Should I sell or risk tenants buying at undervalue price?9:08 AM, 25th September 2019
About 4 weeks ago 48
Over the years I have done a lot of work to my own properties, because I have been involved in the building trade for many years I am reasonably multi-skilled and as such I have done a lot of work on my properties myself.
Most recently I have improved a property significantly and spent about six months working on it. Whilst this has saved me having to employ others to do the work I obviously have no invoices for the work, other than the materials I have purchased. Also, as a self employed plumber and heating engineer I have not been able to do jobs for others – at least full time, whilst I have been working on my own property.
I imagine I am not on my own in doing this and many other landlords probably do some work themselves – if not out of sheer desperation in finding a reliable, honest and competent trades person.
I am now reflecting whether doing this is the right thing to do. When I come to sell the property I have no invoices for the work I have done so cannot offset that against any CGT liability
Comments from others would be much appreciated.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Our mission is to facilitate the sharing of best practice amongst UK landlords, tenants and letting agentsLearn More