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my dfs father( :barf: hehe) was talkin to me and df today about buying a house! he reckons we should buy something run, fix it up (he can do it) and then sell it on....has any1 else done this cos id love to hear how it worked im abit worried thou cos his dad mite end up using it as a guilt trip to bring bubs around
There's always hidden costs so be very thorough if you choose this path.
Is it something YOU really want?
You need to watch property ladder on the lifestyle channel!!! It's English but it's really good for first time property renovators - follows first timers on there road to property development wealth!!!
Wed nights at 7.30 - u need foxtel or find someone with it
This has to be something you and your partner want!
My mum does this. She buys run down houses, lives in them, renovates and then sells them off. (Im sounding like she has done this to 100's of house, but she has only done it with four.)
You need to make sure you have the money upfront for renovations as its not cheap. To make the money I think you FIL is talking about you need to spend thousands!
Good luck but just make sure its something you both want!
Erh ...sounds like too much work...although my hubbys bro does it and has made a bit of money doing it.
Personally I'd rather spend my money on a nicer house that i'm happy with as is...unless you have a lot of extra money for renos...I would say its overated..and not as cheap as what people say.
It's good your partners dad is interested in helping you guys out...but I think you should just sit down with your hubby and discuss what you guys really want for your lil family....dont let other families take over..its your decisons that counts most...are you sure they would really help you out if things ended up a disaster?...
I've helped DH with the odd reno job in my time, and have to say, you have to be very careful about budgeting - not just money, but timewise also! Renos can cost more than you plan and take longer too.
Also, I'm not sure what state you are in, but in places like Sydney & Melbourne, with the market fairly flat at the moment, you'd really need to make sure that you picked the right property and didn't overcapitalise if you wanted to make a profit at the end of the day.
With that said, I think there are always opportunites out there.
Finally, I'd also be really careful about doing this if you think there are "strings" attached. If it were me, this is what would really make me think twice.
Anyway, good luck with your decision, whatever you decide to do! :)
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