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

hethmar

If you have £150k alone to spend on the refurbishments Id have thought that was well enough on a smallish terraced house. Im just amazed how much spare dosh you have as a first time buyer!Best of luck whatever you decide.

ManicMum

Hello

I didn't have time to read all the posts so sorry if you have already mentioned? I take it you have children. I don't know about you, but I can't get anything done other than the basics pretty much. I have been in this house for 2 1/2 years and still not got all the decorating done. Don't forget all the school runs, clubs, shopping etc that has to be done. Not trying to patronise you as sure you aware of your daily routine! We haev thought about such things but it's just not worth it at the moment with small children. I would say I was organised too but there is a limit. Also there is the emotional toll. My husband has been trying to do up a car for over 6 months and the amount of arguments that has caused, I can't tell you. Let alone a house. So,think very carefully and good luck.

patman99

One advantage, PP is in place until 2011. All you need to do is put-in a section of footings for the extension, and as far as the council is concerned, building has commenced. You can the take as long as you want tobuild the extension without habving to worry about re-applying for pp.

My workmate got pp for a 2 storey side/front extension with garage 30 years ago, he only ever built the garage and porch, however, the pp for the extension is still in place, so he can finish it whenever he wants.

clutton_2

gingin you came here asking for ""Any scare stories and/or positive ones and any advice would be great. Or any warnings of a worst case scenario.""

you have had those in spades from several posters, including me, who have taken a lot of time to share their own personal experience with you....

clearly these were not the answers you wanted to hear... but please, even tho you have gone off in a hissy fit, please re-read this thread, there is a lot of good advice on here for you......

no-one is saying you are doomed to failure, but a lot of people are trying to demonstrate the enormity of the challenge you are taking on.....

good luck.. if you do buy at auction, i am sure everyone will be most interested in the progress towards dream home....

pie81

Hi Gingin

Sounds like you are looking in a similar area to us (London).

We have also seen a couple of "wrecks" that we considered buying. We thought it could be a good idea for the same reasons as you - get to have it how you want it, headline price is very low compared with better presented properties, have a place to live whilst work is done, etc. (In fact, are you sure you aren't me? )

Problem is, we found we were always going to be outbid on the wrecks by property developers/builders. They can always do the renovation work more cheaply as they don't have to pay the builder's profit margin. So they can buy the property at a higher price and still end up at a reasonable re-sale price.

If I'm right about thinking you're in London, I also think your budget for the refurbishment is too small if it is to include absolutely everything "down to the last doorknob". I would reckon on £200k plus. My guess is you will end up spending considerably more on buying this place and doing it up, than you would buying somewhere "already done". Especially once you factor in renting while you do the work. That may be worth it to you in order to have it exactly how you want it, but you won't get it back on re-sale.