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WHAT DO YOU THINK??


carolski3244

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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 :P

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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 :P

I would have put it through an Auction house ASAP.

Mel.

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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.

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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

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