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Original poster

property ladder - can it be done with a toddler?

25 replies

miranda2 · 11/02/2004 16:27

A house has come up in the same street as the house I currently own and rent out (because I live in a vicarage) and I am wondering whether to try to buy it and do it up to sell or rent. I'd get tradespeople in to do all the main work (wiring, heating, windows etc) but would clear it and decorate it myself. As I'm working, I'd have to do it in a couple of evenings and weekends (Fri/sat), and for those days my ds (2.5) would be there. Am I totally and certifiably mad? Or would he probably watch a video for a few hours at a time while i stripped wallpaper etc? Has anyone else done up a house with small kids around? I'm only at the investigative stage yet - no ideas of the figures involved, so it might prove totally uneconomic anyway (will only consider it for a 20k profit given all the hassle involved). But if it is financially viable, is it physically/mentally viable???

OP posts:

CountessDracula · 11/02/2004 16:29

Yes miranda you are certifiable.

Original poster

miranda2 · 11/02/2004 16:29

Damn! Thought that might be the answer. Its the only way I'll ever make 20 grand though...

OP posts:

SoupDragon · 11/02/2004 16:31

He might help you strip the wallpaper...

beetroot · 11/02/2004 16:35

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Message withdrawn

fio2 · 11/02/2004 16:36

I have done up 2 houses without kids quite easily and 1 with kids veeeeerrrrrrrrryyyyyyyyy slowly. I am about to do another so I must be certifiable too

CountessDracula · 11/02/2004 16:36

We are having some building work done soon which will take a month or two and I am moving out! Can't face it, will rent a little flat nearby rather than put up with all that hassle.

This is coming from the woman who had a breakdown when some shelves took 2 days longer than expected to be put up

kaz33 · 11/02/2004 16:37

My friend who is a single mum has just done up a house whilst living in it with a 18month old. Her mum did help out with some babysitting.

She moved the kitchen and living room, put in new floors, kitchen etc.... The work upstairs was less but did full redecoration of the rooms.

So yes it can be done.....

Original poster

miranda2 · 11/02/2004 16:37

Thats more what I wanted to hear! I did wonder whether he'd actually be old enough to 'help' - not as in actually be effective help, but to enjoy playing at whatever I was doing.

OP posts:

easy · 11/02/2004 16:37

but then he'll strip off the new wallpaper.

I'd have thought it a bit hazardous environment for a toddler, and some of the time I'd guess it'd be cold too

beetroot · 11/02/2004 16:40

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beetroot · 11/02/2004 16:42

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Chickpea · 11/02/2004 16:49

Miranda, I am sure that anything can be done it is a question of how much hardship you want to put your self through!

Is the work decorative only or will you need to do serious work. I am a solicitor and I deal with property transactions all the time (mainly commercial but resi also).

Watch out for capital gains tax if you own another house. Make sure that you have a survey and be realistic about your budget. Make sure you include agents sale fees or management fees if you intend to rent and need a manager.

If you do decide to go ahead if you want I could give you a competitve quote for conveyancing (i'm not trying to tout for work but us mums should stick together).

Good luck in your project you can make loads of money on Property.

kaz33 · 11/02/2004 16:55

Gosh I've never thought of touting for work on Mumsnet
If anyone is selling a shopping centre I'm your woman !! Looking forward to going in to my boss and telling him I've got this great new client.

Original poster

miranda2 · 11/02/2004 17:01

coo, thanks everyone! (may get back to you chickpea when i know if I'm going ahead....).
At the moment I'm just at the fleshing out the figures stage. I'm having the house we currently own valued on Friday (the market has moved on a lot since we bought it), so then I'll know roughly what this other one would be worth when done up (it is identical, in the same terrace). Then its a question of seeing what its going for. The lady who lived in it has just died so its not on the market yet - do you think a preemptive approach to the solicitor acting for the next of kin (the next door neighbour knows them and has the names) would be worthwhile? Or deeply tactless?

