28 Apr 2019 39 comments

Sharing Some News…

Our big news…


We bought a new flat!


I kept saying that this year would be the year I took on another interiors project, although to be completely honest I’ve been looking at new places since around the middle of last year. 
I found a flat that I liked the look of but I wasn’t quite ready to make an offer, and before long it was snapped up.

At the start of the year I finally got myself more organised and started seriously looking, and on one of my searches I came across the flat I saw last year back on the market. The sale had fallen through, which seemed like fate to me, and so I booked an appointment to go and view it.

It’s been five years since I bought our current flat, I was 23 at the time and didn’t know what I was doing – but it worked out right?! I tried to keep that same mindset – everything can be changed. The sale went quick, I think the offer was accepted at the end of February, and the date of entry was five weeks later.

Like our current flat, I viewed the new flat once and didn’t see it again until we had the keys. I’m not sure if this is a Scottish law but you can’t view that flat until the missives have concluded and by that time, you may as well wait until you have the keys.

Originally I planned to just renovate the flat slowly and share the process on here, and then rent it out when it was finished – so I went to the viewing alone. Jordan said he might nip out but in the end the coffee shop was too busy! Luckily he trusts me…
I know what I want in a flat so it was a quick viewing – the windows were double glazed, the home report didn’t hint at any issues, central heating and a boiler were in place, it had the original features I love so much. I could see all of that from the brochure, so I just had a quick look around. I knew I was going to change it all inside anyway!

Once our offer had been accepted, I started to think about what I’d change and Jordan wanted to be involved – we usually do these things together but the coffee shop does take up a lot of his time, and I’m definitely the more proactive one!
He liked the idea that it had an extra bedroom, and he offered up the idea that maybe we could move in there and rent out our current flat instead. I warmed to the idea and since then we’ve been thinking that maybe we will live in it, although that could all change! I’m in two minds at the moment, I love our current flat so much more but that might change when we make a start on the renovations.

I thought I’d talk a bit about getting a mortgage while it’s fresh in my mind. I would usually shy away from talking about money (oh wow, I’m so British!) but I think it will be helpful, and I’m trying to be more honest and personal on these pages.
I’ve been self-employed for a while now; I was a business first and then I went back to being a sole trader for a few years and now I want to switch back to being a business, but I had to wait until we got a mortgage before I could make the switch. I have over three years of accounts as a sole trader, and my accountant gave me the details of a financial adviser that would help me invest in a property. It’s always been my plan to own another flat, so I’ve been working towards this and saving for a while.

It’s probably worth noting that Glasgow property prices are a lot cheaper than say Edinburgh and London, the average price of a flat in Glasgow is probably around £150,000. We’d saved up a deposit, but ended up needing double what I thought as our mortgage is a buy to let mortgage since we didn’t plan to live there, which requires a higher deposit. We also offered over the value (which is standard where we are, flats go like lightning) so need to pay the difference on top of the deposit.
AND THEN we have something called Additional Dwelling Tax in Scotland – it’s tax you pay on any additional properties. I think it worked out at around £7000, which is not ideal but I knew we’d have to pay it so it wasn’t a big shock and I think (hope!) it will be worth it in the long run.

So yes, it was expensive… and I haven’t even got to the renovation part yet! But it’s an investment – hopefully within a year it will be done, we will have some rent coming in and eventually we can sell it at profit and buy our forever home when we’re ready, keeping just the one flat to rent out – because I am not paying that additional dwelling tax again!

The buying process was relatively easy, it took around five weeks but I wasn’t stressed at all. I remember feeling so anxious when we bought our first flat, but second time round I was way more chilled. The flat was empty (the sellers never lived there, it’s always been rented out) and we don’t need to sell our flat so it was pretty easy breezy start to finish.
We had a really good mortgage adviser which made a big difference, we were kept in the loop the whole time and he really made it work for us self-employed folks. If you’re local to Glasgow, they’re called Bricks and Mortar Mortgages – not an ad, just a recommendation.

And now here we are, with the keys ready to start a new project! I plan to rip everything out – the kitchen, the bathroom, the floors. I want to have a shell! I want to put new flooring throughout (except for the kitchen and bathroom, which I’ll eventually tile), have the walls replastered and the wood repaired but leave it unpainted for now.
Then I’ll start to design the kitchen and bathroom.

Like I said, we’re still not sure which of the flats we’ll live in and which we’ll rent out, but I want to have some fun with the renovations and work on a project that isn’t so personal to me. I think I’ll be a bit more daring if I know I’m not going to live there!

I hope to share a lot of the makeover on here, as well as my KLVhome account – I think I’ll use stories and highlights to keep up to date with what’s happening, so be sure to follow along.
Are you excited about this next chapter?!

