Property Development

Princey

Princey

Princey

Soldato
Joined
26 Apr 2003
Posts
5,746
Location
West Midlands
I'm having serious considerations about giving property development a go.

Obviously starting off small, a fixer upper with the intention of selling or renting out depending on value. I'd be looking at a budget of around £55,000 including buying and doing up. Now with working full time I know this will be incredibly hard at first with me doing a few hours in the evenings and spending the weekends on it. I have the contacts and resources at my disposal for most major work required so that isn't too much of an obstacle.

My knowledge of this subject is very low at the moment can anyone recommend any websites or material on this subject? Who's had a go before and how did you find it? Any tips?
 
£55k to buy and do up? Is that even possible? Then again, I live in the South East.. *Sigh*
 
Princey said:
This obviously needs some work but gives you an idea of potential, I imagine you could greatly increase it's value with the right work done.

http://www.rightmove.co.uk/property-for-sale/property-43931233.html
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If you need serious structural work or what not done, I wouldn't bother, unless you have contacts.

But for decorating, you can paint all the walls in neutral colours and plunk some carpet/wooden floor down in a no time. If you get a cheap ikea kitchen, that can also be installed cheaply and quickly.

It all depends whether mush specialist work needs doing and if you have the contacts for that.
 
kitkat9933 said:
What location(s) would you be doing it in?
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Judging by the budget, not nice ones. :D

Princey said:
This obviously needs some work but gives you an idea of potential, I imagine you could greatly increase it's value with the right work done.

http://www.rightmove.co.uk/property-for-sale/property-43931233.html
Click to expand...

A property with past subsidence claims against it, where the phrase "not inspected" is repeatedly quoted.

Not what I'd personally go for...
 
Last edited:
Energize said:
A property with past subsidence claims against it, where the phrase "not inspected" is repeatedly quoted.

Not what I'd personally go for...
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Whenever I see properties like that, without even looking at what they've written about it I usually question why there isn't any pictures of the inside! :eek:
 
Looks like it's about to fall over in the third pic.

Not worth the hassle once all fees are done.
 
Unless you have a background in this field don't bother..

You will buy a lemon, get ripped off by everyone and end up with nothing to show for it.

By the very fact that after 'carefully considering' this and gone straight to OCUK instead of a specialist community.. it's probably not for you.
 
zegna said:
Unless you have a background in this field don't bother..

You will buy a lemon, get ripped off by everyone and end up with nothing to show for it.

By the very fact that after 'carefully considering' this and gone straight to OCUK instead of a specialist community.. it's probably not for you.
Click to expand...

My knowledge of this subject is very low at the moment can anyone recommend any websites or material on this subject?
Click to expand...

I guess you missed this part?

Why do I need a background in this? Are the people doing this now people who were born with the ability? As I said, I have contacts who I have spoken to in all the major fields required for this.
 
No.

A lot of people with spare cash think they can turn a quick profit from spending 5-10k on a ****hole to rent/sell. It doesn't work like that.

Builders/sub contractors are a nightmare (unless you're there to hold their hands 8-10 hours a day) - They either under quote to get the job, then bodge half of it, or over quote and still bodge half of it.

Then factor in surveyor, fees etc etc

You'll be lucky to make 5k for a few months hassle.
 
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