David Maude

Registered with Property118.com
Friday 13th September 2013

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Total Number of Property118 Comments: 1

David Maude

15:47 PM, 13th September 2013
About 7 years ago

Property Refurbishment - A guide for newbies

Good afternoon Mark,
Hope you are well.
Reading through your article, you seem the absolute perfect person to approach regarding advice on how to enter into this amazing industry.
My experience surrounding property refurbishments may be slightly more advanced than your usual novice, as i currently work for a well known house builder and rent out a flat, however, i still regard myself very much a beginner.
Ideally my goal is to begin purchasing properties and refurbishing them as cheaply as possible utilising my connections within the construction industry. Your idea regarding probate lawyers is an avenue i never considered but also would play a perfect part of my plan, as my partner works for a solicitor as a probate legal assistant.
However, my question for you surrounds financing these projects. I currently have 2 mortgages, 1 for the apartment i live in and the other for the apartment i rent out. The residential mortgage has 10% equity and the buy-to-let with between 15-20%. Obtaining a third mortgage without any deposit would be near enough impossible, but i want to be on the search for a property to refurbish now, rather than waiting the number of years it would take me to save enough for another deposit.
What would you suggest?
Do i sell my rented property and invest the equity into another property requiring development? If so, do i get a mortgage that would cover the purchase and available budget for refurbishment? Do i get a loan for the refurbishment? Do i put as little down as a deposit and use the remainder to complete the refurb?
Or... do i keep the rented property and search for another solution that i've overlooked?
Your assistance would be gratefully appreciated.
Thank you,
David... Read More