Best order/choices for house refurbishment?

jhawker

2 years ago we bought the 3 bed house we rented (Peak price I know, doh!) as the owners would have sold anyway and we did not want to move the kids. Not to sob but their mum had not long died so a bit traumatic. The house is in poor condition decoratively and has had several bodge jobs as a rental property (terribly fitted bathroom, exposed plumbing in kitchen, weird boiler in kitchen cupboard that feeds a tank in the bathroom where it gently cools down again!), plus the roof is original and unlined (1908 terraced in Plymouth, solid walled.) BUT it is an amazing house, big spaces, some original features and opposite a big park. Problem is many fold...

The "third" room is very small, and we have 3 kids so two share one of the larger rooms while one has the box room to herself.

So we need to :
1. replace the boiler with a combi somewhere;
2. Refit the bathroom minus the HW tank which we can then remove (see 1)
3. Convert the (big) loft to two bedrooms, with possible dormer ext to rear
4. Add a downstairs loo (space is already there in the form of an unused passagway ( conveniently below current loo) that was the back/side door passageway but is not used anymore as the kitchen was extanded inc new door.

We do have access to some money via compensation for the death. We want to spend it wisely but have no experience of house ownership or lots of money.

We also only pay interest only as the purchase was way more than we would have liked, so am concerned about possible int rises and best use of the cash we have (Pay off some mort? Buy a bigger house? Keep it to pay bigger repayments?)

What a lot :rolleyes: ! I hear you say, yes I spend a lot of time thinking about this ..can you spend a little for me please?

Thanks