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UK diy (uk.d-i-y) For the discussion of all topics related to diy (do-it-yourself) in the UK. All levels of experience and proficency are welcome to join in to ask questions or offer solutions. |
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Property development
Hi All
I planning to sell my house and buy two smaller ones, renovate them and sell on at a profit. I imaging that rewiring, new heating system, kitchen and bathroom will be required but not any major structural work. I would like to do all of the work myself but am not au fait with the subtleties of the building regualtions to know what problems I'm likely to encounter. Any advice gratefully received. Nick Brooks |
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#3
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Property development
Mark wrote:
Nicknoxx typed: Hi All I planning to sell my house and buy two smaller ones, renovate them and sell on at a profit. I imaging that rewiring, new heating system, kitchen and bathroom will be required but not any major structural work. I would like to do all of the work myself but am not au fait with the subtleties of the building regualtions to know what problems I'm likely to encounter. Any advice gratefully received. Judging from your CV..... I don't mention on my CV that I've spent the last five years doing up three cottages, have installed one heating system including underfloor heating, done a loft conversion and installed three bathrooms. a) Ring Sarah Beeny Can I have her number please b) Get a job in I.T. Got one - sort of - bored - -- Nick Brooks |
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Property development
Nicknoxx wrote: Mark wrote: Nicknoxx typed: Hi All I planning to sell my house and buy two smaller ones, renovate them and sell on at a profit. I imaging that rewiring, new heating system, kitchen and bathroom will be required but not any major structural work. I would like to do all of the work myself but am not au fait with the subtleties of the building regualtions to know what problems I'm likely to encounter. Any advice gratefully received. Judging from your CV..... I don't mention on my CV that I've spent the last five years doing up three cottages, have installed one heating system including underfloor heating, done a loft conversion and installed three bathrooms. And yet you say you are not au fait with the subtleties of the building regs? Did you get approval for the loft conversion? Was all the waste plumbing in the bathrooms compliant? MBQ |
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Property development
Nicknoxx wrote in message ... I planning to sell my house and buy two smaller ones, renovate them and sell on at a profit. I imaging that rewiring, new heating system, kitchen and bathroom will be required but not any major structural work. I would like to do all of the work myself but am not au fait with the subtleties of the building regualtions to know what problems I'm likely to encounter. Any advice gratefully received. Judging from your CV..... I don't mention on my CV that I've spent the last five years doing up three cottages, have installed one heating system including underfloor heating, done a loft conversion and installed three bathrooms. Without knowing FA about building regualtions (sic) Why is it that so many people seem to think that property development is a licence to print money. b) Get a job in I.T. Got one - sort of - bored Oh Surprise surprise. - |
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Property development
Mark wrote:
Without knowing FA about building regualtions (sic) Why is it that so many people seem to think that property development is a licence to print money. Nobody said it was licence to print money. I've had several major career changes over the last 20 years, and haven't regretted any of them. After graduating in Mechanical Engineering I moved into Interactive TV production in the early eighties and then onto Video editing and eventually Digital Effects. I've learnt a great deal over the last few years about house renovation and find that my current career isn't very challenging any more. It's clear from the Property Ladder type programmes that complete numpties can made money doing up houses and I thought it was time to have a go. What's so wrong with that? I recon that if my wife and I do all the work ourselves we should be able to make a living out of it even if the housing market remains fairly static. 3 bed semis in our area go for about £150k to £200k depending mainly on condition and we estimate it would take about £30k to bring one up to standard (£15k in materials and £15k in our time) which still leaves room for a healthy margin Helpful advice gratefully received -- Nick Brooks |
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Property development
"Nicknoxx" wrote in message ... Mark wrote: Without knowing FA about building regualtions (sic) Why is it that so many people seem to think that property development is a licence to print money. Nobody said it was licence to print money. I've had several major career changes over the last 20 years, and haven't regretted any of them. After graduating in Mechanical Engineering I moved into Interactive TV production in the early eighties and then onto Video editing and eventually Digital Effects. I've learnt a great deal over the last few years about house renovation and find that my current career isn't very challenging any more. It's clear from the Property Ladder type programmes that complete numpties can made money doing up houses and I thought it was time to have a go. What's so wrong with that? Those numpties actually lost money. They only made money because the market was rising. They would have made more by leaving the houses a year or so. How many don't make money? How many do make a decent profit, when all the time and effort and legal fees , etc are taken into account? Most would make more as bus drives doing overtime. I recon that if my wife and I do all the work ourselves we should be able to make a living out of it even if the housing market remains fairly static. 3 bed semis in our area go for about £150k to £200k depending mainly on condition and we estimate it would take about £30k to bring one up to standard (£15k in materials and £15k in our time) which still leaves room for a healthy margin Helpful advice gratefully received Know the market and the ceiling in the area. You could have solid gold taps and yet, if the ceiling is 170,000, then that is all you get. |
