Ⓩ-Ⓐ-Ⓜ-Ⓞ-Ⓡ-Ⓐ
Hove / Παρος
I'm looking into the prospect of purchasing a run-down apartment and renovating it myself to sell on and hopefully make a profit, just wondering if anyone on here has done similar?
If so, what is the best way to find these run-down properties? I've looked at a few auction sites but it is slim pickings in the local area to Brighton. Is it best to just trapse round the town and speak to as many estate agents as possible in person? I want to buy something in the city as: 1, I'm going to be working there a lot myself and don't want to spend hours travelling by car, and 2, I know I will be able to sell it on quickly (or rent if need be).
If buying at auction how much above the guide price (or below?
) do properties usually go for?
I'm wary of a lot of additional costs that on top of the renovation costs: Stamp Duty, Auction contract fees, Solictor's fees, Holding fees (council tax, loan/mortgage repayments while working on the property/waiting to sell), Capital gains tax (28%!
). Are there any others to factor in?
Finally, is it best to do this with a limited company set up specifically for this purpose rather than doing it all in my own name? Will it make it harder to get a loan if the company has no trading history?
I'm a trained architect so have experience with the design aspect, and also done plenty of work on site in my youth and more recently renovating my own apartment so I'm quite comfortable with the design side and costing up the refurb costs quite accurately.
I always find the opinion of some random people of NSC's more valuable than some random people of the internet in general! So fire away with your suggestions, anecdotes, gentle abuse and or advice!
Cheers!
If so, what is the best way to find these run-down properties? I've looked at a few auction sites but it is slim pickings in the local area to Brighton. Is it best to just trapse round the town and speak to as many estate agents as possible in person? I want to buy something in the city as: 1, I'm going to be working there a lot myself and don't want to spend hours travelling by car, and 2, I know I will be able to sell it on quickly (or rent if need be).
If buying at auction how much above the guide price (or below?
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I'm wary of a lot of additional costs that on top of the renovation costs: Stamp Duty, Auction contract fees, Solictor's fees, Holding fees (council tax, loan/mortgage repayments while working on the property/waiting to sell), Capital gains tax (28%!
![ranting :rant: :rant:](/images/smilies/ranting.gif)
Finally, is it best to do this with a limited company set up specifically for this purpose rather than doing it all in my own name? Will it make it harder to get a loan if the company has no trading history?
I'm a trained architect so have experience with the design aspect, and also done plenty of work on site in my youth and more recently renovating my own apartment so I'm quite comfortable with the design side and costing up the refurb costs quite accurately.
I always find the opinion of some random people of NSC's more valuable than some random people of the internet in general! So fire away with your suggestions, anecdotes, gentle abuse and or advice!
Cheers!