Viewing a "wreck" tomorrow - help & advice needed

zareer

Hi all,

I am going to view a property described by the agents as a wreck of a house. The particulars say that the rook leaks, the plumbing is historic, there is no electricity, damp problems etc.

But, it is in a great part of London, there is potential to add a third floor (STPP of course, but other houses on the street have 3 floors) so lots of potential. i should say i am looking at this as ultimately a family home rather than as a developer.

I have two questions: how should i treat the viewing - are there specific questions/things i should be looking out for? and secondly, how would i work out a fair price for the property?

Any other thoughts/comments much appreciated. Thanks.

covbaldy

Take a digital camera to record what you see, especially in the 'bad' areas of the house. Take detailed notes etc.

Then produce a list of what needs doing then add in builders, plumbers electricians etc and add this to what you are prepared to do.

Damp doesn't sound too brilliant and if the roof has been leaking what has this done to the woodwork?

You'll get some idea for timber by bouncing on the floors!
My dad did this once at a small victorian house we had our eye on, he almost went through the floor!!!

HTH...

pusscat

Do you require a mortgage?

Most lenders want the house to be "habitable" before they will lend against it - I am sure there are others on here who will know more, but I looked at a wreck where a developer had run out of money AFTER ripping out all of the kitchen and bathrooms - my broker advised that getting a mortgage would be more problematic but I never got into the details as I decided against the house for other reasons.


Worth checking out the details though.....good luck withthe viewing!

Puss

clutton_2

Don't jump on floors !! - seriously - water damage from leaking roofs can cause serious weakening and you could easily be injured.

PoorDave

Value with remedial work completed (realistically) minus cost of works should really be your maximum purchase price. Final value to be based on comparable properties in the street. Costs to be actual written quotes from tradesmen.

tomstickland

Depending on how bad it is you could end up pretty much just buying the land with the shell of a house there. Then again, all work is possible for a price.

jyonda

I've looked at a fair few wrecks in a desirable part of London (Kingston upon Thames) and my experience is that people ask (and pay!) almost as much for them as a similar property which requires minimal work. Save yourself the expense and headaches of renovating and just buy something suitable in the first place. It should be easier to arrange a mortgage on especially if you use the money for the works as deposit instead. Either way it will end up costing roughly the same but with far less hassle and risk. If you want a bargain you won't find it in an EA's window i'm afraid.

If you have ready money then you can buy at auction but the time limits are tight and if you should seek professional advice and have your finance in
place first.

To answer your question I would offer a price that I couldn't lose on but If it's in a great area then I doubt they'll want to accept it and would much rather wait (not very long) for someone with more money than sense.