Welcome to the reallymoving forum
Got questions and need some advice? Our forums have answers on everything from choosing the right property, to renting and selling.
  • If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.

Announcement

Collapse
No announcement yet.

Finding the right property

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Finding the right property

    Hello all,

    I'm new to this site and came across it whilst looking for advice on finding the right property to renovate.

    I run a damp proofing company and have a small team of excellent lads including plasterers, carpenters, brickies etc. so actually doing the renovation work is no problem for us. We do it every day as a business.

    What is proving difficult is finding an ideal first project for us to renovate for ourselves, rather than for other people!

    We are only a small company and don't have a huge financial 'safety net' so a low-risk start would be best. We hope to build up slowly to bigger and more expensive properties, but need to start quite small.

    We have seen very run-down properties for as little as £40k, but they would need at least £30k spending on them (even doing the work ourselves) to get them saleable and then would probably go for no more than £75-80k according to local estate agents, which doesn't really seem worth the risk, especially if they take a while to sell - am I expecting too much?

    May I ask where people find the right property to get started? Are auctions the best place? And is there a 'best' way to finance such a project, or are the normal borrowing channels (mortgage, business loans etc.) the only option?

    Any advice would be greatly appreciated. Hope you can give us a bit of guidance! Many thanks. Sally
Working...
X