Advise needed please!

[Oliver robert]

Hello, I’m
New to posting in forums all together, but after searching the internet and still not finding any answers I’ve ended up here. Me and my partner have recently bought our first house together. I’m a multi skilled carpenter so doing the work doesn’t bother me. I was fully aware of how costly it would be renovating a house to sell on in the future but we have been here for over 4 months and have completed all bedrooms and ran out of money. I knew once we had spent what little cash we had it would be very hard to save to to do each part of the house. So basically I was wondering if anyone had been in my position and could give any advice on how to fund the rest of the renovation. All positive responses would be very much appreciated. Thanks in advance

 

[PostBrexitInvestor]

Have you thought of a bridging loan/development loan from the bank? The idea is, for example, you borrow £20k to finish off the work and this leads to an increase of £50k on the value of your property. You then look to remortgage the property on the higher value and you could in theory make yourself a profit.

The beauty of you position is that you can do the work yourself so there is even more scope to make a good return.