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Found 8 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 accou
  2. Hi folks, I am new to the Forum although have had a keen obsession in all things property related for many years now! I've finally decided to do something about it & am in the early stages of research - listening to the podcasts & reading up on all things relevant. I live in Edinburgh & my initial plan was to refurbish properties & sell on - flipping - the new term I have recently learnt! I had planned to start off in Edinburgh as I know it extremely well, buying at around £150,000, refurbish & then sell on & repeat. I had planned to try &
  3. Hi Hubbers I am about to go to my first auction and have been reviewing the legal packs for the properties I like. I have noticed a disturbing these buried in the contracts: in addition to paying your own legal fees and auction admin fee, most sellers are requiring payment of a further auctioneers fee and substantial payment towards the seller's legal fees (ranging from £2500-£7000). Is payment of these fees by the buyer a standard feature of buying at auction? Also, why are the claims for seller's legal costs so high? (On a property less than £120k top city law firms don't charge tha
  4. Hello Everyone, I'm new to property and am in the process of trying to take in as much information as possible before taking the plunge and buying my first property. I've been stacking some deals, trying to include all the costs and not miss anything, with the intention of flipping. However one thing i have come across is some confusion over the selling costs. Question: Should I allow for the selling solicitor and estate agent fees in my initial capital needed to invest? Or can i use the money made from the sale of the property to pay the solicitor and estate agent.
  5. Dear Hubbers HI, I'm a HMO newbie and grateful for your advice. I've got a 6 bed HMO , 2 storey in the works . All bills will be included. I've got myself a bit confused with the type of thermostat arrangement to set up. Should I just have a single thermostat in a communal area , one on each floor or one in each room ( super pricey to set up) I'd really appreciate advice on how to keep bills down whilst making sure everyone is comfortable . Having a thermostat in each room seems like the most comprehensive solution but its the most costly. Any advice o
  6. Hi All, Thought I would share the news today that some of you may be aware of. Interest rates have increased for the first time in 10 years to a whopping, 0.5%, (sarcasm) increased by 0.25% My thought is what type of mortgage do you have? Most people's have one of two products. They either have a fixed-rate, x amount per month, or they have a variable rate, where the interest rate can move at the discretion of their lender. If you haven't changed your mortgage for more than five years, you are probably on a variable rate. This means your rate is susceptibl
  7. Quick one, if you will. How confident would you be to use the cost of the following as a revenue expense, when offsetting against income on a BTL property? I'm a tad unsure. TOOLS; Cordless drills Screw drivers, wrenches, Stanley knives, tape measures, cartridge guns, etc. etc. Protective clothing; gloves, masks, knee pads etc. Basically, most of the common day-to-day DIY stuff you get from B&Q, Homebase, Screwfix etc that you would use to support your self-management tasks on your BTL property. Thank you! Stuart.
  8. Hi All, i'm looking for a builder in the Gravesend / Kent area and have had some quotes and they have all come in far and between £11k - £21 and the timescales between 4-8 weeks. I know the main cost is due to Labour however this is a one bedroom flat and isn't a major refurb. The kitchen will be completely gutted out and new windows and Central heating is where the bulk of the cost will go. Can someone tell me as to what type of price I should be looking at for the following works. This will be my first light refurb I intend to live their for no more than 6 months but will ren
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