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Making A Profit On My First Home Advice


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Hi Folks,

So for those of you who are keeping up with me, you'll know I'm searching all ways of building up my capital to start my own portfolio, so here's my next potential scheme, that I'd like your advice on please!

So me and my partner are looking at getting our first home in the next 8 months, looking to get settled and secure before investing. The original plan was to find a nice house that's ready to live in, however!

Now I'm learning more and more about property, my thoughts are as follows; could we, buy a BMV home, refurbish it, settle in for a year maybe two then address any further refurbishments that might need doing, then sell on for a profit. I don't know how long we'd have to wait for the property to raise in equity?

The general thought is that, If we can make a decent profit out of something we are doing already, this will get us to our starting capital goal faster!

Pleas let me know your thoughts and if there's any potentials gains I've missed. Looking forward to the replies!

Thanks, Brian.

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Hi Brian,

If you are buying bmv then refurbing it, most of your money will be made then and if it is your home too, CGT free, which is an extra 18%/28% right there.

As for "how long would it take for the property to raise in equity", do you mean how long just for it to go up in value due to the property market going up in general itself, without you forcing any more value? - It literally could be any period of time from months to decades and it could even go down in value...

Personally I never expect my properties to go up in value without me forcing it myself, especially when refurbing, but it's always nice if it happens :)

All the best

James

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