bambam Posted February 19, 2014 Share Posted February 19, 2014 Whilst I'm partial to a bit of diy and would never choose one myself I know lots of people would much rather move into one of these freshly modernised properties. Not to mention the fact that lots of buyers don't have the cash required to do work themselves, and places like this allow them to put all the cost on a mortgage. I think they do a pretty good job in modernising or sad old housing stock too, albeit blandly. Flipping houses and expecting to be paid for doing nothing is one thing but a builder modernising a place is adding value so deserves to be paid for it. I tend to agree. HPI does improve the quality of a lot of houses, extensions and so on, because the land is so valuable. The ones that aren't turned into flats, that is. People complain about the price of Victorian terraces in London, but they do get a much better standard of finish than the ones in Liverpool. Not worth it, of course, it's just an observation. Quote Link to comment Share on other sites More sharing options...
GinAndPlatonic Posted February 19, 2014 Share Posted February 19, 2014 (edited) The elder sister of a friend of mine was doing this in the early 90s and I couldn't work out why she made so much money. 20 years later, and untold TV shows about it and I still just don't really understand. I`ve met a few flippers/renovaters over the years and they seemed to come across as pushy, confident people with not much real empathy, who are not afraid to haggle with any tradespeople, and anyone who has to be negotiated with during the process. There only goal is the bottom line and they focus on that. It would be interesting to know what percentage of flippers are actual builders...I think not so many as people might believe.. Edited February 19, 2014 by GinAndPlatonic Quote Link to comment Share on other sites More sharing options...
worried1 Posted February 19, 2014 Share Posted February 19, 2014 650k for a house in Tolworth miles away from Surbiton station hahahahahahahahahaha. I don't think so. The pound has got to be the long term casualty of this lunacy. That is the problem. Only last year, you could have bought an identical house to this in the best part of Surbiton for this money, and Tolworth has always been at least a third cheaper, often more like half the price. This means that next time we see a house like this come on in Surbiton it could be £1m. Quote Link to comment Share on other sites More sharing options...
worried1 Posted February 19, 2014 Share Posted February 19, 2014 You have to get into the global Psyche. It is a simple one, and can be summed up in one sentence. London = £1m house. Shrugs.. You are probably right, but only if global buyers put their money down without ever visiting it! I don't think that a lot of foreign buyers could actually realise how vast 'London' actually is in terms of it's suburbs and how disconnected from the centre a lot of the suburbs are. Of course, you get the super-suburbs like Richmond and Wimbledon Village where prices rival some of central London because of a great combination of connections, housing stock and green space, but there are not many of these! Kingston and Surbiton itself are probably in the next, more distant, level down, but Tolworth is something else entirely. It has a poor rail connection, no green space or amenities to speak of, and the high street is only great if you like to collect your own takeaway pizza. There are a lot of areas in zones 3/4 now which are also very poor and are commanding similar money, but at least they have a fast train line and often a tube connection as well. Quote Link to comment Share on other sites More sharing options...
scrappycocco Posted February 19, 2014 Share Posted February 19, 2014 I can't wait to see what antics they get up to trying to off load flood plane houses. This fresh and clean from the floods, two bedroom rabbit hutch perfect for the expanding family. Quote Link to comment Share on other sites More sharing options...
scrappycocco Posted February 19, 2014 Share Posted February 19, 2014 Jesus that was nasty sorry, I really do hate house prices. Quote Link to comment Share on other sites More sharing options...
Wurzel Of Highbridge Posted February 19, 2014 Share Posted February 19, 2014 (edited) I`ve met a few flippers/renovaters over the years and they seemed to come across as pushy, confident people with not much real empathy, who are not afraid to haggle with any tradespeople, and anyone who has to be negotiated with during the process. There only goal is the bottom line and they focus on that. It would be interesting to know what percentage of flippers are actual builders...I think not so many as people might believe.. My new landlord is a builder/flipper - He bought the bungalow in 2005 for £174,000, has been trying to flog it for £200k since 2011. New kitche, carpets, shower room, etc.. Nice place! The house two doors down has just sold for £170k. Even with a substantial deposit, it is better for me to rent the house, rather than rent the money to buy the house and have to up keep the building, buildings insurance, misc. maintenance and the elusive life insurance that I would inevitably take out. Difference between buying and renting it is about £3k per year against a 10 year fixed. The reason for the 10 year fixed is that the probability of a financial crisis is atleast 200% (I believe that there will be two of them). TBH, £3k per year is not a lot these days. Edited February 19, 2014 by Wurzel Of Highbridge Quote Link to comment Share on other sites More sharing options...
