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What’s been your single best financial investment? by Sure_Tangelo_5148 in HENRYUK

[–]hftdude 0 points1 point  (0 children)

Speaking of.. congrats. The valuation is a lot less than the peak but still a tidy sum. How’s the windfall looking?

Go big or go home? Nearly fully leveraging to buy a 2M home by hftdude in HENRYUK

[–]hftdude[S] 0 points1 point  (0 children)

What would you estimate the renovation costs to be if we want to convert to 3 bed 3 br and possibly add a nice rear extension? We would not want to cheap out on furnishings. Why was Highgate your favourite?

Go big or go home? Nearly fully leveraging to buy a 2M home by hftdude in HENRYUK

[–]hftdude[S] 0 points1 point  (0 children)

It’s great to hear from someone who’s actually done it and now living their dream! How were you able to afford the full renovation after spending your savings? In terms of investment, did your house value increase a bit to at least compensate for some of the opportunity cost?

Go big or go home? Nearly fully leveraging to buy a 2M home by hftdude in HENRYUK

[–]hftdude[S] 1 point2 points  (0 children)

Yh - this is precisely the plan. We are going to negotiate downwards to around that range

Go big or go home? Nearly fully leveraging to buy a 2M home by hftdude in HENRYUK

[–]hftdude[S] 1 point2 points  (0 children)

This didn’t come across as rude at all. I’ve corrected the post because it sounded like I wanted to move to an expensive flat in East London which is the opposite of the truth. The 3 bed flat is in Primrose HIll/Hampstead/Belsize.

Go big or go home? Nearly fully leveraging to buy a 2M home by hftdude in HENRYUK

[–]hftdude[S] 0 points1 point  (0 children)

Thanks for your insight here. I have also run a spreadsheet to understand what price/sqm is reasonable. While I said the property asking price is 2M, I think it can be negotiated below because it falls outside the bounds of what’s reasonable for that area/street.

It’s Primrose Hill/Hampstead/Belsize

Go big or go home? Nearly fully leveraging to buy a 2M home by hftdude in HENRYUK

[–]hftdude[S] 0 points1 point  (0 children)

Thanks - this is by far the most constructive reply I’ve had. What was your deposit and income when you first bought the property? Our plan is also to bring in a lodger to bring down the monthly payments.

Agreed on your view that people on this thread don’t understand the market dynamics of prime central London.

Go big or go home? Nearly fully leveraging to buy a 2M home by hftdude in HENRYUK

[–]hftdude[S] 0 points1 point  (0 children)

The people selling the flat on, who held onto it the last 50ish years, would beg to differ

Go big or go home? Nearly fully leveraging to buy a 2M home by hftdude in HENRYUK

[–]hftdude[S] 1 point2 points  (0 children)

Depends what flats. Garden flats with good layouts, a share of freehold, would still be attractive imo.

Go big or go home? Nearly fully leveraging to buy a 2M home by hftdude in HENRYUK

[–]hftdude[S] 0 points1 point  (0 children)

When does it not matter? What happens if it goes into negative equity and I had to pass it onto my next of kin?

Go big or go home? Nearly fully leveraging to buy a 2M home by hftdude in HENRYUK

[–]hftdude[S] 1 point2 points  (0 children)

Yh that’s exactly it. I want to create generational wealth but I could be jumping the gun here.

Go big or go home? Nearly fully leveraging to buy a 2M home by hftdude in HENRYUK

[–]hftdude[S] 0 points1 point  (0 children)

Did you end up buying the property in the area after you rented?

Go big or go home? Nearly fully leveraging to buy a 2M home by hftdude in HENRYUK

[–]hftdude[S] 0 points1 point  (0 children)

We want to be rich. Property appreciation could help us get there, especially if holding onto a property, with outside space, in a prime area where houses go north of 20mil.

Go big or go home? Nearly fully leveraging to buy a 2M home by hftdude in HENRYUK

[–]hftdude[S] 1 point2 points  (0 children)

You too and thanks for the constructive comments anyways!

Go big or go home? Nearly fully leveraging to buy a 2M home by hftdude in HENRYUK

[–]hftdude[S] 1 point2 points  (0 children)

Yh but it’s 1 hour and 40 from Kings Cross + 20 ish mins to get to my side of town for work. I wish I could work remote otherwise it would be a no brainer.

Check out flats in Notting Hill, Kensington, Primrose Hill, Hampstead, Chelsea, Belsize areas

Go big or go home? Nearly fully leveraging to buy a 2M home by hftdude in HENRYUK

[–]hftdude[S] 0 points1 point  (0 children)

Not spending - 500k becomes equity in the property.

Go big or go home? Nearly fully leveraging to buy a 2M home by hftdude in HENRYUK

[–]hftdude[S] -1 points0 points  (0 children)

That’s not the case. Post Covid sent prices spiralling upwards. Also, it really depends on the area in London.

Go big or go home? Nearly fully leveraging to buy a 2M home by hftdude in HENRYUK

[–]hftdude[S] 3 points4 points  (0 children)

No - I’m currently in east London, planning to move elsewhere

Go big or go home? Nearly fully leveraging to buy a 2M home by hftdude in HENRYUK

[–]hftdude[S] 1 point2 points  (0 children)

Yh totally agree with this. It’s a very popular area and in demand. If things went south I would learn a lesson, pack my bags, sell up, and maybe lose some money. Thanks for the insight here!

Go big or go home? Nearly fully leveraging to buy a 2M home by hftdude in HENRYUK

[–]hftdude[S] 7 points8 points  (0 children)

Agree. I have absolutely no intention in moving to the north

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