Beginnng to look a lot like christmas

Its Christmas Eve! Possibly my favourite day of the year, so I thought I would share some of my Christmas decorations.

Our first attempt at a house, we went with chocolate (I don't like gingerbread!) and I think it's pretty cute.  The white chocolate took a very long time to set, but we got there in the end.

I'd love to take credit for being an artistic genius but this was just a mould from Lakeland.

The rest of the decorations, I have a traditional red and gold tree in the main living room, a little hint of a Disney mouse, a purple and silver theme in the dining room and a glittery wreath on the front door.

All artificial, because I'm so soppy, I get emotional about the poor trees growing for so long to decorate my house for a month.  Plus, pre-lit trees save so much time and stress!

Merry Chirstmas!

How important is quality?

I am always willing to listen to advice, but there is one piece of advice which I have been ignoring. 

Using cheap kitchen, bathroom, fire and flooring in a project would of course save a lot on the budget, but would it sell as quickly?

I believe that in this market, where buyers have so many properties to pick from, that quality fittings are the difference between a quick sale and a property staying on the market.

The market I target is an older market who have probably owned a few properties over the years, and know what they are looking for.  I'm not saying that first time buyers aren't interested in quality but they possibly don't know what to look for, I know I didn't as a first time buyer.

I hate the thought of my buyer tearing out something that I put so much thought and money into, not just from a profit point of view but also because it is so painfully wasteful.

But am I being overly cautious? For example, I put in high efficiency gas fires (low bills) with slide controls (easier use) which both come at a premium, but is it worth it?

It certainly doesn't add value, but does it help to sell the properties, I think so.  

At the end of the day, I won't ever please everyone, but I feel like quality fittings show that the whole project has been done to a high standard.  If the kitchen isn't good quality, then what else might not have been done to a high standard?

Buy to Let v Buy to Sell

This is a topic that has been cropping up a lot for me lately.  I currently only buy to sell, I have rented properties in the past and found the income (or lack of) really didn't make up for the time and stress.  I think I might just have been unlucky with bad tenants and bad letting agents, but thats a post for another time when my blood pressure is lower!

As with anything there are pros and cons.  

For me, the pros are that I buy, I get in and renovate in usually 6 to 10 weeks (I'm a mum first and do this part time so it could be quicker) and then get it on the market. So far, I have always received offers within the first week of it being on the market, the problem is converting the offer into completion, but it always gets there in the end.

I have come across a problem where buyers struggle to get a mortgage because I have owned the property for less than 6 months.  However, there are some lenders who don't have this rule. (Yet another example of rules to make developing more difficult than it needs to be)

Both selling and renting have their financial risks, a rental income is not guaranteed, the cost of damage is unpredictable, but it is likely over a long term that the overall value of the property will increase.  With selling, its a quick turnaround for (in my case) a moderate income, where all the value comes from the purchase price and the work carried out, rather than the market.

At the moment, where being a mum is my priority, buying to sell is the right choice for me.  I choose 'low risk' properties where I am confident of a quick turnaround and a swift sale.  When my daughter is in school and I can dedicate more time to it I will take on higher risk projects, for higher return.  Buy to let would be too slow as an income at the moment, but ask me again in a few years!!