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  • Faye

    Wow! This is amazing news Kate! Congratulations on this next chapter in your life. I’m so so excited to see what you do with it and also really looking forward to your updates!

    Faye x
    http://www.laviedefaye.com

    • Hey Faye, thanks so much for your lovely comment! I’m looking forward to documenting the process and sharing as much as possible with you! x

  • kforkarli

    Well done! How exciting!!

  • Lisa Autumn

    Ahhh so exciting! Can’t wait for home updates!

    x Lisa | lisaautumn.com

  • Kate

    Congrats Kate! Am looking to buy my first property in the next year. So excited for you and cannot wait to see all the reno progress
    xxx

    • Hey! Oh that’s brilliant news, good luck! Thank you so much. X

  • Kelly Glen

    Congratulations it looks like a really nice flat. I hope you will share some of the work you do to it on here as it will be interesting to see what you decide to do to it.

    • Hey Kelly, thank you. I’m so excited to share as much as I possible can and I can’t wait to get stuck in! x

  • This is so exciting! I would be over the moon if I were you (I assume you are). I won’t be buying a property anytime in the next couple years, but who knows, maybe in 3 or 4… I will keep using your posts as inspiration in the meantime 😀

    xxx
    Isabel
    https://isabelstories.com/

    • Hey Isabel, thanks for your comment. I am ecstatic to say the least! Thank you, I’ll be sure to share as much as possible to help! x

  • Katie

    Ahhh Kate this is so exciting – and such perfect timing! My boyfriend and I just got our offer accepted on our first flat in the Southside of Glasgow last week, and we’re right in that anxious mortgage application phase…your advice makes me feel so much calmer. It’s a real fixer upper (no central heating, hasn’t been lived in etc!) but it’s in a lovely close and has some beaut original features – we plan to rip out the nasty kitchen, carpets etc. and make it our dream flat! Definitely going to take some time and TLC but after years of renting I am SO excited to finally renovate a place! Can’t wait to see your progress for inspiration 💕

    • Hey Katie, how exciting! Sounds like another really great project. Just remember to take plenty of steps back to reflect on how far you’ve come – it really helps get through the difficult parts! Good luck with it all! x

  • Congratulations! This is so exciting – I love seeing home renovation projects x

    https://www.emmalisa.co.uk

    • Hey Emma. Oh me too! So satisfying haha! x

  • This is absolutely amazing and very exciting! I love your interior style so I’m looking forward to seeing how you’re going to decorate this flat.

    Antonia || Sweet Passions

    • Hey Antonia, thank you for your lovely comment. I’m also very excited to see how it all comes together! x

  • Wow, congratulations! I am so happy for you and can’t wait for all the interior content, yay!!
    Xx
    http://franzireith.com

    • Hey Franzi. Thank you for your comment and so glad you are excited! x

  • Ahh so so exciting – I can’t wait to see what you do with it! I’m such a sucker for period features too! Those ceilings!! x

    http://www.stylepetal.co.uk

    • Me too, I fall in love with the character despite their age! x

  • How exciting! I can’t wait to see what you choose for the interior design bits. Congratulations to you & your significant other!

    Deanna | luxandvitae.com

    • Hey Deanna. Thank you so much! I’m bursting with ideas right now and can’t wait to put them into play! x

  • Congratulations! How exciting! I can’t wait to see how you decorate your new flat!❤️

    Arianna | Southernbelleforever.com

    • Hey Arianna! I am so excited too! Stay tuned…! x

  • That’s so exciting! I can’t wait to see what it will look like. X
    https://www.thoughtsinstyle.com/

  • Caroline

    This is some exciting news! I am looking forward this journey of yours and I can’t wait to see the first results of the renovations. I’m 100% sure the flat will look lovely!

    Have a lovely day x

    • Hey Caroline. I’m also so excited! I can’t wait to experiment with new colours and textures! Having a blank canvas to work with is the best feeling! x

  • oh my, congratulations. I can’t wait to see what you will do with this flat. Its also such a great investment and I’m ready for all the renovation content.
    ❤︎

    http://www.elenaisabelle.com

    • Hey Elena, thank you for your lovely comment! You’ve got me all excited too! x

  • Karama by Hoda

    This is so great! I am so excited for you! Can’t wait to see more home inspo!

    xoxo, KaramabyHoda.com

  • Congratulations <3 🙂 I'm so happy for you!

    XO, Elizabeth T.
    http://clothestoyouuu.com

  • What a super exciting project Kate, very happy for you – heres to a new chapter!

    Lucy | Forever September

    • Hey Lucy, thank you so much. So excited to make a start! x

  • Natalie Redman

    Congratulations on the new flat!

    http://www.upyourvlog.com