I Bought an Ex-Council House!!
ฝัง
- เผยแพร่เมื่อ 9 ก.ย. 2024
- Today you join me on a tour of a three bedroom house that I have bought. It needs some work before I can rent it out again.
Thank you for watching. I would greatly appreciate a thumbs up if you enjoyed it and don't forget to subscribe for plenty more videos to come.
#property #propertydevelopmentuk #propertydevelopment #housetour #fixerupper
I have a chuckle every time you say ‘I will’ because I know it will be your dad and his mates that will do the work. You are very fortunate to have a great team making you look good, well done lad, well done!
Cheap refurbishment and maximum rent charge, Matt can't go wrong.
@@gambrydew2059 I’m delighted for him, he’s a good spud!
@@commuterbranchline8132 At the end of the day Matt's a businessman, he's here to make money, charging £300 per week for that property is a little bit to high considering the small amount he's spending on renovation and man power.
Surely not
Keep moving forward. X
Not sure getting a blind guy round to sort your venetians is the best idea 😆12:09
Oh I've just said the same thing 🙄
You beat me to it.
Matt, I’m guessing this video was filmed months ago and likely you’ve already finished work. One simple thing that would improve this house and update it from decades is to remove those two archways and square them off. Then it would match the rectilinear nature of the rest of the home. Replace the cooker with stainless and a stainless fridge to match the rest of the black and stainless look in the kitchen would update it 10 years as well. Skip all the work of bricking in that dining room and replace the slider with French doors just like your plan in the living room. What needs changing more than the upstairs doors is the hardware on the doors. The old brassy gold doesn’t go with the updated look of the kitchen and bathroom fixtures or the IKEA wardrobes. Brushed stainless or nickel would lift the house much quicker than a different panel design on the doors. Removing all of the old baseboards and replacing with 6 inch ones also updates the look 50 years. Replacing the spindles on the stair rails with a couple of pieces of custom glass would tie the “modern” look of the rest of the house together. If you are already done, then fresh ideas for the next one 😃
Agree! I'd also put a dishwasher back, who can live without one of those and I'd also rip the bathroom our and add a fabulous bath sized shower for a premium feel. All the best.
@@nealthomas5346 me and plenty of other people it takes two minutes to wash dishes by hand which also makes your skin nice and soft afterwards and saves electricity which isn't cheap these days, plus the cost of a dishwasher.
@@Iori.Thomas agree, dishwashers are a mostly pointless and wasteful appliance particularly in smaller houses. However I wouldn't say hand-washing makes your hands softer, I actually find the reverse is true unless you wear washing up gloves.
@@Iori.Thomas agree.. find them pointless and waste of money
@@Iori.Thomas Lol washing up dries your skin you numpty.
210k for that?!? Property is way too expensive in the uk
Massively so. But when he rents it out he'll be getting massive gains bruv innit!
Or at least that's what his head will be telling him. I'd love to see an end to this profiteering at people's misery seriously!
‘Profiteering from people’s misery’? What planet are you on?
“Buy it before it hits the open market, I like those deals” The purple bricks “for sale” sign in the garden begs to differ…
House is in great condition, not a lot of massive changes needed! I'd say the exterior would be the main focus point on this project, Looking forward to seeing how it turns out! Keep up the great work mate!
Replace that oven and all wallpaper in the house then maybe add a nice cozy fireplace.
I love your vids matt😊
I love these property videos.. I would personally turn the no man's land into a utility, washing machine, tumble, etc, just to add a bit more cupboard space in the kitchen. House isn't too bad just needs a good tidy up and update like you said looking forward to seeing it finished 😀
Good suggestion but it’s too late now 😂
That’s what I would do. Can’t stand a washing machine and hot water tank in the kitchen
Can you block up the kitchen door? Fire regulations might prohibit such a change
What a great rap !! "The loft insulation, situation !! " I love it!! Great video. Can't wait until it's completed.
😂 I’m like Dr Seuss
I can't wait for the "paint it grey" fad to end. Bloody depressing.
