Hi anyone here working full time while renovating par time to onsell?
If so can you please give me some tips on how to do it! I really want build up and get out and do it full time!
thanks[handlebars]
Do you want to do all the work yourself?
Than be prepared for long hours and no free time.And is it your PPoR or an IP?
It is a lot harder to renovate PPoR as you tend to do it better than practical.One of the main tricks is to add perceived rather than actual value.
Examples for this is obviously a repaint, perhaps modern handles on cupboards, replace mouldy/stained silicon, get new light fittings, etc.
Concentrate on the bathroom and kitchen. But be careful not to overcapitelise.
If you have to spent a lot of money on little seen repairs (saltdamp, roof and gutters, etc) you will really struggle to make money. You should already have a budget and plan in mind when you purchase a property, because only 1 in 10 will be suitable for profitable renos.
Hope that helps, good luck
Hello PostEnterprises
Bridgebuff made several good points.
Before you buy get a building inspection done so that you don’t get caught having to do “non visible” and thus non “value adding” work. Roof, gutters, damp course etc.
In my opinion if you don’t already own a PPOR then it’s a great place to start with renovations as long as you stick to your goal of renovating for resale and not get caught up doing it too expensively.
I did that ( a long time ago [smiling] ) with my first property while working full time in a demanding job and as long as you (and your partner) are prepared to live in the mess then it’s easier then having to travel to do the reno. This way every hour you have free can be used productively.
Doing it room by room where possible minimises the mess.
The big benefit is that when you sell you will not be up for CGT. It may be wise to wait at least 6 months before selling though.
As Bridgebuff pointed out, be prepared to either take longer over the reno. (which is no real problem) or be prepared for little/no free time. If your young and enthusiastic it’s certainly doable.
Cheers
ElkaHi PosEnterprises,
My first 2 houses were ‘renovators delights’ and I did very very well out of them, and still do.
I think it is a great way to start as not only do you have the opportunity to increase the value significantly but you will learn a lot more than you will believe.
Make sure you don’t renovate a dog in a dog street. Pay the little more and look for one in a great area.
Let us know how you go.All the best! [specool]
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