# Developing property



## stevengeelan (May 10, 2009)

Looking into buying a house needing a bit of work done, which I can do myself, to increase the value and sell it on? 

Anyone here done this? And how did you get on?


----------



## JordanTypeR (Mar 13, 2010)

We're in the process of doing this.

We're not aiming to sell on instantly, but probably in 2 years or so after we've lived in it for a bit (and can afford to get it finished).

There's not a huge profit margin in it for us, but hopefully we'll make a bit.


----------



## Eric the Red (Sep 14, 2010)

How much is the house valued at and how much work is needed, what type of people are you looking to sell to, is it a good area, what would be the turnaround time of the refurb in order for you to make a profit, do plenty of research


----------



## Rust.Bucket (Feb 11, 2011)

Do your research.
Look at the area, maybe look at typically who owns the houses.
Look at surrounding houses for sale and how long they've been on the Market for.

Oh, and finish it to a standard and style that will sell, and not to your personal preference (especially if you like, say, frankensteins castle with a subtle hint of 50s diner look, for example, lol).

Have a budget and do your best to stick with it.
If you over run the budget (can happen), is there still room for profit? Even if the time frame overuns?

Lots more to think about but seems an exciting project (something I'd like to try in the future).


----------



## Chufster (Nov 21, 2010)

Whilst I haven't sold it on, when I bought my house it was a dump, so I gutted it and modernised it. 

I wouldn't think there is much scope for money to be made at the moment in the current climate with a quick turn around. If you can buy it cheap now and do it up and rent it out, then sell it in a couple of years when the market is a bit more buoyant, you may do all right.


----------



## MA09 (Mar 28, 2011)

stevengeelan said:


> Looking into buying a house needing a bit of work done, which I can do myself, to increase the value and sell it on?
> 
> Anyone here done this? And how did you get on?


Hiya, ive done 7 house referbs, 4 of which were stripped down to shells and 3 retail units.

Over the years, I have come to the conclusion the following;

If you don't buy cheap, you are pretty much handicapped, no matter how little or how much you spend on it.

Size equals £££ add square footage and you add value.

Off road parking adds £££

Downstairs toilet adds £££

Bargain shops are not always bargains, i've purchased ex display bathrooms which appear cheap enough, but after all the messing about, you may as well get a B&Q plain white suite, cheap and cheeful.

Nice gardens, front and rear, not necessarily adding value, but adds to kerb appeal.

En-suite bathrooms add ££££££.

hope this helps, if you need advice, PM me..good luck.:thumb:


----------



## lofty (Jun 19, 2007)

I develop property.My latest was bought it in January, I spent 6 weeks on the refurb and sold it within 2 weeks at a decent profit.You need to buy cheap in a sought after area.It's no use buying cheap in a area no one wants to live, as you won't resell quickly.Don't be afraid of offering way under the asking price,I knocked £30k off this one.Don't cut corners on the refurb,use decent quality bathrooms/kitchens and keep the decor and carpets neutral.Factor in all cost including solicitors to buy and sell,estate agent fees, mortgage payments if you have one, and cost out all the work carefully,it's easy to under estimate the work needed to bring it up to a really high standard. This is the house i've just sold:http://www.rightmove.co.uk/property-for-sale/property-29608315.html


----------



## stevengeelan (May 10, 2009)

Thanks for the advice so far.

At the moment I don't have a property in mind, but is something I would like to get involved in, in the near future. I work in the building trade (electrician) and would be able to do the majority of the work myself and know the right people for anything I'm unable to do.
I'm in a fortunate position where we live in a flat rent/mortgage free and I'm just looking to develop property to make extra money, I don't think we would move into any of the properties (unless it was something that really took our fancy)

Thats a cracking property you sold lofty. How much did you make on that?

MA09 - were the properties you developed all local to you or did you just look for the best deals regardless of location?


----------



## justina3 (Jan 11, 2008)

try not to make it personal see far to many people attempt this and then put there own stamp on the house, netural is best


----------



## ABGT170 (Feb 20, 2008)

I do this for a living. 

If you buy in a good area you can always get out if things go wrong whatever stage you're at. You would have to get it VERY wrong to lose money but it isn't as easy as the television programmes make out.


----------