No no no. It’s modern and warm
Grey is depressing and common. What plant are you on?
Lots of potential Matt, look forward to seeing the update 😀👍🏻
I would be thrilled to see you create a course that covers the ins and outs of buying property, including topics such as choosing the right location, finding recommended brokers fees and builders, and advice for first-time buyers versus those looking to purchase a second property. It would also be great to have information on working with estate agents and participating in auctions. Thanks!
Thanks! Maybe one day
touchstone and progressive property have youtube channels that cover these topics
I would avoid property training courses. They promise dreams, but they make their money from selling courses then from property. Read about the soldier Danny Butcher who spent £13k on training courses....
Yes!👍
Great buy, used to work on social housing and also houses bought by investors for rent.
Couple of friendly tips for you. The wooden doors with glass in them won’t be safety glass, it’ll be plate glass and for the rental market it should be changed for toughened glass, also the spindles on the staircase look to be spaced too far apart, again for rental you can’t have a gap bigger than 100mm between them. Last tip, to make old upvc windows look a bit more up to date, simply change the handles. It’s a bit like when you put new number plates on your cars.
You’ll do alright with that one with a decent tenant.
Expat 🇬🇧 lives in colombia my first modern house 3 bedroom.Cali third biggest city
Land $6000 building $15000
Lovely jubilee ...👍🏴
Oh wow
You're very lucky to be in the 1% that enjoy their "job", years of hard work now being rewarded. 👍
Good luck Matt I was doing all this 20 years ago..😊
With a nicer looking oven that kitchen would look amazing. I think it’s a shame getting rid of a patio door as they give so much extra light.
In terms of cars, this has the equivalent of a long MOT, needs some wheel refurbs, tyres, headlight buff and a good clean 😂
Good luck, this will be a great transformation 👍🏼
Another great video, Matt, thanks for continuing to make great content. The only small comment I would make is that you seemed to suggest getting rid of the dishwasher, I wouldn’t do that personally. If you get a young family renting it, they’ll need one.
Busy Busy Busy well done Matt best of luck to you........all your hard work will give you a wonderful retirement when your ready long way down the line for you though enjoy ..Ralph
That's the plan! Thanks
Matt, the patio doors just needs new rollers. Saving you money on replacing with French doors.
Just a thought, when you block up your door in the kitchen make sure you have ventilation still. You might encourage black mould.
Ooh your renting it okay oooh realised when i got end of your video.
This is why we have a housing crisis. Half the affordable social rented accommodation was sold off and private rents sky rocketed. The tax payer had to foot the inflated housing benefit claims that resulted. I worked in the sector for ten years for a heating contractor and saw it all happening.
The council should be buying up these old homes, fixing them and building more. It does not make sense a person who cant afford a mortgage of £800 can pay £1200 for rent. Maybe the council should increase rents so after they are paid off after 30 years?
I have to say videos like this absolutely rile me up if I'm honest. It seems to be a British thing; buy a property in order to screw someone over and make "massive gains".Even worse when it's an ex council house. And I'm speaking as a homeowner who worked bloody hard for years to even afford my 4 walls and roof. I really feel for anyone under the age of 45.
@@kristinesharp6286 exactly if you can afford that rent.. which is expensive.. yet a mortgage cheaper...
@@kristinesharp6286 Councils were forbidden from spending the proceeds of council house sales on housing. They were required to reduce debt and spending instead. Now that's not that bad an idea in some ways but some of the councils that pursued this policy most vigorously are now bankrupt. I'm trying not to mention parties here as they have all messed up, but one beginning with C has messed up most by far it seems to me.
