it has a lovely big garden and i have planning permission but the builders quotes are coming to twice the budget i had!
2007-02-05 04:01:54 · 7 answers · asked by Anonymous in Home & Garden ➔ Decorating & Remodeling
Work out the profit after selling, if thats what you intend to do, and if it brings in a considerable amount that your happy with then I don't see why you shouldn't borrow.
Alternativly see if you can change your building plans to reduce costs and see if the selling price for these plans can bring in a healthy profit without borrwing at all or just borrowing less than you would have to with the original plans.
Idealy its about a balance between costs and the respective profits.
Good Luck.
2007-02-05 04:20:23 · answer #1 · answered by vik 4 · 1⤊ 0⤋
Ask the opinion of the estate agent with whom you will sell the property. these people should tell you the price difference between your property, at present,and what it may realise after improvements. If you borrow money, and the sale takes a long time, interest rates on a loan could eat into potential extra profit.
2007-02-09 04:33:37 · answer #2 · answered by CLAIRE K 2 · 0⤊ 0⤋
Depends on how much a profit you can make off of the property. Look at risk (building) vs. Reward (profits). Either way I think that buying a property is a big risk that will have life changing events. It's your choice if it will be a good life changing event or a bad one.
2007-02-05 12:12:47 · answer #3 · answered by justin_49ers2001 2 · 1⤊ 0⤋
No the bubble is about to burst on the property market, my advice is sell it now and hang on to all the money, then buy the house back in a few years time when its worth much less.
2007-02-06 14:46:53 · answer #4 · answered by ktbaron 3 · 0⤊ 0⤋
yes ..money spent on any extension is all ways good for a profit providing it is done properly .if you spend 20000 on an extension the bungalow will be worth at least 30000 ..but if you spent 10000 on a kitchen or a bathroom you would not get your money back
2007-02-05 12:14:43 · answer #5 · answered by boy boy 7 · 0⤊ 1⤋
yes! my dad is doing that but without loaning money and hees going to rent the bungalow out to studants and he says its a way to make more money! so go ahead!
2007-02-05 12:05:11 · answer #6 · answered by <3 skittles <3 2 · 0⤊ 1⤋
be sure that you will be able to make the money back , check out what houses in your neighorhood have sold for
2007-02-08 13:28:21 · answer #7 · answered by boopsie 1 · 0⤊ 0⤋