Buying a derelict Victorian terrace. Any help, advice, stories?

DVardysShadow

Just one thought which seems not to have been covered. Your focus is on the inside. Don't forget the surroundings. This house looks to have been a nightmare for the neighbours. Has it had a detrimental effect on the area? Has it attracted new neighbours who are pleased to live next to a wreck because they don't have to be tidy? Take a look on the usual sites to see whether the neighbouring houses have been sold recently.

And one more thought. I would feel inclined to go to the viewing for the most part to sus out the opposition and to get a feel from the EA what kind of price would get it pulled from auction. From that, you might be able to speculate the reserve price. My feeling is that it won't make reserve on the day - or if it does, it would sell at a price which makes it a complete heartbreaker for the person buying. I think you should only consider buying this if it fails at auction, and you buy it at a price which cuts in more value for you.

jfed

gingin wrote: »

So you think our budget wouldn't be enough, I hoped it would?

The dirt I can cope with, it will become my full time job until it is ready. We will live in our current house until it is habitable.

I will view it this week with an open but pessimistic mind.

Hi
I don’t really think anyone on here can give you an estimate of the budget for this project without seeing the house/details. Full survey by RICS just to check for major structural defects. And Highlight any areas to get quotes on. Are you going to be extending the property? If not you will not need an architect. Someone who can do plans will do e.g. a draftsman or Architectural technician this will satisfy planning officers and cost a fraction of the price. You will also need to decide if you have the experience to manage a project of this size or whether it might be more cost effective to get this done for you. Also several builders quotes for the work/materials will help you make a decision on budget.

gingin_2

DVardysShadow wrote: »

Just one thought which seems not to have been covered. Your focus is on the inside. Don't forget the surroundings. This house looks to have been a nightmare for the neighbours. Has it had a detrimental effect on the area? Has it attracted new neighbours who are pleased to live next to a wreck because they don't have to be tidy? Take a look on the usual sites to see whether the neighbouring houses have been sold recently.

And one more thought. I would feel inclined to go to the viewing for the most part to sus out the opposition and to get a feel from the EA what kind of price would get it pulled from auction. From that, you might be able to speculate the reserve price. My feeling is that it won't make reserve on the day - or if it does, it would sell at a price which makes it a complete heartbreaker for the person buying. I think you should only consider buying this if it fails at auction, and you buy it at a price which cuts in more value for you.

You are right. As for the area, it is becoming increasingly more yuppified. This is one of the more honest streets. I can imagine that the neighbours will have found the house a nightmare and the surrounding houses all look well established. It's not a crime hotspot. I already agreed with OH that I might knock on the neighbour's door prior to making an offer and see what reaction I am met with ( I am female and approachable - I hope that works). The street has it's own website, annual street party for charity and 2 great pubs.

I can't wait for the viewing, I will be taking along an entourage for a second opinion and plan on staying the whole hour.

The auction/ price thing is where I am a total novice and will definitely be back for advice if we go that far.

We are basing our budget on it selling at £50k over listed price. I said we are pessimistic. Any less then great.

clutton_2

""whether it is a good roof only a surveyor can tell me"" - no a ROOFER will be able to tell you a great deal more - a good roofer can just look at a house from the outside and tell you what is wrong inside and how long he thinks it has been going on.. a surveyor is a jack of all trades...

if your roof aint right and your house not water-tight.... ... all the money spent inside the house will be money down the drain....

you see... your research into WHO to use.. is only just beginning....


""plan on staying the whole hour."" - what will you be looking for. ?


""We are basing our budget on it selling at £50k over listed price""

- sorry to be apparently negative here...

but your budget should be based on WHAT YOU WILL SPEND TO REFURBISH THE HOUSE - not what the house is, was , or will be worth in the future.......

and you will not know what you will spend until you consult some professionals.. and up to now - you dont seem to hav e done that ...

please forget everything you saw on Beeneys programnes, these shows do not show all the hard work, research and heartache you will encounter until the day you walk in with the builder, nor do they EVER list the expenses you will pave paid in the buying process (survey fees, auction fees, sols fees, finance costs, utility reconnection fees, architects fees, on and on it goes - let alone the builders bill for the refurb fees.....

sorry - but i really think that you are going into this with eyes wide shut at the moment

gingin_2

Thanks for making that CLEAR Clutton. I do think you have misinterpreted a lot of what I have written. Why should I consult professionals when I haven't even been for a viewing? As soon as we take a serious interest in it, of course we will and take any advice given and walk away if needs be.

hethmar

Im always amazed when Beeney says, "Ive had builders in and they can replaster the whole house for £3k" Where on earth does she find these people and prices!!

At least you say you will be living outside the place because I can tell you, many a relationship has broken up during a house renovation when they have to live in the dirt and mess 24/7.

Dont forget to budget in any costs like having electric overhead wiring moved (£600 for moving it 3 feet in our case - something we had not budgetted for). Ditto water, drains etc.

Oh and the estate agent probably didnt mention the loft with the velux because it is well likely to have no planning permission or be suitable for living space.

hethmar

Have I followed that you have £150k cash to spend on the renovations alone, on top of first purchasing this house - and its a 2 bed victorian terrace? You must be in an expensive part of the country

gingin_2

I think it would have been a 3 bed with a bathroom downstairs. £150k is what we would hope we could spend on refurb, contingency would allow for £175k without stretching and that is if we paid our max price of 50k above listed price, it would be great if we could get it for less. I was just trying to put the feelers out as to whether this was realistic. If we got it for that and spent that I feel it would be in line with similar refurbed properties in the area (not that it matters to us)

You are right about the loft, there seem to have been no planning permissions granted.

clutton_2

gingin - something that amateurs, (forgive me, but i think you are,) always fail to realise is that if you are to do-up a property from an auction purchase, (and make a profit if you are a developer) you will have to spend a fair chunk of money by buying expertise Before you bid at auction if you are to buy the property at the right price.... you need to have the Legal Title investigated before you bid - or you could find yourself not the true owner, or having restrictive covenants; you need to have consulted a surveyor to see if it is about to fall down; a builder to produce a detailed Job Spec; maybe a Quantity surveyor to guesstimate refurb costs..... all these before you have even bid at auction. .. and then you may not be successful

if you dont know how much your refurb is going to cost before you buy, you wont know your maximum purchase price in the auction room....

gingin_2

I have never pretended not to be an amateur, Clutton. No forgiveness needed. MSE was one of my very first starting blocks before even viewing the property. You have no idea of what our plans were pre-auction, nor do i need to defend them.

I can't help feeling you have formed a pretty narrow minded and definite opinion of me and have made all sorts of assumptions which seems bizarre given the very small amount of information I have given.

I was hoping that by posting and updating, this could be something I could share and gain from and maybe help others, detailing the good and bad if I were to buy but I can't help feeling that already without even getting in my first viewing, I have been doomed to fail and the smug scorn has begun before I have even started, so I will respectfully bow out of this topic now.

For the final time, I have not even been through the door.

Thanks to the posters for all the advice, positive or not.

Gingin (maybe a homeowner, maybe not)