@@timhancock6626 Brexit should have happened long ago. I know the council does not officially house migrants from EU or further abroad who managed to get into the EU. But the government sure is when there are children involved or a person from seven countries over asks for refugee status. Once a job or claim of study happens you know the councils get involved as they get a different classification. Only 11% may be in such properties but they are getting gov money to be in private rental housing. England should be taking in a bazillion people particularly from places they went galavanting to centuries before to control. Which brings the other problem. Everyone in this category wants to be in London or 2 other city areas. The gov pays more for someone to be in bed and breakfast than in a modest property. If it is because it saved taxpayer money it would be sitting around somewhere. Just keep believing what they tell you. I think they need another program for the people above social housing income. The gov is in control of the permits. Demand building refurbish or construct x number of homes for a certain price. They want to build their higher end properties they have to meet the quota. Then there is people resisting all building for the environment God help us all. Your king who bought into and sells this nonsense had an idea for a eco built community but there was resisters on the green side for that. Really they think Charles wants to hurt the earth? 17% in social council housing is a high figure. I do wish the council could buy up and do up some of these old properties. It would make sure to mix up neighborhoods of various income levels. They seem to have tear down so much of their housing stock for damp.
Tidy house. Big potential. Good luck.
Hey hi I think the black subway tiles in the kitchen are peel and stick.🙂🇦🇺
Great purchase and forsite it means as you say relax more at work and take pressure off. 👍👍👍👍
Decking near a stream? Nooo Matt. Beware of rats making their home under.
Looks a good buy. Well done
No rats around. Too many cats.
Just thinking rather that a standing Fridge Freezer, maybe stick in 'Under the Counter' Fridge and 'Freezer' and get as near as matching piece of counter worktop material and run same across for more counter space and then you could have a LARGE Condenser Dryer under the Counter too...giving more flow , the Kicker is once you provide the likes of a Dryer the Tenants then can't complain that they ARE NOT ALLOWED to bring in Airing Racks and the likes of same into the property, causing Mould and Dampness within same, be aware of this and flag same and get this put into the Contract... dampness will degrade a Property and the Tenant will even blame the fabric of the House rather than their Lifestyle... moist air Extraction and good Ventilation is also necessary so even upgrading to serious Fans in the Bathroom and Kitchen will works wonders to reduce high humidity levels.. Of course some means of Over the Hob Cooker Extraction would also help... good luck with your Property, i'm sure you will get good Tenants who will look after same, Great Upload.
The shed is fine , lick of paint and job done !
£12 wall lights. Nice touch. Splash out on some decent contemporary LED
Nice 1, Matt. Good luck with it.
Hank Scorpio in da house! 🏚️🏠
am I wrong in thinking there should be a maximum of 10 cm between the spindles on the stairs, so baby heads don't get stuck that sort of thing ??
Nice job! Matt ain't no slumlord, that's for sure.
Thanks! Nope, definitely not
This is why the economy is in crisis, £1200 per calendar month. People are paying the majority of their wages on ridiculous over inflated rents, there is no money left to spend in shops, nights out etc. Hardly any affordable homes to rent off the local authorities. This country has gone to the dogs.🤔🤔
In the South East landlords are making abt 4% BEFORE tax and that's only if they areortgage free. Rents are high because property purchase prices are high.. If you want lower rents then build more housing or encourage (thru investment and tax incentives) migration away from the South East..
Still cheap houses about obviously the area is another question.
Unless incorporated landlords can no longer put interest on loans as an expense against tax.
U want cheaper rents? Build more homes...Rents are high because house (purchase) prices are high. Most landlords in the South East of England which has the highest rents are making 4‰ before tax and only then if they have zero mortgage... Rent controls will reduce supply.. Clearly, rather than less 4% before tax, landlords will sell up ASAP. A few sitting tenants will be OK... Until they need to move for work or a larger famaily. Immigrants and the young are the most adversely affected. Build more houses and it dosen't matter if it's more Council or private. Build enough Council homes and all rents will drop.. Build enough private housing and Council rents will drop as Councils increasingly compete with private landlords for tenants.. . You might want capitalism replaced by Soviet style state control (?) but until then one needs to think about people's housing needs.. Rent controls are stupid but a crowd pleasing popularist measure.. Like hanging or deportation to Africa for Ayslum seekers..
1 bed in london around me is £1800 pcm rent.
I've never been in favour of the selling of council homes as they are intended for low income families that carnt buy a home but it is what it is thanks to Maggie....