longgone Posted February 19, 2014 Author Share Posted February 19, 2014 I`ve met a few flippers/renovaters over the years and they seemed to come across as pushy, confident people with not much real empathy, who are not afraid to haggle with any tradespeople, and anyone who has to be negotiated with during the process. There only goal is the bottom line and they focus on that. do i know you ?? Quote Link to comment Share on other sites More sharing options...
GinAndPlatonic Posted February 19, 2014 Share Posted February 19, 2014 do i know you ?? Need any furniture transported.? Quote Link to comment Share on other sites More sharing options...
longgone Posted February 19, 2014 Author Share Posted February 19, 2014 Need any furniture transported.? hmmm nah Quote Link to comment Share on other sites More sharing options...
@contradevian Posted February 19, 2014 Share Posted February 19, 2014 My sealed bid is already in. If you snooze you loose. Quote Link to comment Share on other sites More sharing options...
tomandlu Posted February 19, 2014 Share Posted February 19, 2014 I`ve met a few flippers/renovaters over the years and they seemed to come across as pushy, confident people with not much real empathy, who are not afraid to haggle with any tradespeople, and anyone who has to be negotiated with during the process. There only goal is the bottom line and they focus on that. Well, in fairness, isn't that called "business"? Not how I do business, it's true, but then I'm a crap businessman. Quote Link to comment Share on other sites More sharing options...
longgone Posted February 19, 2014 Author Share Posted February 19, 2014 Well, in fairness, isn't that called "business"? Not how I do business, it's true, but then I'm a crap businessman. im crap too , i offer to pay less than anyone else and never buy anything Quote Link to comment Share on other sites More sharing options...
bambam Posted February 19, 2014 Share Posted February 19, 2014 Tolworth is epically nasty. Somethin akin to Feltham. Makes sense if you can get it for a good price. E.g., £350k in Feltham instead of £700k in Molesey, say. But when you are paying the same price, f*** off. Quote Link to comment Share on other sites More sharing options...
longgone Posted February 19, 2014 Author Share Posted February 19, 2014 (edited) But when you are paying the same price, f*** off. don`t fancy a bid then ? this one looks even more swish http://www.zoopla.co.uk/for-sale/details/31104470?search_identifier=1b8b7e6f62af828a6812811b08ad957b someone offer 368k for a laugh Edited February 19, 2014 by longgone Quote Link to comment Share on other sites More sharing options...
worried1 Posted February 19, 2014 Share Posted February 19, 2014 Well, in fairness, isn't that called "business"? Absolutely. I'd imagine you have to be very hard-nosed to maximise profit in this 'game', especially if you are a developer with limited building skills or contacts in the trades. The thing is, I am not sure that you need to really be any good at it or bother maximising profit at all with a market like this. This guy has done the house up quite cheaply whilst making it as big as possible and is now looking to set a completely new level of sale price for the road. He will make a spectactular profit if he pulls this off, but even if he had completely overspent on the work and accepts a lot less at the other end, he would still have made more of a profit in a few months than most people make from a proper job in a year, and he probably has either a proper job or a bunch of these renovations going on at the same time. Alternatively, he could have just locked it up and left it and made 20% which is still a lot more than bank interest. Quote Link to comment Share on other sites More sharing options...
longgone Posted February 19, 2014 Author Share Posted February 19, 2014 he would still have made more of a profit in a few months than most people make from a proper job in a year i think that`s more than a years profit to most people 300k ? Quote Link to comment Share on other sites More sharing options...
bambam Posted February 19, 2014 Share Posted February 19, 2014 Surely you could bling something like this up a bit and put it back on at £500k? http://www.zoopla.co.uk/property-history/14-cromwell-road/feltham/tw13-5at/28741450 Quote Link to comment Share on other sites More sharing options...
