too bad for renovation project?

garrapatauk

Hello all moneysavers,
We need to find a place to live and we have put an offer on house that hasn't been looked at for at least 30 years! We assume it is going to need a few things done. Bathroom and kitchen for sure, probably central heating, plumbing and rewiring. We are aiming for a good discount from purchase price, but I can't wait to hear your expertise in this matters.
Bad time for renovation project?

VH

Depends on the price you're paying for it! You don't want to finish all the work then find it's worth less than you paid because the market has dropped. I would say that you still have a fair bit of time left to do the work as the market is still strong and there is good demand for property. If you are planning to live in it for a long time then the resale price is largely irrelevant as long as you can comfortably afford the mortgage.

Don't make any assumptions about the condition of the building. The bathroom for example may look like a simple replacement job but there may well be serious problems hidden underneath the floorboards, for example rotted joists.

I would recommend that you get a detailed survey done to determine the exact state of the property. Forget the basic surveys as these will not provide enough information to make an informed decision on the true state of the property.

Once you have detailed information you should be able to negotiate a much better price.

Also make sure you get estimates for any professional work required and factor this into your budget. Don't make assumptions on what things will cost.

Lastly, good luck, may it be the first of many renovations!!

frugal_dougal_3

When making your calculations for the project don't forget to include a contingency fund to cover the "unexpected". There are always some things that turn into bigger jobs than first thought, and although this may seem a bit worrying, it isn't if you have £2-4k to allow for it.

The bigger the contingency fund the less the worry BUT don't be tempted to fritter it away on non-emergencies.