UK Landlord Forum / Life

So, I've been in the market for a new modest let... in my area that means a 2 or 3 bedroom stone terrace for around £70,000 to £85,000. I'm not wanting another project - something ready to go will suit me just fine - but I now have an appreciation of what it really costs to turn something unloved and unmaintained into a dazzling prospect.

So, imagine how I feel when I see a property that I can tell, from HMLR records, someone bought for £50,000 and is now trying to sell for £85,000. It's quite clear that it's nowhere near £35,000 that was spent on it... so maybe £25,000 with a £10,000 profit in there? No way. I think someone maybe spent £15,000 on it. It's not even had a new boiler (just radiators) and not even had a full re-wire (just a new metal-clad Consumer Unit)... so I think that's an attempt at £20,000 profit. Nice if you can get it. Oh, and I was told it had been reduced twice from the original valuation... hmm... doesn't that tell you the original valuation was whack / hopeful, then?

Flippers! Gotta love 'em.

I spent £20,000 on doing up a dive... that was with removing a back boiler and having a brand new quality system put in, a full rewire to boot... I even changed all of the skirting boards, new carpeting, Neff Oven, Bosch hob, Nest Protect x 3, Nest thermostat, Pyronix Enforcer alarm system, new kitchen, carpets, brushed metal USB sockets in every room... I went overboard, I know that... I know what I spent.

Why's that man rubbing his hands
Looking at me, writing down his plans

I made a deliberately low-ball offer a couple of weeks ago and he said no, but suggested £3,000 lower than the asking price... I politely said I did not wish to move upwards and after well over another week of sitting on it he accepted. Yay. Flippers! They always want to be heading on to the next exciting thing, and they need their money now.