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What am i getting into??!

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  • What am i getting into??!

    Ok first off im new to this furum but iv looked through it quite a bit and think its awesome.

    My name is Markus, im 18 and im living in west yorkshire attempting to renovate a terrace house that i have bought with my dad. I own 90% he owns 10% and i am living in the property.
    Also my 90% is at a 2.5% apr loan from my father.

    I have started doing this with no prior knowledge of business or renovation or the property market and am recieving no help from my father other than financial as stated above and transportation until i pass driving lessons.

    i wish to make a living buying, renovating and then selling property but havnt the slightest idea of what im doing.


    Any ideas, suggestions or just plain help would be appriciated immensely.


    I dont feel able to ask any specifics at the moment as i dont even have any idea what questions i should be posing!

    I bought the property for 40k and am willing to spend 7k on renovation.
    (I have just moved in and havnt started renovating yet)

    If you got through all that, thanks for taking the time to read my post

  • #2
    Re: What am i getting into??!

    A good place to start is the property services price comparison website Local Surveyors Direct. They won't let me post a link on here to the site so do a search in Google for Local Surveyors Direct. On the site you will find help and advice and estimates for work from a whole range of property professionals. it is free to use the site and well worth checking out.

    Kevin Hopkins

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    • #3
      Re: What am i getting into??!

      Thanks Kevin! this site looks great. would you suggest getting a structural engineer in to
      give advice? Do people generally get structural engineers in for most property
      renovations?

      Comment


      • #4
        Re: What am i getting into??!

        Originally posted by Markus View Post
        I have started doing this with no prior knowledge of business or renovation or the property market and am recieving no help from my father other than financial as stated above and transportation until i pass driving lessons.

        i wish to make a living buying, renovating and then selling property but havnt the slightest idea of what im doing.
        I can't think of a more dangerous situation - you want to through a lot of money into a new business which by your own admission you have no experience or knowledge of.

        And this all in the middle of the biggest economic crisis for nearly a century?

        I think you are just inviting trouble - seriously.

        Comment


        • #5
          Re: What am i getting into??!

          I think your very possibly right there Brian.

          I'm the kind of guy who does things not because their easy but because their hard.

          Its been great seeing different threads and people doing similar things on this site.

          I'll be sure to put a less ambiguous post next time XD

          Comment


          • #6
            Re: What am i getting into??!

            You and more particularly your father must want his head examining.

            If you dont know what you're doing you havent a hope in hell. You will get ripped off, end up with one disaster after another.

            Passing your driving test should be your first priority!
            BRAND NEW HOMES
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            • #7
              Re: What am i getting into??!

              Do not fear! i have a book on DIY!

              Comment


              • #8
                Re: What am i getting into??!

                As it's a terraced house, that should put the neighbours' minds at rest!

                Markus, you've had very good advice from two knowledgeable members of this forum. I know that the young are afflicted with boundless optimism but don't you think you should at least wonder why they are both telling you the same thing? I mean this kindly, of course.

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                • #9
                  Re: What am i getting into??!

                  Originally posted by Jeannie D View Post
                  As it's a terraced house, that should put the neighbours' minds at rest!
                  what do you mean?

                  I will definately make many mistakes but im looking at this as an education in being a property developer instead of how to make the most profit straight away.
                  Your concerns are understandable and i am thankful that you and others have taken time to convay those totaly valid concerns.

                  Thanks Markus.

                  Comment


                  • #10
                    Re: What am i getting into??!

                    What I mean, Markus, is that terraced houses - particularly older ones - not only have party walls, adjoining roofs and loft spaces but services such as water pipes often cross over neighbouring properties and even behind shared walls. You need to be absolutely sure that your "many mistakes" do not cause damage or disruption to your neighbours' properties or you will be liable. If I was living immediately next door to an inexperienced but enthusiastic DIY-er, I would be very anxious indeed. Does that explain?

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                    • #11
                      Re: What am i getting into??!

                      Originally posted by brian View Post
                      I can't think of a more dangerous situation - you want to through a lot of money into a new business which by your own admission you have no experience or knowledge of.

                      And this all in the middle of the biggest economic crisis for nearly a century?

                      I think you are just inviting trouble - seriously.
                      I wish the doom and gloom merchants would refrain from throwing cold water on everything anybody posts in here. Have you ever thought maybe it's YOU that should get out of the property game if you have not made a success of it ??

