I bought a house about two and a half years ago, which is considered my primary residence. I have some money to invest and am thinking about buying a new house which wont be completed until at least 12 months time. My cash will allow me to pay the holding fee and the initial 10% deposit. I then would get a 2nd mortgage for the new property.
I am planning to sell the new house when it is completed. The idea behind it is to make a quick profit as usually there is a big increase in profit from buying at the first phase of a development. I would expect to make about 20k minimum. Is my reasoning correct? I think I would not be considered an investor during this period as the house would be a work in progess for the next year. Can anyone comment if I am on the right track or just dreaming of making a quick buck! Thanks
I am planning to sell the new house when it is completed. The idea behind it is to make a quick profit as usually there is a big increase in profit from buying at the first phase of a development. I would expect to make about 20k minimum. Is my reasoning correct? I think I would not be considered an investor during this period as the house would be a work in progess for the next year. Can anyone comment if I am on the right track or just dreaming of making a quick buck! Thanks