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ease/difficulty of selling a flat?

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  • ease/difficulty of selling a flat?

    Hi everyone,

    I would just like to start by saying how impressed I am at the genuine answers and advice on this forum. I have looked at many others where anyone asking advice on getting into property developing would be completely slated!

    Anyway, just to give a brief on my situation... I am looking to buy somewhere to do up and sell on (we will be living in it & looking at a time scale of around 6 months). The reason being my dad is very kindly lending us a 25% deposit, which we do not need to pay back in monthly installments and is not charging us interest on, we just have to give it back after selling. We will then use any profit from the renovation to put a deposit down on a home for ourselves. The way we see it this is the only possible way of us getting on the property ladder as with paying rent it would take about 10 years to save a deposit!! So not really looking at becoming property developers, just looking to raise a deposit for our own home.

    I have been looking at properties that need general modernising/new kitchen, bathroom etc but not anything requiring structural work. I have seen a flat which is a repossession, and I was wondering would it be a nightmare to sell a one bed flat in a purpose built block (in Bristol?). I am guessing people in a financial position to buy their own home arent going to be looking at this type of property and my target buyer is really just going to be landlords. Do you think I will struggle to get rid of it?

    We could afford a house but thinking the smaller the project the less risk etc etc..

    Any advice greatly appreciated!

  • #2
    Re: ease/difficulty of selling a flat?

    A lot of people are looking to get into the already flooded home renovation market.

    The presumption seems to be that the property market will be back into full swing within a year or so.

    I don't understand why??

    You already seem to be completely unsure of any basics, not least your local property market. I would have thought you would have needed to research this first.

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    • #3
      Re: ease/difficulty of selling a flat?

      Living in a house that's being renovated is a headache for builders. Then you have the dust issues so I recommend not living in the house. Modernising is a great way to add value without blowing a lot of money yourself, a rewire, redecorate and maybe new kitchen and bathroom can add thousands. I don't think you will struggle to get rid of the property especially is it's going to be a buy for let from the buyer. I recommend going through with it and the worst outcome is either you rent and make some money rather than leaving it empty or you are able to sell it and maybe not get as much as you'd hoped. They are the two worst outcomes from this though. Good luck and keep us informed.

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