Renovating properties

Tommasi said:
Saw a house in North Tyneside recently on Rightmove for 350k that had been done up, checked the prices of properyp sold and the same place had sold a year before for like 150k. There's clearly massive money to be made.
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Yes, but get it wrong and you could lose a fortune mate, I've seen it happen. If you can do most of the work yourself than fine, but many people enter it blindly,and pay out huge sums to builders etc for the work. If the house is secured on a mortgage and the house fails to sell in a certain timeframe the repayments soon eat away at any potential profit.
 


Absolutely. In-laws bought a bungalow just behind Hastings Hill, old lady had kept it the same since she bought it in the 60’s. They chucked £30k at it, and sold it on 6 months later. They made £49k. It’s the 4th one they’ve done in Sunderland in 2 and a half years
 
I've done it a few times - not to make a living but to help me move up the ladder. Timed it right with the price boom as well.
I've learnt shit loads doing it and will probably do it again when my mortgage is gone.
I've got some good mates and contacts who have the trades that I can't do.
 
the dark one said:
She's made no profit on that one for sure!
It's like a ducking dogs dinner.
Check the urinal out in one of the tacky bathrooms man.:)
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They reckon she’s chucked a min of £100k at it. She’s very eccentric. But you could probably guess that :D

Have to say though, I love the staircase where it splits at high level
 
To really get into this game you need to pick up a bargain from estate agents who have to know you enough to ring you up long before a property’s advertised, know that you don’t need a mortgage, know you’ll pay cash sharpish, know you’ll do it up quickly and know you will resell it with them. Repeat WILL RESELL IT WITH THEM.
Owt else and you’re not getting a bargain, you just think you are and will be the sort of property developer who thinks they’re getting a bargain at an auction.

Once you’ve done this a few times the estate agent may even skip the charge for being in their little black book in the first place......but don’t count on it.
 
Made money years ago on my first property, but did it again in 2013.
I ended up renting the house out to a lass at work as it wouldn't sell. Sold it for a grand less than I paid eventually, after putting 3 grand in for materials and god knows how many hours work.
Tough to make money in this market.
 
I did one a few years ago, bought a run down house for £66,000 I spent 18k doing it up and sold it for £120,000 6 months after I bought it, never worked as hard in my life and never had so much fun, looking back I spent too much money on the work and was lucky to sell it just before the last property crash, I have the money to do another one but maybe not the energy or time
 
I had aspirations of doing this once, had a look at one of the old colliery houses in the numbered streets in Horden, it had recently had all the electrics upgraded & the insulation was all recently done, it was a cannabis farm:lol: the house next door had slag spray painted outside the front door with an arrow to the door just in case there was any doubt:lol: that was my short-lived career as a developer, never did see it on Homes under the Hammer
 
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