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Found 5 results

  1. Hi all, I am about to embark on my first property renovation (yay?!?). So far I have made a few offers, and missed all of them. I have a profit margin I hope to achieve of 15% minimum. In order to hope to meet this target, I imagine it pays to have a pretty accurate idea of what a property might cost. I have made attempts to try and price jobs up based on a variety of sources, but I don’t feel comfortable doing it since I have no idea whether my estimates are too high or too low, and I don’t know even whether some of the jobs I am allowing for need doing, or whether I haven’t accounted for certain jobs that would need doing. I have started to wonder whether I should get a professional to do this side of things, allowing me an insight into how a professional would go about it. So my first question is this; should I ask a professional to do it, or would it be better to jump right in and make my own crude estimate, and learn from the mistakes I will inevitably make. (Part of what puts me off doing it myself is that I could be drastically overestimating the cost of a job and therefore not offering enough for a property). The second question: If I was to go down the route of asking a professional in to make an accurate estimate, what kind of professional should I ask? I have read in a book specifically on property renovation that you can get contractors to do it, or quantity surveyors. I don’t know who to approach basically. I look forward to reading what anyone has to say :) Charles
  2. The teams at RMP and Yellow have both grown in this past week. RMP have said hello to Julia and Christa, and Yellow have welcomed Donna and Nicole. So that's been a pretty busy week for us all round really! We've also been creating some more free courses this week. Check out the ones that are there already here, and look out for a brand new course in the next few weeks. The Spring Budget This is a mini-budget, if you will. We've had to dig pretty deep to find something to say on this as The Chancellor did not mention housing at all. Here's a brief summary of points you might want to note though. Nothing about mortgage relief or stamp duty...in fact, nothing about housing at all! As before – Corporation tax will fall to 19% this April, and will then fall to 17% in April 2020. So good for those holding properties in a company The tax free dividend allowance for company directors will be reduced from £5K to £2K from April 2018. Extension until 2019 until landlords need to keep digital records and send quarterly updates to HMRC Rent-a-room relief – The government will consult on proposals to redesign rent-a-room relief, to ensure it is better targeted to support longer-term lettings. This will align the relief more closely with its intended purpose, to increase supply of affordable long-term lodgings. Check out more right here, including a news story which could not be more up @rob bence's street.
  3. Hi all I am looking for a ‘bank account aggregator’ or budgeting app that links to my accounts that also allows me to categorise my cash spending and provides up to date remaining budget information instantly on my phone. I know a recent resource of the week was Toshl but I don’t believe this has the bank account link. I have been frustratingly trying to align all my spending in one place for the purpose of tracking spend and budgeting. I have used budget apps and basic spreadsheet apps to input spend made from cash withdrawals ‘on the go’. I also have a main spreadsheet where I copy in my bank statements and copy in the ‘on the go’ cash spending, but the overall process is rather tedious and retrospective. It does not give any ‘budget remaining’ information. I thought Google sheets was the answer but drop down boxes (for categorising quickly) do not work on smart phones and again this does not auto link to my accounts. I have also used Money dashboard but the app does not allow you to split the cash withdrawals made into what it has been spent on. Any potential solutions would be greatful. Thanks Grant
  4. I saw this today and think there is no harm in trying to get out voice heard. Worth signing up to https://petition.parliament.uk/petitions/104880 Plenty of others have written letters to their local MP's and maybe worth getting a template letter for people to send to theirs. This will effect us all so worth doing what we can.
  5. https://petition.parliament.uk/petitions/104880 I happen to be home late from work and was notified of the government's response to the petition following the budget by email. The response seems to be wholly misinformed in that the changes are supposedly aimed at the wealthiest of landlords and the majority will be unaffected - what complete tosh. I am new to this game (I have two jobs, work my butt off and am investing in property for the future) and I am already wondering whether starting out in BTL is going to be worthwhile having seen the amount my tax bill will go up every year thanks to Mr O. Had I not already paid for surveys and mortgage fees, I would seriously reconsider BTL given the tax implications. The government's response is poor and I hope that during the consultation period, they are made to think again about this unwelcome, unexpected and unfair change in policy.
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