OP posts:

noddy5 · 11/02/2004 17:02

yes we've done it 3 times!

CountessDracula · 11/02/2004 17:05

So am I just a total wuss then?

Can't bear disruption in my house, it's my sanctuary

Plus brick dust, wood dust, paint etc makes my asthma bad.

Chickpea · 11/02/2004 17:07

If you can get in quickly or at least register your interest then you may be saving the Sellers an agent's fee which in turn should mean you could get a better deal. Perhaps a short note to the solicitor would be a good idea. The solicitor would have to bring it to the attention of his client.

Original poster

miranda2 · 11/02/2004 20:26

Thanks! Will let you know how it goes on Friday, and I think I will register my interest with the solicitor if mine has gone up much.

OP posts:

handlemecarefully · 12/02/2004 08:31

I am sure you could do it - but you'll probably end up completely knackered. Its a lot to take on and I wouldn't do it, but if you are determined then go for it!

Bozza · 12/02/2004 09:43

Miranda whenever we are doing work on our house (fairly minimal because it is only 4 years old) - things like decorating putting shelves up etc DS always likes to get out his play tools and do his own thing alongside us. He has one of those JCB work benches (passed on by nieghbour) and seems to have acquired tons of tools. So much so that I have bought him a cheap toolbox from Wilkinson's for his brithday to keep them in.

sandyballs · 12/02/2004 09:57

Oh my God - you lot are amazing! I feel very inferior! It's a huge effort for me just to keep on top of "normal" household chores, let alone something like that!

Sonnet · 12/02/2004 10:14

Yes it can be done - dependent on your tolerance levels ofcourse. Would suggest, like someone else, a big pile of toys for ds, couple of vidios etc...In the evening could you put him to sleep there.
Like Beetroot we've done up 2 house while living there..plus children....there will be times when you think "oh my god what have we done???" "I'm Mad!!" but keep thinking calm thoughts and you'll get through
All the very best of luck.....
Sonnet xx

throckenholt · 12/02/2004 10:28

my 2.5 year old would insist on "helping" - he would strip wallpaper (has had a go a that from his cot when he was supposed to be asleep !), drill holes, bang in nails, screw in screws, and saw wood. It may not be quite the way you would have done it .....

I am not sure I would have the patience to do it - but he would love it !

Original poster

miranda2 · 14/02/2004 16:06

Update - saw estate agent about the house we own and it has more than doubled in value! Woohoo, we're rich.. amaxingly, he actually advised me not to sell it on the grounds it was a rock solid investmnt that would go up 30% next year too. He said I should remortgage and use the equity to put down deposits on 4 or 5 more houses, and start a propery portfolio - SCARY STUFF!!! Must say I'm tempted. Has anyone else done this (not talking particularly doing them up now, just decorating as necessary, managing, and letting - and hopefully cashing in on more capital growth)? How risky is it? My heart says 'eek' but my head says it must be a good idea, if it all goes wrong you just sell them - and having several makes it less risky not more, even though it seems ridiculous. Nice problem to have, I know! But any advice gratefully received.
Thanks,
M XXX

OP posts:

chickpea · 17/02/2004 12:17

Hi Miranda2

All sounds very exciting.

Lots of people are still buying property as an investment as it is still, in most areas performing better than most other types of investment.

I would always be careful of putting all your eggs in one basket and mortgaging yourself up to the hilt. Interest rates are still low but are set to rise to perhaps 5% by the end of the year.
I assume that you would be renting the properties once you have purchased to provide income so check out how the buoyant the local rental market is at the moment with your agent.

Be prepared wither to manage the properties yourself of pay up to 15% pf the monthly rental to a manageing agent. Always allow for vacant periods and the Hassle Factor especially if you manage yourself.

I have a few CLients that do this and they earn a reasonable income as well as having their capital investment. Just beware of the pitfalls - it's not for everyone.

Good luck

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