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#10
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Property development
Nicknoxx wrote:
I recon that if my wife and I do all the work ourselves we should be able to make a living out of it even if the housing market remains fairly static. 3 bed semis in our area go for about £150k to £200k depending mainly on condition and we estimate it would take about £30k to bring one up to standard (£15k in materials and £15k in our time) which still leaves room for a healthy margin So you buy at 150k and hope to sell at 200k? gross margin 50k less transaction costs buying and selling less opportunity cost of capital for how long? less materials 15k it's a business so factor in all the costs of a business pay two people 15k for how long? assume a static market in which the value of your stock may go up as well as down. Personally I'd stick to the day job -- David Clark $message_body_include ="PLES RING IF AN RNSR IS REQIRD" |
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Property development
In message , Nicknoxx
writes I've learnt a great deal over the last few years about house renovation and find that my current career isn't very challenging any more. It's clear from the Property Ladder type programmes that complete numpties can made money doing up houses and I thought it was time to have a go. Dont forget that all of these numpties made money because the housing market rose during the time they were doing the work. In most instances, Beeny says that they could have done nothing to the properties and sold them for the same, or more, profit. In a static, (or falling), market they would all have lost money. One view I have always taken with a fixer upper is to be sure that rental income would cover the ongoing costs, if selling wasnt a realistic option. -- Richard Faulkner |
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Property development
Any advice gratefully received
A few years ago, lots of propery development was cushioned by the rising market. Now, it takes more thought and research to make a decent profit. If you can take the gamble, bigger developments make more profit. And check out the ceiling price for the road. |
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#14
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Property development
Are you saying that the percentages are bigger on larger developments or
just the total returns? Percentages can be bigger, especially if you do the work yourself. For a simple example, you build an extension bigger in volume, you don't have the equivalent increase in wall area. And there is more scope for making the place look luxurious but with a judicious mix of posh and cheap. Also, it's like doing several smaller houses at the same time, but less effort. However, things can conspire to make what I've just said utterly wrong ! Simon. |
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Property development
Nicknoxx wrote:
Hi All I planning to sell my house and buy two smaller ones, renovate them and sell on at a profit. I imaging that rewiring, new heating system, kitchen and bathroom will be required but not any major structural work. I would like to do all of the work myself but am not au fait with the subtleties of the building regualtions to know what problems I'm likely to encounter. Any advice gratefully received. Nick Brooks Good luck, you'll need it. You need to know about BR etc, and be able to answer lots of remaining on the job questions rapidly. You also need enough experience on projects to be able to be realistic about what is and isnt needed, what it'll cost and how long it'll take. You also need a basic understanding of the market youre dealing with. Without all this info it'll take several times as long, your sale price increase will have all been eaten by works costs, you'll have had to do several things twice, your overall clever plan will have been shattered by BR, and you'll crawl out covering your spend and wishing you'd sat behind a desk for 6 months instead, making a profit. Maybe you've been watching TV where everyone makes lotsa bucks fast. Ask yourself why thats what they show, and how its achieved. Money isnt that easy, doesnt grow on trees. You need plenty of knowledge and skills. In a rising fast moving market you could make something anyway, otherwise not. I'd consider a job first. NT |
#16
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Property development
