Jump to content
House Price Crash Forum
Sign in to follow this  
Tonkers

Homes Under The Hammer

Recommended Posts

Maybe it's just the way it is all phrased, but yet again, we have someone has given up work to property develop, as if property developing is not 'work'.

Share this post


Link to post
Share on other sites
Maybe it's just the way it is all phrased, but yet again, we have someone has given up work to property develop, as if property developing is not 'work'.

Yeah, but it's not cos they don't pay tax on it

Share this post


Link to post
Share on other sites

I saw one the other day.

Guy bought a shop with a flat over it. It had a good chance of being granted planning to convert to fully residential. He bought it for 150, spent a little tidying it up and ended renting it out cheap to keep it lived in and hoping to sell i think. So its still a shop and a flat.

The EA's come in and give it a price of £210k isk, but based on it being a house! So he's made a nice profit according to the show. But its not a house and all the planning and work was yet to be done to make it a house and achieve that price.

Share this post


Link to post
Share on other sites
I saw one the other day.

Guy bought a shop with a flat over it. It had a good chance of being granted planning to convert to fully residential. He bought it for 150, spent a little tidying it up and ended renting it out cheap to keep it lived in and hoping to sell i think. So its still a shop and a flat.

The EA's come in and give it a price of £210k isk, but based on it being a house! So he's made a nice profit according to the show. But its not a house and all the planning and work was yet to be done to make it a house and achieve that price.

You missed out the best bit - he had it on the market at 239K expecting the greater fool to come along. And all without even bothering to apply for change of use - no chance!

Oddly, the EA also said that the commercial property would rent for 12K pa which with a flat aboue worth say 140K actually makes the property worth more as a shop. Except that the shop was in a street where all the other shops had been converted into houses and had little passing trade. 12K rent looks even more whishful than the selling price.

tim

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 354 The Prime Minister stated that there were three Brexit options available to the UK:

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.