R
RyanD
New Member
Hi all. My partner and I purchased a house in 2018 and renovated it throughoht that year. We purchased it for £45000, took a loan of £10000 for renovations and has been valued at £75000 as of Dec 2019. To me that is a pretty big amount, coming from a poor background and living in the South Wales valleys.
This has given me the idea of getting into property development but I'm sure there is something I'm missing as it felt too easy to make a £25k profit out of a project where most of the time I had no idea what I was doing. I understand there are fees to pay when selling and we may not get the full £75k it was valued at. But making any sort of profit out of this would be quite an achievement. I feel like the selling process is where it will all fall apart either through fees I'm unaware of or just being unable to find a buyer.
We have no plans to sell this property as we are living there but we do have the funds to purchase and renovate another property in a similar condition without taking out a loan this time. Plus I am much more confident in taking on more of the work myself, eg fitting kitchens, laying flooring, plastering, etc.
So I'm looking for advice on whether I am missing something very important and costly or I could actually make a profit out of this. Thanks for reading this long post and thanks for any replies. Sorry if I posted in the wrong place.
Cheers
This has given me the idea of getting into property development but I'm sure there is something I'm missing as it felt too easy to make a £25k profit out of a project where most of the time I had no idea what I was doing. I understand there are fees to pay when selling and we may not get the full £75k it was valued at. But making any sort of profit out of this would be quite an achievement. I feel like the selling process is where it will all fall apart either through fees I'm unaware of or just being unable to find a buyer.
We have no plans to sell this property as we are living there but we do have the funds to purchase and renovate another property in a similar condition without taking out a loan this time. Plus I am much more confident in taking on more of the work myself, eg fitting kitchens, laying flooring, plastering, etc.
So I'm looking for advice on whether I am missing something very important and costly or I could actually make a profit out of this. Thanks for reading this long post and thanks for any replies. Sorry if I posted in the wrong place.
Cheers