Ideas please (as many as poss)

looloo1

Hi, any input would be appreciated , any sarcasm please keep to yourself. property i am interested in is in leicester area it sold for £325k 3.5 years ago needing modernisation, habitable (just) , since then it has stood empty and had druggies in (stripped bare) kids wrecking it and a fire upstairs (no roof damage) all windows and doors smashed i am thinking of buying to do up 1-2 year project . as a general idea and i know its difficult but ANY input would be nice. providing the shell is sound what do u think would be a fair price to pay in todays market considering condition ,without offending potential sellers btw it is not being marketed i called round and asked if they want to sell as they were doin a bit of a tidy up, they are hinting they want what they paid but would sell....thanks everyone

Colincbayley

First point of call, do a search on www.hmlr.gov.uk and track down what they paid for it.

2nd, be polite with any first offer, but go in low, you can always increase it but will find a hard job reducing an offer.

3rd, Check, check and double check ( 3 times ) all your figures for the renovation then add more to it. ( It will take longer and cost more than you think )

Enjoy the project.

Fire_Fox

If you buy a shell at least you know what you are getting, however this property is unlikely to be mortgageable - I am guessing all the copper piping has been stolen? Think carefully about doing the house up over a couple of years, if you leave it empty there is a high risk of the house being vandalised or stripped again. I would factor in the costs of securing the outside with metal grilles during the renovation.

clutton_2

Hope you are a cash buyer - doubt you will get a mortgage...

silvercar

Ignore what the sellers want, what is it worth?

Colincbayley

clutton wrote: »

Hope you are a cash buyer - doubt you will get a mortgage...

Pre-Credit Crunch there was a lender I used for a self-build project, that would also lend for renovations. The LTV was not great, nor was the interest rate. The mortgage was on the value of the land and not the shell.
For the life of me I can't remember who the broker was ( Will look it up and re-post if of any interest )

looloo1

Colincbayley wrote: »

Pre-Credit Crunch there was a lender I used for a self-build project, that would also lend for renovations. The LTV was not great, nor was the interest rate. The mortgage was on the value of the land and not the shell.
For the life of me I can't remember who the broker was ( Will look it up and re-post if of any interest )

that would be very kind of u cheers.....

Colincbayley

www.buildstore.co.uk

Do bear in mind, I used them 3 - 4 years ago and the whole market has changed since then. Saying that, you have nothing to loose by having a look.

clutton_2

lisa orme is a fabulous mortgage broker.. if there is money to be found - she can find it.... google her ....

RAS

Ecology Building Society, they offer on refurbishment - staged payments.

Doozergirl

What do you think it should be worth? If you think this is a project for you then you should be very clear on what the full value of the property might be and how much it will cost you to fix. Without meaning to be offensive, you need to do some serious research if you think that asking on here is going to help. We can't possibly guess what it should be worth now, in the future, how much it might cost to fix etc.

Frankly, if they want what they paid for it and it is in a worse state than it was 3.5 years ago then they are deluded. If people don't have a property on the market it's because they're not all that keen on selling it; people that can let property get into that kind of state can generally afford to let it be like that.

I doubt there's a deal to be done anytime soon that will be to your benefit.