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I Told You So

3 Years Ownership

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Flat in West London where I rented a room was sold for £410K in late 2002 just been sold price now on houseprices.com for £449,950 almost exactly 3 years later.

What is he talking about you may well ask. Thats still a 6.6% return over 3 years terrible but not a loss. Until you have inside info as I lived through some of the refurb.

New central heating

2 x new bathroom suites

complete new Kitchen


Painted Through out

£25000 (estimate)

£12000 Stamp duty

£6000 £2000 a year service charge

£7000 (estimate) Estate agents fees to sell

£3000 (estimate) Legal fees

£53000 Total which is probably very conservative

Not mention the Mortgage interest or the interest lost on money left in the bank

Which ever way you look at it the guys lost £10000 - £50000K after 3 years of living the home owning dream.

What are the Nationwide/ Halifax figures combined for the last 3 years? I dont know but this illustrates what a fantasy world they live in.

Edited by I Told You So

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It is good to see some realistic cost figures.

Ther Bull on SP are very sloppy, ignoring these important items in making their calculations

I agree. TTRTT says that he does all the maintenance himself to save these costs. I don't see how that's possible because he spends all day on here winding up bears ;)

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When I moved in it was about £1700 a month (3 bed apartment) but rents havent gone up in that area, maybe absolute top he could have been getting £2000 a month after the refurb, but dont forget in these mansion blocks the service charge is paid for by the landlord.

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