Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
I have 4 BTL’s and have decided against buying any more, but I have a niggling feeling that I shouldn’t give up so easily on property. There are people out there making a living using many different strategies, so I am thinking of trying something different – buying refurbishing and selling.
Nothing too ambitious to start with, kitchen/bathroom/cosmetic refurbs, maybe 1 or 2 a year (I’m also conscious about being classified as a property trader by HMRC.)
I’m based in London and have some borrowed cash I could use to allow me to buy a flat or house up to about £75k – £105k in value and allow £30k for legals, stamp duty (grrrr!) other costs and the actual refurbishment.
I guess this puts me around the midlands location wise in terms of what I could buy for that kind of money.
Does anyone have any thoughts?
Actually, my biggest fear after the property not selling as quickly or for as much as I anticipate is builders. If I knew a reliable one I would have started doing refurbs many years ago. How do I minimise risks – they are often terrible at planning their schedule and therefore causing delays, before even taking quality of workmanship into account.
Refurbing has been something I have wanted to attempt for a very long time, but I want to get it right.
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