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Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

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Original poster

Is this mad?

15 replies

noddyholder · 28/12/2009 13:12

I bought a house in 2008 rock bottom price and renovated top to toe.Cost 17k to do renovations as this was my job and so done v tightly.House has now rocketed in value by 140k and there is another house a few doors away needing renovation for low price.So theoretically we could sell this buy the same house and re do it and have the profit plus have same house BUT it is a lot of work and we have literally just got this one how we like it. V tempting as I have no pension

OP posts:

violethill · 28/12/2009 13:40

You need to do something if you have made no provision for a pension. I think the question you need to ask yourself is: 'Which is the hardest work? Which will have the best payback? Buying the house, renovating it and investing the profits as your pension? Or finding some other line of work and paying into a pension?.

Bear in mind that 140k sounds a lot but not when you look at the figures for what a pension pot ought to look like. Bear in mind also that it's not going to be easy to start a decent pension in this day and age anyway.

So, I think you have to work this one out for yourself, but yes, you are absolutely right to think about how you will support yourself beyond your working years, and it may well be that as you have experience of renovating, and have done it very successfully, then this may well be a sensible choice.

Cybilshoeboots · 28/12/2009 13:41

oh nodders go for it. Then post pics for us to coo over

lalalonglegs · 28/12/2009 13:55

Can you buy the house and do the work without moving?

Original poster

noddyholder · 28/12/2009 14:02

I wouldn't buy and renovate without selling this as I think the current 'mini boom' here is going to be very short lived and the price I can achieve for this house now won't be do able after the election.I have other money that I have made from houses but this is quite a large chunk in a short space.the new house actually needs less work than the agents think as I have seen it I think about 10k would make it great but it has a bigger garden than this house so we would prob keep it.

OP posts:

violethill · 28/12/2009 14:21

I would go for it then. Sensible long term investment.

NickeeS · 28/12/2009 14:22

I would di it in the blink of an eye. The majority of my pension is in property so I would jump at the chance.

Squishabelle · 28/12/2009 14:25

Maybe Im missing the point and have misunderstood this thread but if you have to sell first before buying the nearby property then wont you be up against other prospective purchasers who would rather pay £140k less for the other property than buy yours?

Original poster

noddyholder · 28/12/2009 14:29

I would buy it while this sells have money to do that but am mortgage free atm and want to stay that way!I would sell this and buy that with the same agent.Am going to do it I think I have one last big project in me.

OP posts:

lalalonglegs · 28/12/2009 16:43

Yay, noddy rides again. (Please link to the sales pages when it is up so we can see what you have done.)

Original poster

noddyholder · 28/12/2009 17:08

God help me! Have been so ill recently that i can see I may need dp around a bit more in the future so will help us out.I like where I live but don't love it but this is all I can do so am going to market this in Jan and fingers crossed.House v close sold in december for 5k over asking !The house I am interested in does look scary but I have to say the current one was a lot worse.Will post details once all sorted!

OP posts:

Original poster

noddyholder · 28/12/2009 17:10

lala shall be consulting you re sloped gardens as this one is big (for brighton) but steep.

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lalalonglegs · 28/12/2009 17:20

Oooh, too exciting - a combined noddy/lala masterclass .

Hope you feel a bit better in the new year - it sounds as if it will be a biggie.

fanjolina · 28/12/2009 21:37

DO it

Libertyloberty · 29/12/2009 11:05

Weren't you unsure about whether you liked the area you lived in nh? If so, wouldn't you be better off looking at a project somewhere else if you intend to keep it?

Has your house really gone up by 140k in a year - wow!

Do you think your health is ok to take on another move and renovation? Might it be 'easier' to market your skills on other peoples' projects maybe?

Good luck whatever you decide!

Original poster

noddyholder · 29/12/2009 12:12

Well I wasn't 100% about the area but dp and ds love it and I know it is a great investment.I have done a lot of work on this house and the increase is nbelievable.I thought those days were over.Another house sold a few streets away and there was a bidding war! I don't want to take on other peoples projects as with my own I can pace it according to how I feel.I am helping someone renovate a small flat in feb it is their first project and he is paying me so will see how that goes but tbh am not as keen on developing as I was but this is financial.Fingers crossed it all works out

OP posts:

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