On a positive note you usually get a well built house that will last the test of time unlike all the crap that's being thrown up at the moment all over the country so at least your investment is sound.... 👍
I'm very happy to say that once when i get the go ahead i will be getting ready to move out and pack up and moved to owned house
Great video, looking forward to the update when it’s ready!
Another one for the future retirement portfolio 👍
Exactly
Hi Matt. Nice to see the portfolio growing. One thing though. You mentioned CGT on profit which implies you’re buying in personal ownership. It would be much more efficient to purchase via a Ltd co, then you would just be paying corp tax and dividend rate, depending on earnings. Good luck with the renovation and keep going. All the best 👍🏼
Good point!
Also a lot of pit falls putting property into LTD companies
@@Dogsd1ck like what? I can only think of pros, not cons.
@@aliasgharkhoyee9501 like no capital gains tax allowance, like double tax if you take a salary and dividends, like additional fees when buying via buy to let mortgaging, but what would I know I’ve only been a landlord for 23 years….
@@Dogsd1ck wouldn't that be offset by the fact that you can deduct your business expenses/costs therefore the profit is much lower (and taxes are only a % of profits, rather than on total income)?
And of course, corporate tax rates are much lower than personal income tax rates (beyond 50k).
Looks a good property with lots of potential..should be a solid investment with a good return once finished Mat 👍🏻
When you said "I have to get a blind guy round......"
I guess you had to be there 🤔🤣
It’s in a fairly good condition . We live in Exeter decided we wanted to downsize we found a three bedroom house on an estate .was a bit nervous at first as hadn’t lived on an estate before. I love lt the neighbourhood is brilliant . It is very quiet,we are so happy here .when we go to catch the bus we know everyone so always someone to chat to .
I’d replace the back fence with open wire so you can see the stream - it would be a nice selling feature.
Looks to be a solid buy. The house has great bones and all you need as a desirable rental property.
Couple of points:
- Get your properties within a Ltd company if possible. So many more benefits to it.
- When in a Ltd company the interest on the mortgage is still tax deductible. At the moment with the interest rates as they are this is worthwhile.
- Repayment vs Interest only is purely psychological for a bright guy like yourself. With interest-only you can still overpay by up top 10% which is far more than the repayment amount. You can set these up as additional payments instantly. The benefit of interest only is it gives you flexibility as and when you need it. The overpayments also come off the final balance meaning your monthly interest payment reduces as you make these overpayments. There's essentially no difference in the mortgages if you are a smart cookie and understand money.
Hope this helps,
Ryan
That's a good size for a council house!!! I'd happily have it
You are a property crocodile! Love to see it. Clutch comment made me laugh - some old boy giving it beans at 0 mph.
Would it not have been better to replace the skirting boards before doing the painting?
Great video bud, your sensible with paying capital and interest, I'm just finishing a mortgage of 30 years, remortgaged in 2006, few of my friends have been interest only since mid 2000s, doesn't look too rosey now, I'm same as you, cars for cash flow and property for long term, unfortunately things went a bit wrong for me in the credit crunch days, but if you can steer a clear course you'll be quids in.
Good stuff! I think that’s the best way
@@highpeakproperty your doing great bud, I started with cars and got into flats, bedsits in the 90s,should have kept cars going as good money, but I just focused on property rental, it was OK but a few car deals along the way would have helped a lot, it was slim margins on rent, so your doing the right thing.
Matt, a good project on a good house! However, I would strongly recommend Not removing the patio doors. You will finish the house very nicely and get some good Tenants as a result of that. There is an inordinate amount of work involved in removal, bricking up and buying a new window. Whilst the patio doors will only get used on the 5 or 6 hot days we get every year, they provide tons of light, a reasonable vista and the Tenants will enjoy the free flow through the kitchen/diner out to the garden whilst clutching cans of 10% Tennents Lager or Special Brew! Also, some (additional) matching slabs are preferable to decking which nowadays is considered rather naff by aspiring developers! Good luck!
Colder to keep them. They have another set of patio doors.
