Property developing

[jamiesawyer28041978]

Not much of a helli subject but an opertunity that is appearing very hard to ignore has appeared . A house in my home town has come on the market that is basicaly bare walls in side and back to the joists and all the stripping out is all ready done. All internal fixtures are gone including skirtings , plasterboard , heating , plumbing etc... £80,000 offers. Scope for kitchen , dinning , 1 bathroom 2 shower rooms,4 bed rooms and a study WOW and im a plumbing & heating engineer so thatll help a lot . Question is have any of you guys developed before it seems quite intimidating to be honest £80,000 is a lot of hellicopters . Going to view it on wed lunch time Fingers crossed

[xygax]

Scotland !....

I have a 2bed flat for sale in Weston Super Mare sea views victorian refirb 165K just finished...

Steve

[jamiesawyer28041978]

Scotland !....

North Scotland North of Inverness

[Steve]

If you can do it in your spare time and do the Lion's share of the work yourself, then you'll make a mint.

[Thomas]

It will consume all of your spare time but also can be rewarding.
This is what my place looked like on Friday, which is a huge improvement on a couple of weeks ago

[gyroman]

If you fully re-furb it then this time next year it will be worth about 60K. Theres a serious house price crash on it's way. We have lived on credit and house price inflation (thats what Broons so called economic miracle is based on) and the house of cards is about to come crashing down.

On the other hand I've been wrong before and you might make a mint !

[SteveH39]

Housing market is a bit unstable at the moment and waiting would probably be the wise thing to do BUT at 80K + 20K (ish) to refurb it, could be on to a winner. Whats the area like that its in and whats the average house price?

[David Drew]

It will consume all of your spare time but also can be rewarding.
This is what my place looked like on Friday, which is a huge improvement on a couple of weeks ago

Thomas, did you get the reg no of the truck that drove into your house?

David

[M0nkeyj1m]

If you are to do it, current market conditions in mind; then I would use appropriate trades for the work, time is money and all that.. If you D.I.Y, it will take you much longer, which is fine if you're doing a second or holiday home but not if you're doing this to sell.

I bought an house in a similar condition, in fact it was boarded up on the outside; the internals had been removed, even the floor boards.

A few good, local trades and clear understanding of what you want, plus a good contract for each trade will do the job nicely; worked great for me.

See a solicitor for the contract.

[barney]

Whats the area like

Anything North of Inverness is... well...Cold, bleak and desolate. Probably just a few sheep and one plumber..



Really depends on the housing demand in your area Jamie..if it's viable possibly splitting the property into two flats could give you a better return? Also is there any particuliar style of property thats in short supply

Brian

[Thomas]

Thomas, did you get the reg no of the truck that drove into your house?

David

It was a 3 ton digger with a breaker - very similar to using a transmitter with big sticks only much, much more fun.

[jimheli]

Not much of a helli subject but an opertunity that is appearing very hard to ignore has appeared . A house in my home town has come on the market that is basicaly bare walls in side and back to the joists and all the stripping out is all ready done. All internal fixtures are gone including skirtings , plasterboard , heating , plumbing etc... £80,000 offers. Scope for kitchen , dinning , 1 bathroom 2 shower rooms,4 bed rooms and a study WOW and im a plumbing & heating engineer so thatll help a lot . Question is have any of you guys developed before it seems quite intimidating to be honest £80,000 is a lot of hellicopters . Going to view it on wed lunch time Fingers crossed

hi i live in a property that was in same condition & im oftec ,anyway take a look at main walls makesure theirs no subsidence , find out what a property is going to get if ya sell it on when its dune. allso check roof & rooftimbers more money if its bad , if your not sure get some one eg ,survayer if your going to do most of the work your self its going to take a lot of time, btw check for riseing damp . you can make good money lol

[jamiesawyer28041978]

45 miles north of Inverness which is the fastest growing City in Europe , I'd like to think it'll be a good one to sell and at 4/5 bedrooms and 3 shower / bathrooms which is a rarer size of property up here it would be in a good bracket of property for shifting quickly. Spoke to my Buisness manager today an he was very helpfull indeed and the prospects of it are very high but a huge amount of legal crap to get through which bores me to death. Archietects , surveyer , buisness plans , council meetings etc etc .

[jamiesawyer28041978]

It will consume all of your spare time but also can be rewarding.
This is what my place looked like on Friday, which is a huge improvement on a couple of weeks ago

That looks like a huge project thomas and luckily my one is nothing as seviere as that externaly just inside is back to bare walls and some flooring to be replaced by the looks of it re wire , plumbing / heating , total joinery re fab , kitchen etc. Best of luck to you mate and hope you are well rewarded

[Thomas]

Yep, it is a huge project but had to be done as it was in a dire state, probably the most stressful thing I've ben through since my daughter went under the knife, this is the second
and I will NEVER do it again.

There is a lot you can do yourself and you get to buy some great power tools, just don't skimp and get the right advice and the right people to help. A decent plumber will not be expensive, the cowboys are the ones that cost as they don't get repeat work, the reputable ones will charge a fair price, if you use an agent to buy then quite often they can put you in touch with the right trades.