Buying a House with major renovations needed

rlfan82

...anyone got any tips on moneysaving? and when NOT to money save

Thanks

marcg

Err, don't do it?

Seriously, unless you have firm offers of free skilled labour, don't do it - the £40k you'll be spending (or whatever) comes out of your salary/savings, not as an extra on the mortgage. Most likely you'll be able to buy a similar house in better condition for the additional money.

downshifted

We are just doing the same. This is what we hope will be our forever home and I want it to be just the way I want - my choice of kitchen, bathroom etc. We hope to stay longer than any previous home (we have averaged 3 years per property). We plan to buy quality fitments for what we will use every day - taps and light switches for example - as they get lots of use and will irritate if not good quality. I won't be buying granite work surfaces for the kitchen though - just too expensive for both our budget and the overall value of the house. We will do as much as possible ourselves - but we are not professionals, just amateurs and need professional help with building works, electricity and plumbing.

Let us know how you get on - I am just starting a blog!

kmmr

Do it! I love renovating, but it's not everyone's cup of tea.

Get an architect. No question about that. Get a nice one that you trust, and see 4 to get quotes. They are expensive, but will save money in the long run. I got mine through a builder, so he works for me part time around his job, which makes him much cheaper. So, get a handful of builders around, and ask them for advice, and if they can recommend an architect.

Take the time to write a good scope of work, and get a fixed price from a builder for the work.

All sounds good huh?! Well, I will tell you in three months if it was all worth it! I have done all this, and have builders starting next week, so lets see if it goes as smoothly as I hope.