loads of work both inside and out as it had been rented for 5 years.

We thought we could do it up and sell it and make some cash….we took 30% out of my pension and put a side extension on and a internal wall down so we have a lovely split level kitchen diner. Spent money on the garden and garage.

The trouble is we absolutely love the village and house so we have decided not to sell, so basically I have a bigger mortgage and 2/3 of my pension.

But a lovely house and a happy wife.

That's a lovely story. Sometimes it's not about the money.

 

[Wrong-Direction]

Is this a look at me thread?
I was brought up in a Hoogstraaren house and witnessed how taking the pi** out of sitting tenants made him millions. You can imagine how my Mum and Dad felt when he would park his Rolls Royce in Brunswick Road and swagger up to the front door for a "look" at his property. I also had many landlords as a student who were making thousands without being b*******.

My partner inherited her family home in the 1990's with a £100,000 valuation. She agreed to let me play about with it and could keep anything over the valuation. Boiler, central heating, sanded down oak doors, skirting and floors, painting in 2 months made myself £30,000.

Retook her money to buy an executor flat with a short lease on Clapham Common for £97,000. Kitchen, bathroom and electrics cost about £5,000 then. Rented for 2 years and sold for £245,000.
Bought an ex Council for £9,400 at the E&C in 1998 and rented at £10,000 a year for 10 years. Sold for £140,000 plus £130,000 in rent.
Decided to have a look in Hove in 1999 and the property bubble London was having had yet to ripple down. £60,000 quickly became £140,000 in meusli mountain. An executor sale in Furze Croft (bathroom kitchen) for £20,000 became £105,000 in 6 years.
Bought and sold a few more in Hove and had one featured in Homes and Gardens. Only experienced one nightmare; NEVER MOVE INTO A DUMP WITH THE WIFE.

My advice is be lucky with price movements, be lucky with purchases, don't be greeedy and have a trusting wife with an inheritance. I never borrowed (except a 6 month bridging loan) and realise I could be worth 5 times more if I had.

I've retired from it now and not had to go to work since 1996. I'd look at probate purpose built flats in Hove, Hangleton and Worthing. Downside today is the initial Stamp Duty and a general tightening by Inland Revenue on CGT, unless you're an overseas billionaire.

Well that was certainly look at me

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[zefarelly]

You’ll be lucky to find an estate agent that either isn’t already getting his palms greased by a few local builders, or isn’t in the renovation game themselves.

straight honest EA's are about as common as red squirrels riding rainbow striped unicorns.

 

[hampshirebrightonboy]

Assuming the flat you are buying is a second property, does the stamp duty being 3% above standard stop this from being financially viable?

 

[Lyndhurst 14]

Not only will building materials have taken a big price hike due to Covid and other supply chain issues you may also experience significant delays in actually getting hold of certain materials (and tradespeople) in the current climate.

 

[Wrong-Direction]

Not only will building materials have taken a big price hike due to Covid and other supply chain issues you may also experience significant delays in actually getting hold of certain materials (and tradespeople) in the current climate.

This

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[zefarelly]

Not only will building materials have taken a big price hike due to Covid and other supply chain issues you may also experience significant delays in actually getting hold of certain materials (and tradespeople) in the current climate.

This again

our loft conversion started late, finished even later, windows were slow getting done, the kitchen was on time and I had to do the bathroom and decorating myself. All massively over budget!

 

[perseus]

This, I was brought up like it, Victorian, 2nd WW housboats, Edwardian, lead pipes, round pin sockets etc

lookin ground locally it more fashionable to detonate than renovate now.


We did exactly the same as Comrade Sam, 17 years ago, and plan the same going forward . . .

Modern age: my WWI vessel still had gas lighting fittings replaced by wooden sockets

 

[CaptainDaveUK]

I’ve renovated two properties and I’m on my third. I’ve done things slightly differently in that I’ve bought run down houses, done them up to a high standard, to make them into our family home. We’ve lived in each house we’ve owned about 8 years. The first two I sold for a profit of about 100K and I suspect I’ll make at least that if and when I ever sell our current house. The advantage of living in the property you’re renovating is that over time you make lots of improvements. I’m currently turning an ugly outhouse that had a flat leaky roof into something a little bit more Alfristonesque. Lots of good maintenance and improvements over time is a good investment of time and resources. Hope this helps and all the best.

 

[Justice]

straight honest EA's are about as common as red squirrels riding rainbow striped unicorns.

Few years ago a wreck of a house was for sale £250k agent had a pretend open day wouldn’t listen to any offers above the asking which we did worth about £800-900k now. Wankers the lot of them.

 

[zefarelly]

I’ve renovated two properties and I’m on my third. I’ve done things slightly differently in that I’ve bought run down houses, done them up to a high standard, to make them into our family home. We’ve lived in each house we’ve owned about 8 years. The first two I sold for a profit of about 100K and I suspect I’ll make at least that if and when I ever sell our current house. The advantage of living in the property you’re renovating is that over time you make lots of improvements. I’m currently turning an ugly outhouse that had a flat leaky roof into something a little bit more Alfristonesque. Lots of good maintenance and improvements over time is a good investment of time and resources. Hope this helps and all the best.

View attachment 143021

I built my workshop in 2003 with a flat roof, having completed the house extension and renovations recently the next phase is to do exactly this to what is now the 'club at home', pitched tiles roof with a few rooflights.