How much should I add on?

spirit

I've seen a house I like. The family is selling it as their parents died. It needs total modernisation, kitchen, bathroom, electrics, boiler and the old lean to conservatory needs replacing.

Location is lovely and done up the house will be superb. But how much money should I allow for the modernisation? It's on for a really low price - to take some of the work into consideration I guess. It's on for £179,950 (a 3 bed semi). the last one to be sold in the road - in April 08, went for £225k

Colincbayley

spirit wrote: »

I've seen a house I like. The family is selling it as their parents died. It needs total modernisation, kitchen, bathroom, electrics, boiler and the old lean to conservatory needs replacing.

Location is lovely and done up the house will be superb. But how much money should I allow for the modernisation? It's on for a really low price - to take some of the work into consideration I guess. It's on for £79,950 (a 3 bed semi). the last one to be sold in the road - in April 08, went for £225k

The cost will vary a heck of lot depending on if you do the work yourself or not.
If you can do the works yourself, then;
Kitchen £1000+
Bathroom £500+
Electrics £?? anyones guess without looking at it
Boiler £2000 ( if just the boiler
Conservatory, you can pick up for £2K, but could also spend £30K if you wanted.

Why not get some trades in do give you a better idea?

Dr.Shoe_2

How long is a piece of string?

Yes, you can get a cheap kitchen for a grand but you will be better off getting a decent one straight off the bat. The same applies to the conservatory, it doesn't pay to cut corners. You can probably get a decent boiler for about 500 notes and rewiring shouldn't cost any more than 2K tops.

By spending £30,000 you will end up with a house worth £200,000 for a cost of £110,000.

Even if you get tradesmen in to do the work you will still be quids in. Don't forget to have a good look at the windows, they can be the single costliest part of the project if they need doing.

Fire_Fox

Why not get a builder out to give the house a once over and an estimate for the work?

PasturesNew

The difference between £80k and £225k is SO great I'd be wondering why .....

You can transform a LOT of space for £50k, so it makes you wonder why it's not on at double the price.

Maybe there's more wrong with it than you think - or the other houses in the road are significantly different to it to account for the variation in value.

g_attrill

I would agree that it sounds extremely low - the houses I've seen needing modernisation aren't priced much below what it would actually cost (retail), meaning that to make a profit you would need to be in the trade or DIY and make a small margin.

spirit

PasturesNew wrote: »

The difference between £80k and £225k is SO great I'd be wondering why .....

You can transform a LOT of space for £50k, so it makes you wonder why it's not on at double the price.

Maybe there's more wrong with it than you think - or the other houses in the road are significantly different to it to account for the variation in value.

ooops, silly me, typo I should have put £179,950

spirit

g_attrill wrote: »

I would agree that it sounds extremely low - the houses I've seen needing modernisation aren't priced much below what it would actually cost (retail), meaning that to make a profit you would need to be in the trade or DIY and make a small margin.

Hi g_attrill,

I am not fussed about making a profit since it will by my home rather than an investment.

BitterAndTwisted

Get a decent builder round to price up what needs to be done. If it's going to cost £35k then I don't think it's worth the aggro if there's even the slightest possibility of buying another home in the same street for only £5k more

Fire_Fox

Doesn't sound like there is much profit in it - not sure you can get everything you want for £40K.

sunshinetours

I disagree - I think if you are looking at a home rather than an investment this is exactly the sort of property you can take at a good price and then improve on by extending etc

Asking price is £180k so if you can get it lower and then for arguments sake spend £40k including a single extension rather than conservatory you may create a house that is worth over what you have paid.

Bottom line is noone can tell without seeing it so get a builder in and get some quotes quick and base any price for the house around that