I live on the wirral and would love to buy a house to resell and obviously make a profit. Do you think the professional buyers are cleaning up or should I have a go. Got to be careful as it is just myself with my daughter.
2007-03-07 01:43:15 · 7 answers · asked by janeybest 2 in Business & Finance ➔ Renting & Real Estate
If you are a builder or handy at doing places up....plastering, plumbing etc. then you could make a profit.
Make sure you budget properly though. You need enough money to pay the mortgage while you are doing the property up, and don't forget buying and selling costs....and stamp duty! The best thing is probably to buy somewhere just below the threshold for stamp duty.
Make sure you research the area you are buying too. Have a good look around to see how much similar properties are selling for, and whether there is anything which might cause property prices to rise or fall in the area.
Good luck
2007-03-07 01:52:47 · answer #1 · answered by Copper 4 · 0⤊ 0⤋
If someone wanted to buy the house for a price higher than you paid, then they would have bought it from the person you bought it from instead of from you. You have to buy a house and have "something" change for you to make a profit. Either you improve it, or you hold it until market conditions change (and pay the mortgage) or something else.
Remember you have fees to pay with buying and selling. So if you buy a $200K house today, and sell it tomorrow for $200K, you probably lost $20K or so in fees (realtor, tax, transfer, bank, lawyer,...). None of the flipping shows seem to have that in their calculations. They are basically just lying to you.
Do not flip a house unless you have enough cash saved to cover expenses for a few months and are willing to lose upto 20% of the cost (of course you might make money, but there is a chance you will lose too)
2007-03-07 04:22:40 · answer #2 · answered by NYC_Since_the_90s 6 · 1⤊ 0⤋
sure . if the price is right and your idea of a resonable fix it up and wait to sell it again idea is sound. the other thing is to have a professional house inspector come and look through the house with you . they can tell you what is good and what is bad and are great at this. most often they can tell you about how much stuff would cost to fix.
i would not buy a house new or old with out an independent housing inspector check it all out. even a new house can be built very poorly.
2007-03-07 01:50:03 · answer #3 · answered by Anonymous · 0⤊ 1⤋
have a go.you have to buy at the right price.if you buy at auction then you have paid more than anyone else for the property on the day.the most important aspect is location.and the housing market can stall.be care full
2007-03-07 04:11:38 · answer #4 · answered by Anonymous · 0⤊ 0⤋
How much would the house cost? Would you find it prudent to invest this amount of money in something without any knowledge or training? Probably not.
2007-03-07 01:51:04 · answer #5 · answered by grantwiscour 4 · 0⤊ 0⤋
If youve got the money go for it theres always a profit to be made in property
2007-03-07 01:49:00 · answer #6 · answered by crawdash 4 · 0⤊ 1⤋
its not so easy now because of uncertain conditions in the market but if you wait for all things to balance up you'll never do it so you either do or you don't you have to make the decision to gamble because that's what it is
2007-03-07 01:50:21 · answer #7 · answered by srracvuee 7 · 0⤊ 0⤋