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Bradbury Robinson

Fliptastic...

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Here's the original advert from the back end of last year:

2zy92qh.jpg

Run down, pretty busy main road and a bus stop smack bang outside your front door. On the market for £125,000 needing complete renovation.

I've no idea what a complete renovation costs, some times on TV they say £25k to £30k so let's be generous and say £50k.

Here's the same house done up and for sale now:

http://www.rightmove.co.uk/property-for-sale/property-17948325.html

Not bad work if you can get it!

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Here's the original advert from the back end of last year:

2zy92qh.jpg

Run down, pretty busy main road and a bus stop smack bang outside your front door. On the market for £125,000 needing complete renovation.

I've no idea what a complete renovation costs, some times on TV they say £25k to £30k so let's be generous and say £50k.

Here's the same house done up and for sale now:

http://www.rightmove.co.uk/property-for-sale/property-17948325.html

Not bad work if you can get it!

That's actually the correct "ballpark" profit.

A seasoned developer will want a 20% profit margin to allow for any really serious contingency costs.

210 - 20% - 43K = 125K

tim

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That's actually the correct "ballpark" profit.

A seasoned developer will want a 20% profit margin to allow for any really serious contingency costs.

210 - 20% - 43K = 125K

tim

By the time you factor in, interest on capital, cost of works, selling costs, and the actual sale price of say £190k, then there will be a very slim profit.

In fact builders could easily take on a big risk in the present market when its tending to fall. They only really make a good profict when the market rises and the sale is easy at the end. There is a property nearish me that has been on sale for around two years. It has even been let for a while. Poor builder must be sick of it! http://www.rightmove.co.uk/property-for-sale/property-28248667.html

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I looked at a house yesterday that was on at £125K needing complete renovation, done up it's worth £140K-£150K. Just can't see where they got the asking price.

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I looked at a house yesterday that was on at £125K needing complete renovation, done up it's worth £140K-£150K. Just can't see where they got the asking price.

They're hoping for a property ladder numptie.

I was keen on a property at 160-180K that I reckoned would sell for 199K atfer 30K of work. It was on sale for two years and I was waiting for the price to come down. It never did and they have withdrawn it from sale

tim

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They're hoping for a property ladder numptie.

I was keen on a property at 160-180K that I reckoned would sell for 199K atfer 30K of work. It was on sale for two years and I was waiting for the price to come down. It never did and they have withdrawn it from sale

tim

Well don't think the vendor has that pleasure, they bought it in 2002 for £96k. When i viewed the agent was surprised to see me and only expected to be showing one couple around and was all over them like a rash, i heard the word repo from the agents mouth but missed the whole sentence. All furniture was packed into the front lounge ready to go, the house is still lived in as i've checked. Now i'm planning to offer £105K but expect to be told it's sold when i call and as it's not yet a repo they don't have to put a notice up.

So at £105K it's only a 33% reduction then you need to factor in the renovation. Not much of a bargain is it.

Edited by neil324

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Just had the £105k refused, said there was another offer in and the 'company' said it was way to low. So it seems by company it was one of them that stop repossessions at the last minute.

Shame because at the right price it would have been perfect, good luck to the company if it's a mortgage offer and the valuer puts his eyes over the property. Went to bed last night thinking what had i done, it would have been a right money pit.

Anyway viewing a property Friday that is going to auction, extension falling away from the house, been sold 5 times by the agent and all 5 times knocked back at the valuation stage. It's in the most desirable of areas and at worst the extension needs pulling down.

Anyone know if you knock down and rebuild an extension like for like, you need to go through prescribed building fee's and building regs with the council. As it has permission to be there right.

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Well don't think the vendor has that pleasure, they bought it in 2002 for £96k.

Seems I was wrong anyway.

They have given it a quick make-over, fixing the obvious faults and put it back on at 180K.

The problem is, the layout is rubbish and that was what was going to cost 30K to fix and it still has that problem. So the work that they have done saves the person who wanted to buy it for its greater potential no work at all.

I hope it sticks at the current price for another 12 months!

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Here's a fliptastic one near me:

http://www.rightmove.co.uk/property-for-sale/property-28869877.html

£179k asking. Oh dear..

Last sold in August for a mere £51k less, and was back on the market in January. It seems to have had a new driveway, kitchen, bathroom, possibly back fence and a lick of paint. Grab it while you still can.

1 16/08/2010 £128,000 Ter. F No Map 94, Southbrook Street, Swindon, SN2 1HH

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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