Housing crisis solutions

Martini1991 · 6 Aug 2016 at 13:27

Dis86 said:
It is possible, and I know some people making a lot of money from doing it. You just have to be very very shrewd and more than anything do your homework!

Guess it depends a lot on the property in question to be honest.

Psycho Sonny · 6 Aug 2016 at 18:42

renting them out after doing them is where the money is. you can still sell them later on if you need the cash.

MatteH Oxford · 6 Aug 2016 at 19:29

V F said:
I'm guessing not many are doing this here? Buying up houses, doing them up then selling them?

A lot of property that is in need of refurbishment is bought at a price that is too expensive to make any profit, if sold at the current market value of a tidy property after the necessary repairs have been carried out.

Often the price of housing has gone up regardless of any 'improvements' giving an illusion of adding any actual value. Then you have the issue of losing any profits by having to fork out more for the increased price of the next refurbishment project.

MatteH Oxford · 6 Aug 2016 at 19:32

On an entirely separate note, I wonder how much property would cost if mortgages didn't exist?

Efour · 6 Aug 2016 at 20:59

How much would wages be too?

MatteH Oxford · 6 Aug 2016 at 21:06

In relation to house prices, I don't expect they would be much worse than they are now

Rroff · 6 Aug 2016 at 21:08

Dis86 said:
It is possible, and I know some people making a lot of money from doing it. You just have to be very very shrewd and more than anything do your homework!

You have to really know what you are doing though - I know a couple who used to do it professionally renovating/caretaking boats and houses, etc. including some buying, doing up, selling on - made a fair living from it but meant travelling a lot.

EDIT: I suspect they were able to buy stuff in bulk, etc. though and maximise profits in a way someone doing 1-2 houses on the side couldn't.