Property entrepreneur Jack Smith, 26, sources and buys cheap doer-uppers across the region to renovate and sell for profit
The notion of buying a derelict house, doing it up and selling it on to make a profit sounds like a good idea in theory, but not everyone is successful in doing so. With interest rates continuing to rise and demand falling, it is proving to be a difficult time for first-time buyers and those wanting to move up the property ladder.
"The way I got started was I bought a property in Birmingham with a friend of mine who had a lot of experience. I bought the house and they paid for the renovation, and then I got to watch that whole process from start to finish. "They didn’t have the money to do it up themselves and they just wanted to get rid of it. So she introduced me to them and I went round and had a look at it before they took it to an estate agency.
"We pulled up all the flooring, took off all the artex, ripped all the kitchen and bathroom out, put all new electrics in, redid all the plumbing and central heating, put in new radiators, a new kitchen and bathroom. "We put it up for sale on the open market. When we bought the property, we thought it would be worth about £160,000 once it was done, but by the time we’d renovated it and put it back on the market, the estate agents told us we should put it on for £175,000," Jack said.
For those who want to make money buying and selling properties, Jack says his best advice is that the 'profit is in the purchase'. "Whereas a lot of people might buy something for £100,000, spend £20,000 on it and hope that it's worth £140,00 or £150,000. But there's no guarantee, you've got to work backwards."
“Wigan is a fantastic area to find a doer-upper and I'm also seeing quite a lot of stock in Moston. There’s also a huge amount of investment going on in Stockport and some areas are still very relatively affordable compared to the rest of Manchester. "There are a lot of incentive to go for new builds and while I see the value in those I also think that if you want to go for a new build, you've got to be prepared to buy it and be in it for a long time.
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