Bradbury Robinson Posted March 12, 2011 Share Posted March 12, 2011 Here's the original advert from the back end of last year: 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! Quote Link to comment Share on other sites More sharing options...
Bradbury Robinson Posted March 12, 2011 Author Share Posted March 12, 2011 To add some context here are the previous house prices for the same road: http://www.houseprices.co.uk/e.php?q=stuart+road+l23 I think the one in the OP is in the 70s but it's on the odds side of the street. Quote Link to comment Share on other sites More sharing options...
tim123 Posted March 12, 2011 Share Posted March 12, 2011 Here's the original advert from the back end of last year: 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 Quote Link to comment Share on other sites More sharing options...
plummet expert Posted March 12, 2011 Share Posted March 12, 2011 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 Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted March 13, 2011 Share Posted March 13, 2011 It is a nice new front door though.. Where do I sign..? All this developer stuff is like a chav doing up a car, it doesn't follow that it all goes on the price. Quote Link to comment Share on other sites More sharing options...
neil324 Posted March 13, 2011 Share Posted March 13, 2011 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. Quote Link to comment Share on other sites More sharing options...
tim123 Posted March 13, 2011 Share Posted March 13, 2011 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 Quote Link to comment Share on other sites More sharing options...
neil324 Posted March 13, 2011 Share Posted March 13, 2011 (edited) 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 March 13, 2011 by neil324 Quote Link to comment Share on other sites More sharing options...
TeddyBear Posted March 14, 2011 Share Posted March 14, 2011 Talking of fliptastic - just seen this on Rightmove for £1,450,000 with housenetwork.co.uk - presumably trying not to waste a penny by paying commission to a local agent http://www.rightmove.co.uk/property-for-sale/property-29279149.html Apparently bought for £673,000 in Oct 2010. Quote Link to comment Share on other sites More sharing options...
juvenal Posted March 14, 2011 Share Posted March 14, 2011 Talking of fliptastic - just seen this on Rightmove for £1,450,000 with housenetwork.co.uk - presumably trying not to waste a penny by paying commission to a local agent http://www.rightmove.co.uk/property-for-sale/property-29279149.html Apparently bought for £673,000 in Oct 2010. What a joke. Quote Link to comment Share on other sites More sharing options...
mrtickle Posted March 15, 2011 Share Posted March 15, 2011 Yep... "beautifully modernised" with double glazing... but the energy performance is still right at the bottom of the C rating with 69%! Quote Link to comment Share on other sites More sharing options...
neil324 Posted March 15, 2011 Share Posted March 15, 2011 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. Quote Link to comment Share on other sites More sharing options...
tim123 Posted March 19, 2011 Share Posted March 19, 2011 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! Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted March 22, 2011 Share Posted March 22, 2011 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 Quote Link to comment Share on other sites More sharing options...
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