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Homes Under The Hammer

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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'.

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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

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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.

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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

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