Anyone done a Sarah Beeny?

[LaDiDaDi]

Dp and I are thinking about buying a property to do up and sell for profit. We would be looking to buy something next spring then sell in the autumn. Dp is going to work 4 days a week when i go back to work full-time in Jan. Initially we would do it up in spare time, dp's days off etc but with the hope that if it worked out dp would cut back his hours at work and it would be a full-time job for him.

Has anyone else done this sort of thing with any success?

We have done alot of properties up (on our 5th now), but have lived in them and then sold. Haven't been able to afford to buy one seperately from our own home, but would love too, my dh is very clever and I am sure we would do well at it. Trick is to get the area right, we have always got that right and done quite well out of it. Good luck [smile}

we have done the same as golds, but mainly for our own benefit rather than a business. i agree location is the main thing

for eg, the house we are in now (moved in this March) we bought for £150,000 in one of the best locations in our town, we have just had it valued at £230,000 and spent £10,000 - but we love it so much here, were staying put. If you know what you are doing and don't have to pay too many other people you will probably do very well

I havent but my aunt does this a lot. She buys lots does them up and sells on at profit or sometimes keeps some to rent if profit would not be as significant as she would like. Currently has about 8houses/flats. She makes a mint on it and has been doing it for around 8years or so. It is her full time job and gets them rather glamorous hols abroad several times a year etc.

We're doing it and living in them. Don't be fooled by the tv, it's bl**dy hard work! We're on no.2, made about £10k on the first one - like golds would love to have the capital to buy something separate - maybe in a few years! Our current project we hope to make about £15k (my figures are based on what's left over following doing up costs and fees). If you do it you have to be prepared to give up your weekends and evenings, be tired all the time and have no money for yourself because you feel you should sink everything into the project. For us it's worth it to get where we want to be but I've had friends who've tried and ended up quite unhappy. We think the trick is in the presentation - neutrals all the way, never ever do anything because you like it, always base your presentation on the john lewis/m&s home departments and you can't go far wrong (avoid ikea ideas - too loud!)

Also we think 'know your buyers' - figure out wat sort of people will be interested in your property. If it's young first time buyers strapped for cash then they want integral appliances, a good looking house but aren't that interested in luxury. (unless you're trying to catch loaded FTBs!) For families you want practicality and a bath is a must - so many houses in our area sit on the market because they only have a shower room. Etc etc - you can do your research going to the local pub and checking out who's in there or local classes in parish halls etc. Also just keep going to see lots of other people's houses to get an idea of the standard of the competition!

We love our homenow but there really isn't much potential to increase it in value which is why we've thought about doing this. I live in Newcastle and although houseprices have gone up loads in the past few years they still aren't astronomical, esp say for a 2bed flat needing work.

I'm not sure if we do have the capital at the moment. We would plan to buy the property with an interestonly loan and then use our savings to do it up.