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@aggi Would love a house in a specific set of locations but only doer uppers are in my budget. Be good if somewhere was just dated and didn't need anything straight away. Also seeing it as an investment really not a forever home, and will be letting one double room out to a mate when whatever I get is in a good state. I think if I get a 2 bed flat, can't add much value and have the risk of problems of flat ownership, plus where do 4 bikes go!
If I push myself and get a house, do it up over a couple of years, I can make some money on top of the general market appreciation when I next move and I think this gain would be tax free. Would try and do a lot myself and get people in for other bits.
In terms of funding now, mortgage and deposit gets me to 330 with selling some shares. Got 18k in my vanguard ISA from this tax year which I can liquidate whenever, but don't really want to. I can then access quite a lot selling one holding (got some early inheritance due to a family tragedy when I was two that still affects me daily) which I am desperately trying to get rid of as it is not good having all my eggs in one basket, but already used my CGT allowance for this year and allocated it in the 330 above for the next tax year. Be good to sell off that holding up to the CGT threshold each year, improve the house, and have any further gains from that capital/investment be tax free.
bobble-
Sounds like you've put plenty of thought into it and have considered the finances. It's all too easy to get sucked into the "can only afford a doer upper" without properly considering how you're going to afford to turn that doer upper into somewhere to live. Generally the less cash you have the longer things take as well as you can't throw money at the problem.
It's worth bearing in mind that living in a place that's being heavily done up is tiring. Not just in terms of actually doing the work but also the lack of facilities, all your stuff being packed away, not being able to switch off from it, etc.
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To add to what aggi and silly_savage said. If your budget over around 350k you are defintely not limited to 'doer uppers'. My place is eastville (less than 10min cycle to St werbs, 15 to the centre and walk to centre in 30-40mins) was was 235k in 2019 and good to go, 3 bed (2bed made to 3 so one room is v small) with garden, just improving what we want. House in my road sold for 245 this year, seemed to be in decent condition, just need updating.
Maybe just need to widen the search a bit? St werbs and montpelier are nice but living in shithole/building site will be fucking shite!
aggi
44two
Is there a particular reason you're going for places that need such work? Are you planning to do it yourself or get people in. How are you planning on funding it, you won't be able to get the mortgage to cover any of the additional costs needed.