wrote in message oups.com... Nicknoxx wrote: Hi All I planning to sell my house and buy two smaller ones, renovate them and sell on at a profit. I imaging that rewiring, new heating system, kitchen and bathroom will be required but not any major structural work. I would like to do all of the work myself but am not au fait with the subtleties of the building regualtions to know what problems I'm likely to encounter. Any advice gratefully received. Nick Brooks Good luck, you'll need it. You need to know about BR etc, and be able to answer lots of remaining on the job questions rapidly. You also need enough experience on projects to be able to be realistic about what is and isnt needed, what it'll cost and how long it'll take. You also need a basic understanding of the market youre dealing with. Without all this info it'll take several times as long, your sale price increase will have all been eaten by works costs, you'll have had to do several things twice, your overall clever plan will have been shattered by BR, and you'll crawl out covering your spend and wishing you'd sat behind a desk for 6 months instead, making a profit. Maybe you've been watching TV where everyone makes lotsa bucks fast. Ask yourself why thats what they show, and how its achieved. Money isnt that easy, doesnt grow on trees. You need plenty of knowledge and skills. In a rising fast moving market you could make something anyway, otherwise not. I'd consider a job first. Do a Google on this group by timegoesby. He does this and listed the points to watch out for. It appears that just fitting in medium priced fittings and not overdoing it, with a good state of decoration is all that is needed. A sense of space is needed too. And make the front door look good, the first impressions, Terence Conran said that. So just use IKEA stuff then. |
#17
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Property development
In article ews.net,
Doctor Drivel wrote: Money isnt that easy, doesnt grow on trees. You need plenty of knowledge and skills. In a rising fast moving market you could make something anyway, otherwise not. I'd consider a job first. Do a Google on this group by timegoesby. He does this and listed the points to watch out for. He appears not to have posted here for some time. Perhaps some irate buyers have caught up with him? It appears that just fitting in medium priced fittings and not overdoing it, with a good state of decoration is all that is needed. Fine for a chav flat in MK, pet. A sense of space is needed too. And make the front door look good, the first impressions, Terence Conran said that. So just use IKEA stuff then. And of course the cheapest combi you can find. -- *I was once a millionaire but my mom gave away my baseball cards Dave Plowman London SW To e-mail, change noise into sound. |
#18
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Property development
"Dave Plowman (News)" through a haze of senile flatulence wrote in message ... In article ews.net, Doctor Drivel wrote: Money isnt that easy, doesnt grow on trees. You need plenty of knowledge and skills. In a rising fast moving market you could make something anyway, otherwise not. I'd consider a job first. Do a Google on this group by timegoesby. He does this and listed the points to watch out for. He appears ** snip senility ** |
#19
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Property development
"Nicknoxx" wrote in message ... Hi All I planning to sell my house and buy two smaller ones, renovate them and sell on at a profit. I imaging that rewiring, new heating system, kitchen and bathroom will be required but not any major structural work. I would like to do all of the work myself but am not au fait with the subtleties of the building regualtions to know what problems I'm likely to encounter. Any advice gratefully received. Nick Brooks Nick I did exactly what you are planning 3 years ago, moved out of IT into property. You need to think very carefully about cashflow. If you only enough cash behind you to keep you afloat for at least 12 months don't take on a project you think will take more than 6 months. You can make money, sometimes a lot and sometimes nothing so watch out! I did well enough at the start to let me sit on my existing properties until the market picks up. I'm renting them until I can get a decent return and now looking at foreign property whilst the UK market is static. Right now I would consider if its the best of times to get into property. Have you thought at supplimenting you income by contracting whilst working on your own projects? Building doesn't pay *anything* until you sell and there can be a big gap between finishing a project and the completion of a sale! The alternative to your approach of DIY is to contract out 90% of the work and you just project manage it. When you consider the time savings it can be cheaper. Just a few thoughts. |
#20
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Property development
"Nicknoxx" wrote in message ... Hi All I planning to sell my house and buy two smaller ones, renovate them and sell on at a profit. I imaging that rewiring, new heating system, kitchen and bathroom will be required but not any major structural work. I would like to do all of the work myself but am not au fait with the subtleties of the building regualtions to know what problems I'm likely to encounter. Any advice gratefully received. You are thinking of moving into property development at a time when a property developer I have known for years is looking elsewhere for work. I suspect you may have got the timing wrong. Colin Bignell |
#21
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Property development
nightjar nightjar@ wrote:
You are thinking of moving into property development at a time when a property developer I have known for years is looking elsewhere for work. I suspect you may have got the timing wrong. Colin Bignell Lots of people are trying to get into my profession just as I'm leaving. If you told us WHY your friend is getting out of development, it might have some meaning. -- Nick Brooks GN125 ('till test passed) 1960 SWB Landrover 1974 Mercedes Camper Van 1999 Klein Attitude 1997 Golf VR6 Combined vehicle age 90 |
#22
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Property development
"Nicknoxx" wrote in message ... nightjar nightjar@ wrote: You are thinking of moving into property development at a time when a property developer I have known for years is looking elsewhere for work. I suspect you may have got the timing wrong. Colin Bignell Lots of people are trying to get into my profession just as I'm leaving. If you told us WHY your friend is getting out of development, it might have some meaning. Because he is no longer making enough money from property development. Colin Bignell |
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