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shall I sell or renovate

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littlekitty

New Member
Hi guys,

Need some ideas. I bought a property in Kent, but zone 5. It is in a perfect location, which is 2 minutes walk to the train platform, and on the way, there is a big Morrison and little waitros. high street is 2 minutes away with lots of restaurants. it is in the middle of two outstanding schools, both around 10 minutes walk. Also, the area is quite posh so this is the cheapest house I can afford as it is old inside. It has a 200 square meters garden but next to the tramline. I don't have problem of the trains. Now, besides my normal work, I want to either renovate or to sell and buy a detached one because I always dream to open a pet boarding hotel. I found my house price increased so I may sell for 615-625k, but I found it is difficult to find another house in such a perfect location, For 625k, I found it is difficult to find a detached house. I work in Bank station in London. The train station here take to Cannon Street directly and most conveniently, it takes me directly to any train station in London, all around 33-40 minutes, and 17 minutes to London Bridge.

To renovate, it is not worthy if I don't build extension as it has a huge potential, but that means I have to use all my savings + borrow around 30k from bank. however, it is still a semi-detached and I don't think my neibour will be keene to agree for me to do pet boarding business. I really had enough with the internal decoration, I am still using the old toilet left over by previous owner, planned complete renovation of the bathroom, but it is an old house, so I have to do re-wire, replastering for every bit I plan to do. if I exchange house, I can buy a new decorated maybe a bit far if it is a semi-detached, but I feel pointless to buy a newly decorated semi-detached again.

What do you guys think?
 
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FWL

Member
Is it worth waiting a few years until you have a high degree of equity in your current home then remortgage, buy a property with land in the countryside and rent out your current home? That way you should be able to fulfil your dream of having a pet boarding business?
 
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