Wurzel Of Highbridge Posted February 19, 2014 Share Posted February 19, 2014 (edited) don`t fancy a bid then ? this one looks even more swish http://www.zoopla.co.uk/for-sale/details/31104470?search_identifier=1b8b7e6f62af828a6812811b08ad957b EPC rating C = Fail No Parking = Fail No Garage = Fail Crumbling 1900's materials = FAIL. Fireplaces that only 2% of the UK population use = Fail For that price I would EXPECT the house to be torn down a rebuilt with energy efficient materials (cavity walls) and solar water at least. I am sure some savvy will snap it up Edited February 19, 2014 by Wurzel Of Highbridge Quote Link to comment Share on other sites More sharing options...
longgone Posted February 19, 2014 Author Share Posted February 19, 2014 Surely you could bling something like this up a bit and put it back on at £500k? http://www.zoopla.co.uk/property-history/14-cromwell-road/feltham/tw13-5at/28741450 tolworth is overflow for surbition feltham well is just a s*hithole Quote Link to comment Share on other sites More sharing options...
longgone Posted February 19, 2014 Author Share Posted February 19, 2014 (edited) I am sure some savvy will snap it up they did in 2012 now they just need to understand you can only take the piss so far , 595k and it will go all this free money makes me wanna go wreck hunting Edited February 19, 2014 by longgone Quote Link to comment Share on other sites More sharing options...
worried1 Posted February 19, 2014 Share Posted February 19, 2014 Tolworth is epically nasty. Somethin akin to Feltham. I agree, but I think it is the housing type that is attracting people to Tolworth. This type of Victorian housing is definitely in vogue for a certain type of buyer at the moment, and places like Feltham will never do so well because it is mainly inter-war stock. The strange thing is that the other areas that seem to be racing up in value are actually well connected areas closer into London, and Tolworth isn't that. I don't think it is quite as rough as Feltham, but on the few occasions I have been down there, I have not seen any signs of 'gentrification' at all, certainly nothing to match the house price increase. Quote Link to comment Share on other sites More sharing options...
longgone Posted February 19, 2014 Author Share Posted February 19, 2014 http://www.zoopla.co.uk/for-sale/details/31863683?search_identifier=1b8b7e6f62af828a6812811b08ad957b what a ugly heap of sinkhole filler. Quote Link to comment Share on other sites More sharing options...
CentrinoDuo Posted February 19, 2014 Share Posted February 19, 2014 Whilst I'm partial to a bit of diy and would never choose one myself I know lots of people would much rather move into one of these freshly modernised properties. Not to mention the fact that lots of buyers don't have the cash required to do work themselves, and places like this allow them to put all the cost on a mortgage. I think they do a pretty good job in modernising or sad old housing stock too, albeit blandly. Flipping houses and expecting to be paid for doing nothing is one thing but a builder modernising a place is adding value so deserves to be paid for it. I tend to agree. Not many people are able to move in and modernise at the same time for various reasons, funds, skills, project management skill, or just for practicality if you have kids or someone you need to look after. Or paying rent and mortgage and renovation at the same time. I think there is a need for builders to modernise old properties and sell if off. I think people are more aghast on profit that they make or disgusted on the amateur flippers doing very bad job modernising properties. Quote Link to comment Share on other sites More sharing options...
worried1 Posted February 19, 2014 Share Posted February 19, 2014 Makes sense if you can get it for a good price. E.g., £350k in Feltham instead of £700k in Molesey, say. But when you are paying the same price, f*** off. That is what hasn't really been tested yet. There are not many houses of this type in what I would consider a decent part of Surbiton, so none have been on the market in a few months. When there were some on last year, they are around this type of price. I am not sure if that means Tolworth has caught up or whether Surbiton is going to see it's first £1m terraced house next time one comes on the market! Either way, very frightening. Quote Link to comment Share on other sites More sharing options...
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