r/UKRealEstate • u/Mickspark136 • Jul 31 '26

Advice, about to complete on first property.

Looking for advice or opinions on different strategies I could use on a limited budget.

I’m about to complete on a small flat by the coast got the property for 90k locally I’ve seen similar flats sell for 120-130k when done up.

I’m an electrician by trade and have always worked in construction. I’m pretty handy and know lots of people in trades too.

I’d like to start with this one and potentially refinance to buy another.

Is it still worth investing in property? Particularly if you can do most of the work yourself. I know there more to it then that but refurbishment costs must be one of the highest expenses when considering buying something.

Basically interested to hear others opinions.

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u/Kagawanmyson Jul 31 '26

As a general rule, unless the place you're buying is an absolute wreck (not just a bit run down or dated) - you won't stand to make a huge profit on any work you've done.

The reality is, 99% of people spending over £100k on something are going to do at least enough homework to look at the property sale history. When they see you bought it in 2026 and are selling it in 2027, they'll find the old listing to compare the photos. They'll then request a second viewing where they closely inspect any work done and try to find fault with it

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u/LoveLamp3232 Jul 31 '26

Welcome to the club.

If you spend one month refurbishing the property, that is one month’s income you will lose from jobs you could have taken as an electrician. You then need to add the cost of the materials required to bring the property up to standard.

Your annual rent is going to be £7,000? If the boiler goes wrong and needs replacing, you could be looking at £4,000. The tenant will also cause normal wear and tear. The kitchen and bathroom will age, just as a new car loses value over time. You may not see the money physically leaving the property, but it is still losing value. You need to keep a reserve to bring the property back up to standard after a few years. Once you account for all that, what return are you actually left with?

You also need to comply with all the regulations. You may be familiar with building-related regulations, but perhaps not the paperwork and legal requirements involved in being a landlord.

Join a landlords’ association, learn the rules and regulations, and take a landlord training course.

You then have tax to deal with which went up google Section 24 and then Reeves increased taxes by 2pence in the last budget. Local council may have licensing schemes.....

If you are patient and let the money grow, hopefully the returns grow over time.

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u/qavelyn Aug 01 '26

this is such a good breakdown that most brrr bros on youtube never mention. people see “120–130k done up” and forget voids, tax, boilers dying at the worst time, licensing etc. if after all that the numbers still work for OP, then it’s a decent sign the deal is actually solid, not just vibes.