Decking rots very easily keep it to slabs, level of course, your dislike of patio doors really doesn’t matter your not living there, doors opening out blow in the wind, and children walk or bang into them, it’s real, I have the wind take the door out of my hand and smash it, that cannot happen with a patio door. Depending which way your facing, having a door opening through the summer keeps a breeze going through the house, even if you don’t sit outside, and children are always in and out to play.
Pity it is not a council house again.
Is it?
This is why we don’t have affordable housing anymore, but at least you’re alright Jack.
The reason you don't have affordable housing anymore is because of government help to buy schemes, these only exist because of large property developers lobbying government so the can sell their houses and it also pushes prices up. Government has no business in backing private mortgages.
Don't hate the player hate the game, you can play to if you're willing to put in some hard work instead of whining about it.
Negativity breeds Negativity. Put some of that energy in to getting on instead of getting on someone else's back who is having a go. Good luck and good day sir/madam.
@@davidwhitton5519 Let me just talk you through this slowly: social housing stock has been sold off, that's the game. People like this guy are profiting off stocks of housing that are increasingly unaffordable for the vast majority of people whilst we have a homelessness and cost of living crisis, so that's the player. In this case, I certainly deplore the player and the game. Speaking only for myself, I'm in affordable housing and relatively comfortable given the current economy this has nothing to do with my personal situation.
@David Whitton be above the game and realise the long term damage being done. Renting is a form of usury, using someone as a slave to pay your mortgage, that they have no choice in doing. Should be illegal. 1 her per family only to be lived in.
@@johndavies4644 if you ain't renting your paying a mortgage, either way your paying someone. Are you saying you should automatically be afford the right to be gifted a home for nothing? nice thought work me through how that would work, I'm actually interested if you have an idea how this would take place.
Well done on this new house purchase and carnt wait to see the end results 👍
Looks fresh and clean. Great job ...be wary as the spindles won't meet building regulations as the spacings are to big .
Good little investment Matt , can't go wrong with an ex council place they are built really well in most cases . I've been renting one out for over 20 years . All the best look forward to seeing it completed .
All depends on the area.
Hello Again. Matt, I agree, replace the patio doors to create a dinning room but please use a 3/4 length window so there is still 'light' in that area, two minds about blocking the rear access to the rear from the kitchen !!!
Regards, RichardA.
Once you’ve boarded up that doorway in the kitchen is there any access to the bins without going out the front door, or the patio doors, access to the back via the kitchen is really definitely needed if you want to hang the washing out.
Well done and hope all goes well for your new venture
Great plan
Thanks Matt for the great content as always. You are very inspirational, keep it up 😊
You dont even have to bother building up the way to the garden, just change it to a newer triple glazed ones... great straightforward property!
Fantastic!! I've been looking forward to your next property related video.
Liked before I've even watched. Thank you.
More to come!
@@highpeakproperty Great! I like your passive income thought process. Did you happen to read Rich Dad, Poor Dad?
You can't go wrong with these ex council houses, this one is very similar to my own, far better built than any of the modern homes.
As you say though, it is the location that really gives them their value
Look for areas that are going to improve due to transport link improvements.
"I need to get a blind man round" haha so glad you finished that sentence with "to fit venetian blinds or something" lol
Great stuff. i look forward to the finished result and costings.
Thanks 👍
Brilliant content as usual Matt, I don’t know what everyone might thing but I personally like the content format of where everything done in same video like on Highpeak Autos. I don’t know what would be the constraints on that would be.
Windows or larger windows on the sunny side of the house is a good idea.
I'm really enjoying the property videos , cheers Matt!
Glad you like them!
I used the interest only mortgages, best thing I did for me, got it paid off very early, just have to be very good at saving and paying it off
Looks a good prospect. uPVC window on the brick shed next to the bin store? Spindles on the staircase too far apart - possible child head trap? If there's a stream behind it might be worth putting a taller fence in to stop young children/pets climbing over/falling in. Outside security lights?
It's certainly got the council house look - curtains shut during the day, bins not put away and a dead fridge in the front garden.
