Property development

[Owain]

Unless you use a contractor who is a member of a self-certification organisation (eg NICEIC or NAPIT for electrics; ie CORGI for gas, FENSA for windows) you will need to make a Building Regulations application for rewiring (Part P will apply to a complete rewire), new heating system (Part L), replacement windows (Part L?) ...

You will need Building Regulations application for any new connections to drains or sewers (which might cover putting in an en-suite) as AFAIK plumbing isn't (yet) covered by a self-certification scheme.

Owain

[DJC]

So you buy at 150k and hope to sell at 200k? gross margin 50k

less transaction costs buying and selling less opportunity cost of capital for how long?

less materials 15k

it's a business so factor in all the costs of a business pay two people 15k for how long?

assume a static market in which the value of your stock may go up as well as down.

Personally I'd stick to the day job

[Mark]

Ah BIG difference.

I have made a very good living from it, but in the early years I was working an 18 hour day 7 days a week with massive monthly mortgage repayments to meet. I've survived the booms and busts and never had the luxury of working for an employer and knocking off at 5pm. I watch programs like Property Ladder and wonder at the gullibility of people drawn to this easy way of making money, any numpties can make money in the Boom periods but it takes a lot more experience to survive the rest of the time.

I am, apart from several houses/flats that i own and rent out, I own a holiday/camping/leisure/centre set in 200 acres of the finest Sussex download and this year finally mortgage free. And all financed from a £400 18th birthday present. I've never said that you cant make money in property development but do the sums and see what's involved in a

[Nick Brooks]

Now we're getting somewhere. So I can do all the electrics and plumbing (except Gas?) myself as long as I get it approved by the BR officer?

Is there a simplified summary of Part P and L somewhere?

[meow2222]

Best wait for someone else to confirm this, but afaik you can do all your own gas work too, on condition youre doing it just for yourself and are competent. If doing it for hire, no you cant.

NT

[Stuart Noble]

What about doing it for someone else for free?

[Doctor Drivel]

Totally legal to do so.

[Owain]

You can do gas fitting for yourself provided you are "competent" [1] under the gas regs, however whether you are competent or not you are not allowed to self-certify a new heating installation under the building regs.

for various values of simplified. There should be some flashcards^W briefing notes as prepared by the department for the Minister.

Owain

[1] Unless it's a rented property, in which case a CORGI must be used.

[nightjar]

You are thinking of moving into property development at a time when a property developer I have known for years is looking elsewhere for work. I suspect you may have got the timing wrong.

Colin Bignell

[Nicknoxx]

nightjar

Lots of people are trying to get into my profession just as I'm leaving. If you told us WHY your friend is getting out of development, it might have some meaning.

[Mark]

Look, you can do _everything_ yourself if that's the way you think would be the most profitable including buying and fitting your own gas boiler.

But you will need all the necessary certificates when you intend to sell. all of this is covered in the B-regs, copies are available from HMSO (odpm) or online, not being completely "au fait" as you put it before even thinking of starting a project is madness, and to me shows a complete underestimate of the work involved in this type of business. No doubt if you have specific questions regarding the regs the very helpful people on here will be happy to help.

-

[Nicknoxx]

Mark wrote: not being completely "au fait" as you put it

I haven't started and don't plan to for about six months - hence the questions on here.

[nightjar]

Because he is no longer making enough money from property development.

Colin Bignell

[Richard Faulkner]

In message , Nicknoxx writes

Dont forget that all of these numpties made money because the housing market rose during the time they were doing the work. In most instances, Beeny says that they could have done nothing to the properties and sold them for the same, or more, profit.

In a static, (or falling), market they would all have lost money.

One view I have always taken with a fixer upper is to be sure that rental income would cover the ongoing costs, if selling wasnt a realistic option.