What's your opinion ? Is it still worth the venture or has the market flatlined ?
Depends on how greedy you are.
If you think that tarting up a tired house entitles you to mega-thousands profit, then yes.
If you are realistic and accept a smaller "mark-up", then no.
Have you got an opportunity?
Depends on how greedy you are.
If you think that tarting up a tired house entitles you to mega-thousands profit, then yes.
If you are realistic and accept a smaller "mark-up", then no.
Have you got an opportunity?
I could move in that direction if I wanted I suppose. I'm thinking about it.
What defines mega-thousands profit and what defines smaller ''mark-up'' ?
Personally if I could make 35-40k after tax a year I'd be happy
Depends on how greedy you are.
If you think that tarting up a tired house entitles you to mega-thousands profit, then yes.
If you are realistic and accept a smaller "mark-up", then no.
Have you got an opportunity?
I could move in that direction if I wanted I suppose. I'm thinking about it.
What defines mega-thousands profit and what defines smaller ''mark-up'' ?
Personally if I could make 35-40k after tax a year I'd be happy
I'm sure you could do that. You just need to do some careful estimating first:
How many you can feasibly do per annum. Is it a second job or a weekend hobby or full time? Allow time for any planning permission or change of use to be granted - these are the real time-consumers!
Then of course you have to allow for taxes and auction fees.
The amount you can make obviously depends on how much you buy for and what the ceiling price is in that area. It is possible to overspend on a refurb and you won't necessarily get your money back if there is a ceiling on house prices in that area. But some areas (like London) can make you money if you are longer doing the job than planned - by the time you've finished, prices have moved up a notch.
The best advice I can give you is to talk to local estate agents about what buyers want in the area you are buying in: they will be able to tell you if your plans are worth while realising or whether it would be a wasted investment.
I see you are in the Smoke, but if you can travel, apparently Crewe is a good place to buy if you are willing to dip a toe into HMO - decent auction prices for suitable properties and a decent return, with a ready market of M-F workers wanting to rent a week's accommodation.