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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.


    • #3
      I would suggest the same instead of a job you are doing currently you should work at some building firm or company whatever you prefer so that you can get all the knowledge about property development and building. Do what you love and get what you want. Good luck