D
Deleted74396
Guest
Achieved my goal of buying a house 5 years ahead of my goal a couple of years ago. Lost my prev business around the same time and didn't realise how huge the renovation was.
I bought the house on the basis heating and electric were working, they weren't, that the structure was stable, it wasn't, and that it only needed a small cosmetic renovation - I literally budgeted £5-10k.
Instead, after spending £10k I had no completed rooms, and because houses in the UK are sold 'as is' , even after spending a further £3k the house is still mid-renovation. Meaning, the only way I could sell realistically would be at auction where I'd get about half of what I spent on the renovation so far and the house cost.
Basically, I bought a house that needed a lot of work for the price of a completed house. Every time I got something done, another two problems would arise. Hence why I live in a sh*thole!
Completing the house will take me down to just £20k loss, however I don't have the money or an income so my realistic goal is for that to be by the end of next year.
The problem with this is that I have another year without a car if I continue putting cash into the house.
I figured out I lose about 40 hours a month travelling (public transport here is despicable, but sometimes it's the only option, and Uber isn't much better).
Obviously a car is more expensive, and rent sucks, but if I sold at auction I could channel those hours into work, and I'd even have over £20k saved after a year of rent and the car/insurance to invest into business.
On the other hand, it'd take a while to get to where the 40 extra hours were worth the loss from the house!
I just feel so stressed and upset about my life from the past couple of years since buying this house. I worked from the age of 12 for this and it absolutely sucks.
I'm only 22 which my friends keep reminding me, but simply having a house doesn't make me feel better about anything when the house is incomplete and a huge burden, but also selling it means taking a massive loss that I worked really hard for years throughout school and college for.
Another alternative I thought of is asking a family member for £12.5k (what the builders need to complete the renovation) with a contract that once I sell the house I'll pay them back like £14/15k I guess to make it worth their time. I'm not close with my family though so this isn't a great option really.
How does everyone feel about this situation? What would you do? I hate things as they are now so I thought I'd see what every one thinks
I bought the house on the basis heating and electric were working, they weren't, that the structure was stable, it wasn't, and that it only needed a small cosmetic renovation - I literally budgeted £5-10k.
Instead, after spending £10k I had no completed rooms, and because houses in the UK are sold 'as is' , even after spending a further £3k the house is still mid-renovation. Meaning, the only way I could sell realistically would be at auction where I'd get about half of what I spent on the renovation so far and the house cost.
Basically, I bought a house that needed a lot of work for the price of a completed house. Every time I got something done, another two problems would arise. Hence why I live in a sh*thole!
Completing the house will take me down to just £20k loss, however I don't have the money or an income so my realistic goal is for that to be by the end of next year.
The problem with this is that I have another year without a car if I continue putting cash into the house.
I figured out I lose about 40 hours a month travelling (public transport here is despicable, but sometimes it's the only option, and Uber isn't much better).
Obviously a car is more expensive, and rent sucks, but if I sold at auction I could channel those hours into work, and I'd even have over £20k saved after a year of rent and the car/insurance to invest into business.
On the other hand, it'd take a while to get to where the 40 extra hours were worth the loss from the house!
I just feel so stressed and upset about my life from the past couple of years since buying this house. I worked from the age of 12 for this and it absolutely sucks.
I'm only 22 which my friends keep reminding me, but simply having a house doesn't make me feel better about anything when the house is incomplete and a huge burden, but also selling it means taking a massive loss that I worked really hard for years throughout school and college for.
Another alternative I thought of is asking a family member for £12.5k (what the builders need to complete the renovation) with a contract that once I sell the house I'll pay them back like £14/15k I guess to make it worth their time. I'm not close with my family though so this isn't a great option really.
How does everyone feel about this situation? What would you do? I hate things as they are now so I thought I'd see what every one thinks
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Last edited by a moderator:
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