😂 I don’t think you can say things like that any more. You’ll get some abuse in the comments
The black metro tiles need to go altogether. Paint the canopy over the front door and the bin store a nice light heritage colour will definitely give it some kerb appeal. Nice family home, only thing missing is a downstairs loo. Vertical blinds are a mistake if it's a rental just put matching roller blinds and curtain poles. Most landlords don't even bother, just leave it to the tenant. But you don't want them drilling holes in your new windows or messing up the walls drilling holes for curtain poles so I would do that for them. The same house in the South East on a nice area would be £400k or more!
Most splendid.
You may have a cash surplus before tax of around £400 per month, but your profit is significantly greater. The capital repayment element of the monthly mortgage payment is also profit. The HMRC will want their share of it. You could find that if the mortgage rate were to go higher you could find yourself paying the tax man more than the monthly surplus. It could be different if you use a limited company to purchase the properties, not something that I know about. Before we paid off our mortgages a year or so ago we had half our properties on interest only and half repayment in order to hedge against that possibility and also cushion the impact of void periods, not that anything happened.
I am so sorry that you had to buy that, if there’s anything I can do to help take the pain away please let me know.
So happy to say that I was the first person to view one of Mats videos🤣🤣🥰
Do you get a prize 🎉?
I thought I was
@@neonskyline1 nope it was me☺
Another really good video - Thank you 👍👍
cool video, looking forward to how this house turns out
Been waiting for another video big fan you make me want to get into property myself one day
A porch is very useful to stop heat loss and leave a few things like dirty shoes.
Hi Matt, well done with the purchase. I've rented out property for 27years. Best investment ever is property.Simple fact. A little bit of work and a tidy up.Get it rented out and rake in ghe money 💷 good luck 🤞 😊
Thanks for the tips!
Great house there. I’d probably have the kitchen wrapped or sprayed a lighter colour as it looks a dark room
Evening matt thanks for the upload
Thanks!
Many council houses were bricks outside, steel reinforced concrete plastered inside, through lack of ventilation in bathrooms and kitchens the plaster can crack due to the steel rusting in the walls.
If you cover in that door in the kitchen to the shed with the rubbish bins, you do realize you will have to go outside and around in order to take your rubbish out?
I talked my dad out of buying another house to rent out when he came up with a large sum of money.
I told him when it is not rented he will be paying on it anyway and when it is rented he will be paying for all kinds of repairs.
I would only buy a multiunit property so as to be able to cover my costs and make a bit of profit.
Looking good! Any update on that office building?
Yeah coming soon
Helps when all bedrooms are a reasonable size when sharing suppose the smaller bedroom could pay less or tennants could play musical bedrooms every couple of months 😅
Well done Matt. Going places!
Excellent.
I would make a proper room behind the bin cupboard. Don't get rid of the patio door. It's a plus
Good knows how you afford all this, houses, range rovers, designer clothes, trips to the sun etc…. Best of luck tho👍🏻
There’s no secret really
Hi Matt. I watch a lot of your videos and I would say rather than putting the mortgage on repayment put it on interest only, BUT put the extra or all the profit into a different account maybe a savings account then after ex amount of years can help to pay of the mortgage off. That’s is what I did when I was working because I never needed the extra income at the time.
The point being is if ever the rates change or you fall on harder times the extra money is there and not needed for the mortgage.
Hope that makes sense
Lots of potential there, without too too much work, the dining room seems rather small but it’s good overall
Best of luck with it Matt. It looks a great house.
My 2 pence on the kitchen, would be to knock down the wall with the arch doorway creating an open kitchen dining area and keep the patio doors.
I’d love to do that one day
Good luck trying to get builders. I am looking at a small kitchen , full replacement, new ceilings, new electrics, full skim refit with quartz worktops and bill expecting to be around 20k. Some trades in Edinburgh area are working on labour rates of £500-£800 per day.
Fingernails, love it. Good buy
Good idea to get rid of all the doors. 🤣
Congratulations mate, it’s fun having such projects like this. Definitely an earner compared to some cars lol
Looks a sound investment and great refurb potential. Good luck Matt 👍
Thanks 👍