Need to completly renovate a bargin property.

jinx_uk_98

Hi all,

We (me and the wife) have been incredibly lucky and been offered a large semi detached house for £40k. The house is perfectly habitable (and has been until recently) however given the bargain price we can pick it up for we'd like to do quite a bit of work to it.

In short we'd like to complete renovate it building extensions, knocking down walls, re-plastering, maybe a loft conversion, new kitchen, new bathroom. etc....

Now the problem I have is that I have absolutely no idea where to start with this.. Obviously builders and architects will need to be involved but I just dont know when... Do I get the archetict in 1st, draw up all the plans etc.. then get a builder in or could a builder do everything?

Would it be best to get some sort of project manager to do all this as we really only want to make the decisions and do not really have time to be chasing up builders, plumbers etc......

sorry if that sounds a bit naive but really have no idea.

All the best
Kev

lincroft1710

Unless it is being sold to you by a relative, the first thing I'd try and find out is why is it so cheap? You can't even get a second hand mobile home where I live for that price!

jinx_uk_98

lincroft1710 wrote: »

Unless it is being sold to you by a relative, the first thing I'd try and find out is why is it so cheap? You can't even get a second hand mobile home where I live for that price!

this. Father in law want to help us on our way

CLAPTON

what sort of budget are you talking about?

Doozergirl

So, to actually try and answer your question rather than start questioning you...

I'd get an architectural technician in first of all. Onceyou have decided on exactly everything you plan to do then it's easier to get accurate quotes rather than expecting builders to wave their finger in the air - plus no doubt you will change your mind before the plans finally go down onto paper so it's good to have a definite idea of what you want before you even start!

If you plan to do nothing in the way of work then it's definitely plans first for the builder to work to.

Gwhiz

If it's under valued are there any Stamp Duty implications?

Cissi

Gwhiz wrote: »

If it's under valued are there any Stamp Duty implications?

I would have thought possibly yes, but if the OP qualifies as a FTB they should be ok? I'm assuming the market value is well below £250k!

However, if the FIL was to pass away within 7 years there would probably be inheritance tax to pay? Also, I'm thinking this may have implications if FIL ever needed to go into a home? Not sure if there are time limits on "asset deprivation"?

jinx_uk_98

thanks for the info guys.

Interesting reading on the under valuing, I'll have to look into it.

Cheers
Kev

far2812

I have recently bought a property which needed completely renovated. I got 3 builders in - they all had different ideas and different quotes. And best of all - they all knew, electricians, plumbers decorators etc.

I decided on one - and am thrilled so far - 6 days in and most of the work is done! 5 guys in the house a day! brilliant!

I got my builders through mybuilder.co.uk - I wasn't too sure at first but all of them were very professional and I was very impressed.

VIGILANT22

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http://www.ageconcern.org.uk/AgeConcern/Documents/FS40Deprivation_of_assets_in_the_means_test_for_care_home_provision.pdf