House Renovation

[brainbug007]

Well it's on for 150k but it sounds like they're going to send it to auction. It's a detached 3 bed with a big plot and the other detached houses on the street go for 250-350k. It's more that it would probly end up costing 250-350k to buy it and then rebuild Here's the link for it http://www.rightmove.co.uk/property-...-35144798.html

[rapidtornado]

as Kev mention subsidence is disaster area... even if you get it sorted you'll have a nightmare convincing the insurance companies that all is well... rip down and re-build or walk away would be my 2 pennies worth

[ozzy1]

Unless you feel confident to do alot of the work yourself and then put up with organising tradesmen that dont turn up and escalating costs i would RUN and go buy a house for the 250k that doesnt need any work.At least you wont have to put up with 2 years of renovations

[rapidtornado]

looks like the garden path it like grave stones, this is prob due to the subsidence issue and good indicator of what lies beneath....

[vmax1974]

After seeing the link run away run away as fast as you can

[brainbug007]

ya totally, if it didn't have subidence issues i might have been tempted as thought you might be able to budget 30-50k to do the inside up nicely and have a really good house for much cheaper than what they go for around here.

[Locky]

Also, which i am suprised no one has picked up on is that if it is that old and in need of renovation, its probably riddled with asbestos, ceilings, walls, tilies, plaster, artex, cement, paint, you name it, asbestos was in it so an asbestos survey is a must on a renovation.
Good luck with it all.

[robo]

Originally Posted by brainbug007

Well it's on for 150k but it sounds like they're going to send it to auction. It's a detached 3 bed with a big plot and the other detached houses on the street go for 250-350k. It's more that it would probly end up costing 250-350k to buy it and then rebuild Here's the link for it http://www.rightmove.co.uk/property-...-35144798.html

Seems like a bargain , a decent flat around here is twice that.

http://www.rightmove.co.uk/property-...?premiumA=true

And that is to live in a rabbit warren type complex. Go for it.

Bob

[ayjay]

You mustn't let your heart rule your head
Most of these type of property are worth the effort only if the purchase price is right.If you buy it, spend a fortune on it and at the end its only worth what you would have paid in the first place for it in good nick then its a big waste of time.
If you pay 150k for a place ,spend 50k on it and then its worth 250k then its a different matter.
You need an idea what needs to be spent ( then add 10k!) work out the max you would pay at auction to leave yourself at least 20k profit margin. If it goes past your max at auction walk away remembering that some poor bloke has bought a great big millstone for themselves.
It makes me laugh when you see the house developers on TV.They spend 2 years working full time to do a refurb earning no money then when it sells for 10k more than they spent they call it profit
The house in question looks reasonably straight. Look at the tops of door casings if they are horizontal .Look at lintels above windows from outside have they dropped out of square . Any cracks or lumpy bits in floors,damp patches in ground floor walls etc.
My advice would be if you would have to pay someone else to do all the work then walk. If you are capable of doing some of it yourself and the confidence to get the trades in as sub contracters then if the price is right go for it.

[brainbug007]

Ya we're going to walk away from this one. If it didn't have structural problems that would have been different. It was more that for 200k around here you only get a crappy shoebox new build and I'd hoped I could get this for 150k and spend 50k and end up with a house that was much bigger inside and had a massive garden (we've got ducks & chickens and are into growing veg) compared to the crappy new builds.