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Needing advice from the experts!

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  • Needing advice from the experts!

    OK apologies for the long post.

    Basically I am deciding whether to go into property development, you can all put me down but please hear me out.

    I am 55 and in a job I absolutely hate, looking for another of course but I have been there 16 years and been through many changes, the final straw was turning us into a call centre environment with the TUPE and we are about to move again to another side of town which is inconvenient and I don't know how much longer I can stand the environment for.

    Anyhow, my position is that I own and rent another property which I inherited about 18 months ago. It's value is around £180K. I debated at that point whether to sell but decided I would get a better return renting. I was wondering if I could use the equity in this property to raise cash and buy/renovate another, I am not a wanting fantastic gains, just enough to get me out of a job I hate and developing is something I have always said I would do at some point, I currently earn £15K.

    The only experience I have is 'doing up' our own property which will soon be paid off, but I don't have a core team of tradesmen to help, and my husband can decorate but that's about it.

    I know there are taxes and heavy stamp duty for additional properties, but I wanted to ask if what I had in mind is viable and do-able please after legal and professional fees/taxes are paid to buy/sell.

    Thanks in advance.

  • #2
    Re: Needing advice from the experts!

    It sounds like you have lots of desire but maybe not the knowledge. You could try working for another property developer for a year to better understand the business and gain some insights.

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