                      Comment


                      • #12
                        Re: What am i getting into??!

                        Originally posted by brian View Post
                        And this all in the middle of the biggest economic crisis for nearly a century?

                        I think you are just inviting trouble - seriously.
                        Oh so you are an economist as well are you ? I suppose you would advise this guy to not buy a house until property prices have risen again and interest rates have gone up ? And what should he do in the meantime ? Throw all his money down the toilet renting a place that will never be his ? For those who know what they are doing, this is the BEST time to invest.

                        Comment


                        • #13
                          Re: What am i getting into??!

                          Doom & Gloom or Common Sense?

                          Cold Water or Reality Check?

                          It really depends on your perspective.

                          This young chap is entering into a huge commitment of time, effort and cost with a clear lack of knowledge, experience, preparation, foresight, skill, expertise etc.....

                          What he does have is enthusiasm, energy and optimism.

                          Only time will tell if that is enought to steer him through the process without making a complete mess of things.

                          What the "doom and gloom merchants" are trying to encourage him to do is to think more clearly and plan more meticulously before entering into a financial commitment that could end up causing him years of difficulty if approached from an ill informed position of ignorance.

                          I'm sure nobody here wishes him any failure or embarassment but surely there's no harm in some constructive criticism to point him in the right direction? After all - he did ask!
                          ____________________________________________
                          Property for sale in Torquay

                          www.thomasdobner.co.uk

                          Comment


                          • #14
                            Re: What am i getting into??!

                            [QUOTE=IFA;15641]
                            What the "doom and gloom merchants" are trying to encourage him to do is to think more clearly and plan more meticulously before entering into a financial commitment that could end up causing him years of difficulty if approached from an ill informed position of ignorance.

                            QUOTE]

                            The advice is both negative and ill-timed. He has already bought the house ! The horse has bolted, the ship has sailed, yadda yadda yadda

                            Markus, I really hope this project of yours works out for you. Judging by your patient and well-humoured responses to some of the unkind comments that have been fired at you, you are obviously a nice lad and unlike alot of 18 year-olds out there, you are not afraid to get off your butt and do something with your life. When I was your age, I was moping about in my bedroom listening to The Smiths and penning god-awful poetry...

                            Comment


                            • #15
                              Re: What am i getting into??!

                              I agree that some of the previous comments could have been more tactful and constructive but the advice is neither negative nor ill-timed.

                              Yes he has already bought the house, but that isn't the cause for concern. I can't imagine that anybody here would disagree with you that buying a house in the current economy is not a bad investment, particularly if that house needs renovation or if you are intending to improve, extend, convert or otherwise increase its value over time.

                              The advice is in fact perfectly timed because it is not the buying of the property that is being warned against but from this point onwards Markus could find himself causing significant problems and difficulties if he starts DIY-ing things that he really shouldn't be touching.

                              Does he know, for example, that if he wants to re-sell the property the solicitor acting for the buyer will ask to see FENSA certificates confirming the safe and correct installation of any replacement double glazing? Is he aware of the regulations regarding where windows allowing egress in the case of a fire should be fitted? Does he know that only qualified Gas Safe engineers are allowed to work on gas installations in his home? Does he know that incorrect wiring in a house can lead to the place burning down around his ears and what to do to avoid this? Does he know how to properly earth-bond his radiators (if he's even heard of earth-bonding)? Does he know how to tell the difference between supporting walls and stud walls and does he know the implications of messing with a supporting wall?

                              The list is endless, you only have to watch a few "DIY Disaster" programs to know that much - even the so called professionals often get it wrong

                              I too wish Markus the best of luck; it really sounds as if he's going to need it, and your blind encouragement to basically "get stuck in" with no concern for how things should be done properly is dangerous in my opinion.

                              Markus - you really need to ask more specific questions about individual issues that arise as they come up. Nobody here can give you advice if they don't really know what the question is. As stated above, there's so much involved and we don't know what your house is like, what work needs doing, what your plans are or anything else that enables anyone here to give you pertinent and accurate information.

                              If you hit a problem or need to have technical advice as and when you are about to tackle a job then ask away!
                              ____________________________________________
                              Property for sale in Torquay

                              www.thomasdobner.co.uk

                              Comment

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