Need Advice on Hefty Home Repair Bill

okerho

Hi,
My wife has recently inherited an old family home, unfortunately it is in a great deal of disrepair.
I have asked some local builders for some quotes, the average total reparation cost comes to around £60-70k.
I just wanted to run the quote past someone and see if these figures sound about right.

Heres a quick overview:
Its a 3 bedroom semi 1930s home. Its in poor structural and cosmetic condition, furthermore it requires full modernisation including: windows, drainage, plumbing, & electrics & removal of asbestos in ceilings.
There seems to be a great deal of rot and water damage that was visible after we removed the wall paper and carpets.
Furthermore the extension is in disrepair. The flat roof is leaking and ivy has penetrated the walls.
I don’t know too much about these types of houses but from what I understand many were built in the UK between the wars.

My concerns:
The total seems like a lot, but at the same time it has not been looked after or lived in for many years.
Do the quotes sound excessive?
Its it even worth doing all the work?
Shall I just sell the property as is?

I would really appreciate any advice.

tucbiscuit

how much would you estimate the value of the property as it is? how much would you estimate it to be after being fully renovated? what area is it in? is it desirable?


you never know it may be worth bunging it in an auction as developers may want it

munkypuzzel

It could be a fair price, really depends on what is included. For a proper refurbishment of a three bed semi, it is quite easy to spend 30K+ on just materials. Decent windows/doors cost a fortune, kitchen, bathroom.. Then of course Labour costs are not cheap for decent tradesmen..

If you are going to spend tens of thousands for refurbishment ensure you have a very detailed statement of works detailing what is to be repaired/replaced before accepting a quote.

munkypuzzel

Also, as tucbiscuit says, it may be worth just selling as is. I am amazed at the prices that run down houses make. If you are just interested in selling, you would probably acheive more by selling in a state of disrepair.

There are many owner occupiers that will buy a run down house to 'do up' at not too much below 'good condition' prices in this area (London). They seem happy to diy, ie: zero labour costs for very little profit!

Unless you are going to add serious value by extending etc, may be worth selling as is.

27col

If it is as bad as your description suggests then selling "as is" seem to be a good idea. Certainly worth putting a toe in the water to find out. When I bought my first house I was specifically looking for one that I could do up myself. I am sure that lots of would be property developers are looking to do the same.

Doozergirl

The house if it is as bad as it sounds with rot and ivy ingress then the house is not mortgageable in it's current condition.

I'm interested to know the sort of final value - what sort of area is it in? A full time developer would be able to fix the house with a lot less money than you. The extension sounds like a big concern, it might be better taking it down and possibly rebuilding. If it has rot then you will need to take the house right back to the brickwork and start again to ensure you've got all of it and to stop it from reoccuring. Wehn you do that then you enter the territory of insulation etc having to meet current building regs. It's a mammoth job that is going to be full time for someone. If you are not au fait with property then I wouldn't start with a house like this!

I'd simply advise selling it as is. The quote for a builder to do it all for you sounds pretty accurate if there is a lot of work - he'll also want to cover his back on 'priced' work in case of any surprises.