carolski3244 Posted December 8, 2007 Report Share Posted December 8, 2007 My parents have left me a property in SK16 area which is in a run down state needs rewire, plumbing brickwork, total gutting really... It is a large 3 double bed terrace property which has a shop/workshop attatched so it is classed as part business part residential with two address's... I was going to slit it into 2 X 2 bed houses with exts etc which would be worth £110k each, rentable at £400 a month each approx.. a bulider has quoted me £70k to do roughly... one estate agent has said put it up on a 28 day sealed bid starting at £85K another one said put it on the market for £120k Yesterday I was offered £75k with completion b4 xmas.... I am planning to move to canada in March so need the money really WHAT DO YOU THINK and what would YOU do ????? THANK YOU FOR READING THIS Link to comment Share on other sites More sharing options...
Melboy Posted December 9, 2007 Report Share Posted December 9, 2007 My parents have left me a property in SK16 area which is in a run down state needs rewire, plumbing brickwork, total gutting really... It is a large 3 double bed terrace property which has a shop/workshop attatched so it is classed as part business part residential with two address's... I was going to slit it into 2 X 2 bed houses with exts etc which would be worth £110k each, rentable at £400 a month each approx.. a bulider has quoted me £70k to do roughly... one estate agent has said put it up on a 28 day sealed bid starting at £85K another one said put it on the market for £120k Yesterday I was offered £75k with completion b4 xmas.... I am planning to move to canada in March so need the money really WHAT DO YOU THINK and what would YOU do ????? THANK YOU FOR READING THIS I would have put it through an Auction house ASAP. Mel. Link to comment Share on other sites More sharing options...
SPEEDTWIN Posted December 10, 2007 Report Share Posted December 10, 2007 Get planning permission then put it through an auction house dave Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted December 11, 2007 Report Share Posted December 11, 2007 if there are similar props in area and you forsee no probs with planning then it would be prob be a smart move to get planning b4 puttting up for sale.... Link to comment Share on other sites More sharing options...
Matthew Posted December 11, 2007 Report Share Posted December 11, 2007 I personally would feel I was throwing away my parents hard earned money if I sold the place for £75K. By the looks of it you could get £220K, less the cost of £70K = £150K. So I would definately not accept half of this based on that if you get planning permission, you should be able to get about £120K for it, leaving £30K profit for a developer (or more if they have good building contacts). Not sure what your circumstances are, but any less than that and I would be looking at doing the project and then selling. I appreciate that this may not be an option. Link to comment Share on other sites More sharing options...
odecar Posted December 11, 2007 Report Share Posted December 11, 2007 Get a survey done from a reasonable surveyor about the work required plus likely value. No wonder you getting quick bids as others see the upside. Even going through Auction with a reserve of $140 would give you a better return. Having £130-150k in Canada sounds way better than £75k Link to comment Share on other sites More sharing options...
simhar Posted December 16, 2007 Report Share Posted December 16, 2007 Good advice odecar ! cheers simhar Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted December 16, 2007 Report Share Posted December 16, 2007 Good advice odecar ! cheers simhar Simhar ...you must be able to come up with something a little more exciting and creative than that ......must try harder... Link to comment Share on other sites More sharing options...
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