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https://www.dailymail.co.uk/femail/article-8930647/Mother-flair-decorating-renovated-Liverpool-house-stunning-modern-home.html

Struggle to see the logic here. Apparently it "looks like a half million pound house" even though it was actually valued nearer a quarter of a million.

Looks over renovated to me but what do I know.

Edited by Gigantic Purple Slug
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https://www.dailymail.co.uk/femail/article-8930647/Mother-flair-decorating-renovated-Liverpool-house-stunning-modern-home.html

Struggle to see the logic here. Apparently it "looks like a half million pound house" even though it was actually valued nearer a quarter of a million.

Looks over renovated to me but what do I know.

You cant be seen to lose on pwopateeeee

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Looks over renovated to me but what do I know.

Bifold doors. No renovation is complete without a set, apparently. 

 

Apparently it "looks like a half million pound house" even though it was actually valued nearer a quarter of a million.

It obviously looks nicer than it was, but the area will have a low ceiling price and nothing can change the fact that it's a semi in Liverpool. For all the money spent she could have bought a decent detached house.

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 Always amazes me how many property 'restorations' are just turd polishing, new click flooring, beige carpets, magnolia or trendy grey decor and metro tiles in the kitchen, new chrome sockets and light switch fronts and some twigs and a few pebbles in the fireplace -job done.

 Big refurb on an old house is a great time for a full/part rewire, lifting boards looking for woodworm, improving security and insulation to modern standards but so many just see it as a cosmetic or design challenge, particularly the bottom feeder BTL parasite scum types.

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 Always amazes me how many property 'restorations' are just turd polishing, new click flooring, beige carpets, magnolia or trendy grey decor and metro tiles in the kitchen, new chrome sockets and light switch fronts and some twigs and a few pebbles in the fireplace -job done.

 Big refurb on an old house is a great time for a full/part rewire, lifting boards looking for woodworm, improving security and insulation to modern standards but so many just see it as a cosmetic or design challenge, particularly the bottom feeder BTL parasite scum types.

At least she's done the roof.

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Please tell me this is a story from last year and she hasn't put her f*****ing christmas decorations up already.

I think it looks like the original sellers gave it a spruce up to sell and then she ruined it. It's like a Flash Gordon set.

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Woman spends £130k on an extension and new fittings  to increase its value by £130k in a strongly rising market.

What a total waste of time. Now if she'd spent the same energy on a detached house on a 1/4 acre plot, it would REALLY be worth 1million, not some deluded estate agents fantasy - the road ceiling price + renovations cost.... 

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1. Good: the extension is a lovely space with the skylights and glass walls.

2. Bad: Every other room has been ruined, the fireplace was nice, the bannisters were nice, the internal doors were nice, the entrance door was nice, all ripped out and replaced with ugly stuff not in keeping with the building and which will age terribly.

3. Bad: Location location location.

4: Good: getting in the Mail and having 5 million insta followers.

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Guys come on, if this makes her happy, good for her. Nothing to dispirit here. 

Way better than investing the renovation costs into a BTL, right?

She appears to have done a reasonable job (from what I can see anyway). What she wants to spend her money on is her own business. She clearly got off her **** and did something while I was moaning and watching telly.

It's the general ramping nature of the article that pisses me off. ie "half million pound house" when in fact an agent only valued it at 280K, and no mention of the actual costs of the renovation.

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Looks quite good the polished porcelain tiles are a dirt magnet though and she used cheap as chips appliances. 50 quid microwave with a face plate covering most of it. nasty cheap £100 oven a good 45cm built in appliance is 500 plus.

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I love the comments, especially if you click worst rated. 

One of my favourites:

"It just looks so cheap and tacky, all the crush velvet, marble and white. You can tell all the accessories in her home are from B&M."

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Thing is most of the time you'll be lucky to break even on kitchen and bathroom installation sunless you can get them fitted yourself so makes sense to go a little cheap. Nobody will sit there haggling over £2k because the appliances are Tecnik instead of AEG.

On the upside since it was a property bought to renovate and sell at a profit it meets the tax definition of an investment property and the gain is taxable. 

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Thing is most of the time you'll be lucky to break even on kitchen and bathroom installation sunless you can get them fitted yourself so makes sense to go a little cheap. Nobody will sit there haggling over £2k because the appliances are Tecnik instead of AEG.

On the upside since it was a property bought to renovate and sell at a profit it meets the tax definition of an investment property and the gain is taxable. 

not if its a main home 

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not if its a main home 

If it is and she does it repeatedly it forms a trade, which is taxable and if she's only lived in it a short period that wouldn't help her case. The fact that it was most likely uninhabitable while the work was being carried out would suggest she has another place to live too. 

PRR doesn't apply blindly. 

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If it is and she does it repeatedly it forms a trade, which is taxable and if she's only lived in it a short period that wouldn't help her case. The fact that it was most likely uninhabitable while the work was being carried out would suggest she has another place to live too. 

PRR doesn't apply blindly. 

she may have moved back to parents or rented somewhere else. i would imagine moving every 18 months to 2 years would not be a concern to the tax man. 

PRR is one of the biggest taxes breaks going if used wisely but of course you need a rising market or willing sellers who accept the correct prices for inhabitable properties. 

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Some rooms look like they'd be OK for performing open heart surgery. Quite nice for that kind of thing.

Not much warmth though. Too clinical for my taste and I don't think that look is going to last much longer.

Has it got a square loo to match square ars*s?

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she may have moved back to parents or rented somewhere else. i would imagine moving every 18 months to 2 years would not be a concern to the tax man. 

PRR is one of the biggest taxes breaks going if used wisely but of course you need a rising market or willing sellers who accept the correct prices for inhabitable properties. 

Sorry I mean PPR but I think we're talking about the same thing. If you moved every 18months or so and were realising large gains it would certainly raise some questions. They have software that easily checks this stuff and you'd be an outlier. 

It's one thing to buy a house, renovate and live in it for a bit and then sell it but if you were doing it and generating an income you'd actually be technically liable for income tax and not CGT. Again, it would be down to HMRC to catch you and prove it was a trade but if you had no other means of supporting yourself and were realising large gains every 18 months to 2 years I'd say you'd be wise to get some excellent accountants to sort out a tax filing. If HMC catch up with that you'd be for it. 

 

J Moore vs HMRC (2011) – A dilapidated property was bought and refurbished before letting and subsequent sale at a gain.

Result – rejected at appeal. HMRC were able to show that JM only lived in the property during the works, and the appeal court stated he provided ‘unreliable, vague and sometimes inconsistent’ evidence. What was also significant was that the case was brought by HMRC 7 years after the sale!

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she may have moved back to parents or rented somewhere else. i would imagine moving every 18 months to 2 years would not be a concern to the tax man. 

PRR is one of the biggest taxes breaks going if used wisely but of course you need a rising market or willing sellers who accept the correct prices for inhabitable properties. 

Plus:

How to determine whether the property should be treated as a trade or investment?

The tax legislation is not clear when providing a definition of a trade and it has been the courts that have provided additional guidance on this. The six “badges of trade” below are used to guide the courts when determining the line between trading and investment activities.

  1. The subject matter of the transaction;
  2. The length of period of ownership;
  3. The frequency or number of similar transactions;
  4. Supplementary work on assets sold;
  5. Reasons for the sale; and
  6. Motive when acquiring the assets

Case law has indicated that the most important factor tends to be the motive and intention of the taxpayer at the time of the acquisition of the property. It is worth noting that an intention to dispose of property at a profit at some time in the future does not automatically mean there is an intention to trade and it is important that all factors are considered together.

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  • 439 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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