We have just put an offer in on a 2up 2down terrace. It’s a deceased estate and not been updated since the 80s. It’s small but in a pretty location in a desirable village. Plan is for us to lend dd the money out of our mortgage (which is flexible and effectively paid off). She will pay us back once it’s sold (including interest that we will have paid in the meantime). Dd (20) will pay for the renovations out of her savings/income. She has no other property so she won’t pay capital gains when she sells.
Dh, aided by dd, will do the majority of the work- he has the skills to fit new bathroom and kitchen, lay new flooring and decorate. He and dd recently worked together brilliantly at my mum and dad’s house, fitting a new utility room and new electric heating etc etc. We will just need to get professionals for boiler/plumbing and rewiring (and laying carpets upstairs). We have budgeted 20k for renovations. it will be a no frills finish but we’re very good at making ordinary things look their best. We have previously done a major extension/remodel of our 4/5 bed home and also renovated our previous terraced house.
They were asking £180k but reduced it to £160k. We are offering 148k. Estate agent says would be worth £200-210k when finished. two doors down sold for 195k two years ago. We’d hope to spend 170 all in so there should be a decent profit we think.