Buying and selling houses

[Smartieshavetheanswer]

I'm reached a cross-roads in my teaching career and I'm seriously struggling with discipline. It's just too hard.

We have some savings in the bank.

Have any of you made a decent living out of buying and selling houses? I have no real discernible skills in diy but I'll have a go at anything. We'd rely heavily on tradesmen as
DH is retired but not with a trade skill IYKWIM.

I have no try and think of another career before I totally fold up.

Do you have an eye for property?

What would your plan be? Have you run the numbers?

Flipping?

You do know you pay an extra 3% land tax on 2nd properties?

I'd hang on until it's clearer what's going to happen post Brexit.

I wouldn’t have thought there is a lot of money in it in the current market.

I have bought and sold over the years. Ex did the work and he could turn his hand to anything. He budgeted very well and he had a good eye for design too.

We did make a profit on every house and I am now mortgage free after divorce.

I think you need to know what you are doing although of course you can learn along the way. Is your husband actually interested? If he is of retirement age and not shown any interest in property development before, is he realistically going to be up for it now?

I would do your research carefully. I am planning on moving again but put it all on hold to wait for the full brexit effect.

Placemarking. DH would like to do this. He's very handy and does most of the work on our house from plumbing to plastering etc.

However, waiting to see what happens with Brexit.

I'd hang on until it's clearer what's going to happen post Brexit.

This. I have a feeling the market may crash, and if you get into it before that, you will lose everything. Seriously, don't do it. You would be a really big fool to take that risk.

I think a lot will dependent on brexit, and how much your savings in the bank are.

Thanks everyone. Really helpful advice from you all.

I've always wanted to have a go at property but it's been more of a day dream. We have a future plan to buy and renovate a relatives home for us so am always looking at architectural drawings on the county planning site, renovation magazines, ideas etc. DH can see that I am really interested and he has had a generous lump sum for retirement. It's his suggestion for me to leave teaching.

I will leave it for now - perhaps see how I feel after attempting it for our own home first. I didn't know things like paying more tax on a 2nd property and things like 'flipping'?

I may post about questions about that project soon too.

Thanks again everyone for putting up with my ramblings!

Ha, ha, I have a degree in this stuff, shout if you want anything!

I wouldn’t have thought there is a lot of money in it in the current market

It all depends on what you buy for.

There is always money to be made. But I would start looking hypothetically at places. Work out how much you need to spend on a place. If you are going solely by tradesmen then it is going to be quite a bit more than someone who can do everything. Then use Zoopla to see what it would be worth when done and see if there is a profit.

I would look to do a few courses. A lot will only be a couple of days to learn tiling, painting and decorating, kitchen fitting etc. Things you think you can physically manage. It will not only save you money it will save you having to look for someone to go the work.

Whatdoyouknow - wow! A degree in stuff like this? Amazing!

1. What's flipping?
2. I have 2 sets of planning permission plans for properties that have been approved and already renovated. The original

houses were typical double fronted style house which is the same as the one I'm waiting to buy from my relative. Would ai be allowed to use these plans as inspiration for my own?

1. Do you know anything about air source and ground source heat pumps?

1. Buying, doing up, selling on...

1. Probably, just need adjusting?

1. Nope, never had a house suitable but they look very interesting. Probably lots on the internet.

A question to ask yourself is are you in it for just profit or are you wanting to produce a high-spec product that people will actually appreciate and pay for?

I read a lot of books on this (in addition to working) and some people do the bare minimum and others would spend a fortune on cushions and dressing places. I tended to conclude the latter would have been better off as interior designers.

What is your niche? Who is your market?