29-10-2016, 12:51 PM
1
Homes under the hammer
Just been watching that annoying programme Homes under the hammer.People buy houses refurb them in three weeks or thereabouts for 20k or some such and flog me on for much larger amounts .
Yet the price of putting on a simple extension in my area is prohibitive .
Are these privces out of date ,inaccurate or they are all diy Experts as well as very fast workers?
29-10-2016, 01:00 PM
2
Re: Homes under the hammer
Originally Posted by Muddy
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Just been watching that annoying programme Homes under the hammer.People buy houses refurb them in three weeks or thereabouts for 20k or some such and flog me on for much larger amounts .
Yet the price of putting on a simple extension in my area is prohibitive .
Are these privces out of date ,inaccurate or they are all diy Experts as well as very fast workers?
I find that seriously annoying.
A fair number of the initial buyers are developers, builders, etc. and they all seem to have 'experts' in their families
29-10-2016, 01:08 PM
4
Re: Homes under the hammer
I don't think they do all that many extensions. More like internal work - knocking walls down etc.My brother in law has made his money from buying & selling houses. The only difference is that they live in it for a year before moving on to the next. It also helps that he does a lot of the work himself - fitting kitchens, new windows etc..
29-10-2016, 03:15 PM
5
Re: Homes under the hammer
These programmes cost a lot of people a lot of money back in the day. They were prevalent during the great property boom where housing prices just kept rising. The programmes portrayed the situation like it was an absolute doddle to buy an old house wreck, do it up and sell on for massive profit. In reality, the truth was that most of the examples were actually loss making. The people vastly underestimated the amount of money needed to do the property up to a reasonable standard and were mostly unable to plan properly or control builders. The examples nevertheless were shown to make great profits and that was solely because the overall price of housing was rising all the time.When the housing bubble finally burst, a lot of people were left high and dry. They found themselves stuck with properties that they couldn't sell on fast enough and so were paying out mortgage payments every month for them. They lost a ton of money.
The whole renovation caper only works if you have a lot of ready capital to spend and if you have established a raft of working links with tradesmen whom you know, trust and will deliver for you. There are tons of professional renovators and developers constantly picking off the best opportunities even before they get advertised. Thus anything the ordinary Joe Public sees for sale will already have been analysed and rejected by the professionals as not being worth the trouble.
29-10-2016, 04:09 PM
8
Re: Homes under the hammer
When this programme started we loved it often showed couples starting out, getting an old house doing it up, they'd be told the new price but loved it so much they wanted to stay forever. Then the property developers looking to rent out a property came along, we carried on watching because occasionally we saw a real home made and the owner occupied the house. But that became fewer and fewer, we gave up in the end, around about the same time we realised we would never be able to move from here. Seems a sad programme to us, taking cheap properties and making them too expensive for first time buyers.
29-10-2016, 04:27 PM
9
Re: Homes under the hammer
Originally Posted by Muddy
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Has the housing bubble burst ?It certainly hasn't around where I live houses prices have ridden dramatically this year alone.
The house 'renovators' on this programme must be using cheap labour.
I wouldn't do the work for the prices/budget quoted by the buyers.
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