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Estimated costs
dazeruk
Posts: 313 Forumite
Backgound
Been looking for a house/flat to buy in London.
I've managed to save £55,000 and have been told by a mortgage broker I can get a mortgage of around £193,000
Until recently I've only been looking at 2 bed flats as these were the only properties that fitted my budget.
However, I've now seen a 3 bed house in the area I've been looking going for £187,000. I've made an appointment to view the property, though the estate agent has warned me that the house needs a lot of work doing to it.
If I took out the maximum mortgage based on LTV of 80%, then I'd need a mortgage of £150,000 and a deposit of £37,000. This would leave me with £18,000 to do work on the house.
So what can I do with £18,000?
I'm not sure how to estimate how much work would cost.
For example installing double glazing, electrical rewire, new boiler, new kitchen.
Does £18,000 sound like a big enough sum to cover these costs?
Been looking for a house/flat to buy in London.
I've managed to save £55,000 and have been told by a mortgage broker I can get a mortgage of around £193,000
Until recently I've only been looking at 2 bed flats as these were the only properties that fitted my budget.
However, I've now seen a 3 bed house in the area I've been looking going for £187,000. I've made an appointment to view the property, though the estate agent has warned me that the house needs a lot of work doing to it.
If I took out the maximum mortgage based on LTV of 80%, then I'd need a mortgage of £150,000 and a deposit of £37,000. This would leave me with £18,000 to do work on the house.
So what can I do with £18,000?
I'm not sure how to estimate how much work would cost.
For example installing double glazing, electrical rewire, new boiler, new kitchen.
Does £18,000 sound like a big enough sum to cover these costs?
0
Comments
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Yes.....You could do the most important first...the rewire. Then slowly do the rest as and when whilst saving as much as possible.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0
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