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Setting up a company - buy to renovate

(5 Posts)
flumpybear Tue 15-Nov-16 06:45:44

Hi can I ask for some advice? We'd like to buy a house to renovate but not sure of the best way to do this
Current thoughts are to mortgage our own home to the hilt and buy cash under a company name we'd set up. Husband is currently unemployed and would do this as a new venture .... any advice? We have experience of renovating our own home by the way (which is a similar property next door).
It's a very lucrative area and we'd buy a small bungalow and fix it up for an elderly person or couple as we're very near the high street, it's really convenient for less mobile people and perfect home for them once we renovate it ....
Any advice on this, and also the setting up of a businesss as we've no idea!!
Thank you

InfiniteSheldon Tue 15-Nov-16 06:56:57

We are doing this too our biggest issue is dh 'wages' we've try to buy an amount into the coatings as my income isn't really enough to keep us going for three months. We haven't set up a company but you will need to register as self employed if you haven't already done so.

flumpybear Tue 15-Nov-16 10:15:44

Thank you!! I think once we've sorted funds he'll do that

InfiniteSheldon Tue 15-Nov-16 18:14:28

I'd like to hear how you get on my dh has been doing odd bits of work and this renovation will be his full-time job for the next three months. I'm quite nervous about it as Ill be the only one earning.

flumpybear Tue 15-Nov-16 20:10:21

Sounds familiar!!! Keep me posted and vice Versa winewink

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