What am i getting into??!

[Markus]

Ok first off im new to this furum but iv looked through it quite a bit and think its awesome.

My name is Markus, im 18 and im living in west yorkshire attempting to renovate a terrace house that i have bought with my dad. I own 90% he owns 10% and i am living in the property.
Also my 90% is at a 2.5% apr loan from my father.

I have started doing this with no prior knowledge of business or renovation or the property market and am recieving no help from my father other than financial as stated above and transportation until i pass driving lessons.

i wish to make a living buying, renovating and then selling property but havnt the slightest idea of what im doing.


Any ideas, suggestions or just plain help would be appriciated immensely.


I dont feel able to ask any specifics at the moment as i dont even have any idea what questions i should be posing!

I bought the property for 40k and am willing to spend 7k on renovation.
(I have just moved in and havnt started renovating yet)

If you got through all that, thanks for taking the time to read my post

[Kevin Hopkins]

A good place to start is the property services price comparison website Local Surveyors Direct. They won't let me post a link on here to the site so do a search in Google for Local Surveyors Direct. On the site you will find help and advice and estimates for work from a whole range of property professionals. it is free to use the site and well worth checking out.

Kevin Hopkins

[Markus]

Thanks Kevin! this site looks great. would you suggest getting a structural engineer in to
give advice? Do people generally get structural engineers in for most property
renovations?

[brian]

Originally Posted by Markus

I have started doing this with no prior knowledge of business or renovation or the property market and am recieving no help from my father other than financial as stated above and transportation until i pass driving lessons.

i wish to make a living buying, renovating and then selling property but havnt the slightest idea of what im doing.

I can't think of a more dangerous situation - you want to through a lot of money into a new business which by your own admission you have no experience or knowledge of.

And this all in the middle of the biggest economic crisis for nearly a century?

I think you are just inviting trouble - seriously.

[Markus]

I think your very possibly right there Brian.

I'm the kind of guy who does things not because their easy but because their hard.

Its been great seeing different threads and people doing similar things on this site.

I'll be sure to put a less ambiguous post next time XD

[New Homes Expert]

You and more particularly your father must want his head examining.

If you dont know what you're doing you havent a hope in hell. You will get ripped off, end up with one disaster after another.

Passing your driving test should be your first priority!

[Markus]

Do not fear! i have a book on DIY!

[Jeannie D]

As it's a terraced house, that should put the neighbours' minds at rest!

Markus, you've had very good advice from two knowledgeable members of this forum. I know that the young are afflicted with boundless optimism but don't you think you should at least wonder why they are both telling you the same thing? I mean this kindly, of course.

[Markus]

Originally Posted by Jeannie D

As it's a terraced house, that should put the neighbours' minds at rest!

what do you mean?

I will definately make many mistakes but im looking at this as an education in being a property developer instead of how to make the most profit straight away.
Your concerns are understandable and i am thankful that you and others have taken time to convay those totaly valid concerns.

Thanks Markus.

[Jeannie D]

What I mean, Markus, is that terraced houses - particularly older ones - not only have party walls, adjoining roofs and loft spaces but services such as water pipes often cross over neighbouring properties and even behind shared walls. You need to be absolutely sure that your "many mistakes" do not cause damage or disruption to your neighbours' properties or you will be liable. If I was living immediately next door to an inexperienced but enthusiastic DIY-er, I would be very anxious indeed. Does that explain?