S
Spetznaaz
New Member
Hello,
Just to pre-warn people this is likely to be very long as i have tendency to fail at being concise and ramble on.
I hope i have come to the right place - There doesn't seem to be too many active forums out there for this.
Bit of background. I have wanted to invest in property all my life - Buy to renovate and sell and buy to let. Suffice to say it had not gone to plan as i am now 29, unemployed and do not have much money. My partners Mum and my Mum have decided to gift us a house (or the money for a house, however it is done) up to a maximum of £50,000. My partner has health issues that prevent her from working so there is no chance we will get a mortgage and we are looking to buy outright with cash.
I am currently trying to start a business however i have read that i would need to be doing it for 2-3 years before even thinking about getting a mortgage. We live in Bristol currently and part of the business is selling things on gumtree and collection only items on eBay. Being located in Bristol it's a lot harder and slower than you would imagine selling items on eBay as collection and Gumtree but they are vital to the business being profitable.
My Sister and Nieces live in Caerphilly Wales, the rest of my family in Cornwall and my partners Family in London so our current location is ideal. I would absolutely love to buy a house in Bristol and know it would be a good investment and there are excellent rental opportunities due to the two Uni's plus i know Bristol very well.
Unfortunately with a budget of £50k it's looking like the only viable option is South Wales (or potentially Birmingham but i have a feeling there's a reason the houses are cheap.. same with Wales i guess, but Brum is further out).
My big concern is the business - It's hard enough doing it in Bristol (buying and selling) a big city with good links, what if we move to wales and find it near impossible and end up in a situation of yeah we own a house but we are stuck on benefits with no way to escape, no jobs, no business etc.. Due to this we are trying to get as close to the bridge as possible but for £50k the closest you're getting is an hour away from my current home in Bristol. This leaves us pretty much the Valley areas of Wales.
What we would really like is this - Somewhere we can buy, live in and renovate to a very high standard, save for about 2 years then sell on for at least a small profit and buy somewhere in a better location with a better budget or if the location is good and we love the house save to buy another house to renovate and/or let.
We found a lovely place for £50k corporate sale (the ones where you can be outbid up until exchange of contracts) but showed our surveyor some photos and he says there is clear structural movement.
Everywhere else we look at is either already renovated, terrible areas (to be honest most the areas seem so.. depressing... full of chavs, clearly no opportunities full of people who are stuck their due to circumstance) or needs way too much work than we should take on for a first project on a tight budget. We need somewhere that needs work but can be lived in and the work undertaken over time.
Is it just me or is it impossible to flip properties in South Wales now? We look at a run down house on a street for say £50k that needs 10k work where other houses already renovated on the same street are only getting £60k..
While we want to buy a home we also do not want to waste this opportunity and really want to make the best and smartest investment given our circumstances that can hopefully be the start of a good future portfolio.
We have only been looking at private and corporate sales so far, perhaps we should give auctions a shot?
If anyone has any advice about the Welsh property market / investment or any advice on properties in general i would be very appreciative. What was my dream is slowly turning into a hell of a lot of stress and disappointment. In the mean time i'm going to browse this site and see what resources are on offer.
Many thanks
Just to pre-warn people this is likely to be very long as i have tendency to fail at being concise and ramble on.
I hope i have come to the right place - There doesn't seem to be too many active forums out there for this.
Bit of background. I have wanted to invest in property all my life - Buy to renovate and sell and buy to let. Suffice to say it had not gone to plan as i am now 29, unemployed and do not have much money. My partners Mum and my Mum have decided to gift us a house (or the money for a house, however it is done) up to a maximum of £50,000. My partner has health issues that prevent her from working so there is no chance we will get a mortgage and we are looking to buy outright with cash.
I am currently trying to start a business however i have read that i would need to be doing it for 2-3 years before even thinking about getting a mortgage. We live in Bristol currently and part of the business is selling things on gumtree and collection only items on eBay. Being located in Bristol it's a lot harder and slower than you would imagine selling items on eBay as collection and Gumtree but they are vital to the business being profitable.
My Sister and Nieces live in Caerphilly Wales, the rest of my family in Cornwall and my partners Family in London so our current location is ideal. I would absolutely love to buy a house in Bristol and know it would be a good investment and there are excellent rental opportunities due to the two Uni's plus i know Bristol very well.
Unfortunately with a budget of £50k it's looking like the only viable option is South Wales (or potentially Birmingham but i have a feeling there's a reason the houses are cheap.. same with Wales i guess, but Brum is further out).
My big concern is the business - It's hard enough doing it in Bristol (buying and selling) a big city with good links, what if we move to wales and find it near impossible and end up in a situation of yeah we own a house but we are stuck on benefits with no way to escape, no jobs, no business etc.. Due to this we are trying to get as close to the bridge as possible but for £50k the closest you're getting is an hour away from my current home in Bristol. This leaves us pretty much the Valley areas of Wales.
What we would really like is this - Somewhere we can buy, live in and renovate to a very high standard, save for about 2 years then sell on for at least a small profit and buy somewhere in a better location with a better budget or if the location is good and we love the house save to buy another house to renovate and/or let.
We found a lovely place for £50k corporate sale (the ones where you can be outbid up until exchange of contracts) but showed our surveyor some photos and he says there is clear structural movement.
Everywhere else we look at is either already renovated, terrible areas (to be honest most the areas seem so.. depressing... full of chavs, clearly no opportunities full of people who are stuck their due to circumstance) or needs way too much work than we should take on for a first project on a tight budget. We need somewhere that needs work but can be lived in and the work undertaken over time.
Is it just me or is it impossible to flip properties in South Wales now? We look at a run down house on a street for say £50k that needs 10k work where other houses already renovated on the same street are only getting £60k..
While we want to buy a home we also do not want to waste this opportunity and really want to make the best and smartest investment given our circumstances that can hopefully be the start of a good future portfolio.
We have only been looking at private and corporate sales so far, perhaps we should give auctions a shot?
If anyone has any advice about the Welsh property market / investment or any advice on properties in general i would be very appreciative. What was my dream is slowly turning into a hell of a lot of stress and disappointment. In the mean time i'm going to browse this site and see what resources are on offer.
Many thanks