Modernising a home cheaper than buying?????

Hijabee

Thanks guys for all your answers!

izzzzythedog

it can work but not always

a 150 thou house needing 30 spending on it is most likely to go for 100-110 , houses tend to get about a third off the expected retail after the rebuild costs , at 70 you would be quids in

things to consider are if you buy the house for say 100 and spend 30 on it the house is worth 150 , however its only worth that if you can sell it for that , its not helping if the house fetches 130 after trying to sell it for 2 years and having interest to pay on this , thats a big loss

when you buy the house you will still need somewhere to live , the work when done yourself will normally take 3 times longer than the trade so using trades people can speed the process up and save you money over all , paying say a grand on rent for an extra few months can be the difference between profit or loss , also the extra cost of tooling up to workj on the house is expensive as is hiring items

the quality of the finish will need to be very good if you aim for the ceiling of the road , its more than likely you wont be able to manage this on the bits that matter , anyone can lay a bit of turf so stick to these jobs and aim to help out the kitchen fitters for the experience

Hijabee

izzzzythedog wrote: »

it can work but not always

a 150 thou house needing 30 spending on it is most likely to go for 100-110 , houses tend to get about a third off the expected retail after the rebuild costs , at 70 you would be quids in

things to consider are if you buy the house for say 100 and spend 30 on it the house is worth 150 , however its only worth that if you can sell it for that , its not helping if the house fetches 130 after trying to sell it for 2 years and having interest to pay on this , thats a big loss

when you buy the house you will still need somewhere to live , the work when done yourself will normally take 3 times longer than the trade so using trades people can speed the process up and save you money over all , paying say a grand on rent for an extra few months can be the difference between profit or loss , also the extra cost of tooling up to workj on the house is expensive as is hiring items

the quality of the finish will need to be very good if you aim for the ceiling of the road , its more than likely you wont be able to manage this on the bits that matter , anyone can lay a bit of turf so stick to these jobs and aim to help out the kitchen fitters for the experience

Hi thanks for that!
Erm.. well im actually thinking of purchasing a upto £70,000 house and refurbishing it in the value of £30,000 but I would do a survey and things about the house first to see what needs doing.
Normally its furniture new kitchen, new flooring, new paint, things like that.
Im actually looking at living there myself. My own family home.

Hijabee

KateLiana27 wrote: »

Depends on exactly what it needs doing to it.

We are buying a house for £80K less than equivalent houses have sold for when done to a reasonable standard. We have had detailed written quotes for all the work needed (not much DIY for us) and it's all in at less than £30K (including extra rent while the house is done up). However we were very lucky - the house turned out to need no structural work, electrics were fine, etc. These "hidden" costs could easily have added tens of thousands to the bill and meant the house was not cost effective. But we didn't know this until we had the survey done, electrics fully checked etc.

So, it's much more of an unknown than a house that's "done", but if you're lucky you can get a good deal. Make sure you budget for a thorough survey and don't skimp in getting everything checked out before you commit.

Thankyou! I will make sure I do a survey!
Im looking at that type of thing as well.

Hijabee

The_Palmist wrote: »

Depends whats is standard of your modernisation. I will see this as more of adding a personal touch and character to the house rather than saving money. Like other posters have mentioned, you can always get estimates.

As rob said earlier, I would worry more about right area. You can always do a house up but you can not move it to a different location.

Hi yes, this is something that I need to look at, do you know any good websites that wil tell me about the location?

hazyjo

Hijabee wrote: »

Hi yes, this is something that I need to look at, do you know any good websites that wil tell me about the location?

Ask on here - someone always seems to know the area!

Jx