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Renovation project advice please..

News / General discussion - Property Forum - www.propertyforum.com
Hello..

I recently renovated & sold a property owned with ex-partner with a fair degree of success. Bare bones - Value £125-135k, mortgage £95k, equity equally split between myself & ex-partner who I bought out with 'declaration of trust' doc for £15k, spent £7k & completed 75% of work myself, took a year, sold at £180k..

I now have £60k banked & an appetite to invest & repeat process.

Outline of plan is to reside in property while I renovate, so would need utilities working etc, although I am prepared to 'rough it' to an extent. I have 20 years experience working as a skilled labourer on a variety of construction jobs, now in different field & would keep working full time, making this a part time project. Currently rent on month-to-month basis. My search area is Wiltshire / Somerset / Dorset borders, roughly 40 mile radius of Warminster.

I would not consider myself especially financially adept, so am having trouble balancing how much to use as deposit, keeping repayment cost low vs leaving cash to cover work etc.. Any tips on decent financial advisors much appreciated!

Essentially my question to you, the experts, is - What would you do?

Many Thanks in advance, Richard

 


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