First time buyer - house needing work

hanvyj

Hi,

We have started seriously looking at getting a house. We've spotted one that looks really good. The estate agent pretty much told us not to bother though, because it needs some work doing.

The house is going for £135k and advertised for "modernisation/renovation", for example they don't know if the boiler works.

When I was growing up our house was in a constant state of being renovated/decorated because our family bought a wreck - and I always thought I'd do the same.

Is it true that we would find it hard to get a mortgage for it? I didn't think that the bank would be that fussed that the walls weren't painted :S

We are assuming it has a functional bathroom, water, electricity etc (won't go for it if it doesn't)

Financial situation:

About 23-24k in savings.

I've just secured a new position earning 30.5k, so a take-home of about 1700 a month. My wife, without overtime takes home 675 a month. We currently pay about £600 in rent.

We were thinking £135k was at the upper end of our budget, but are looking for somewhere we can grow into a little bit - DIY is not an issue (for us)

Thanks!

tim123456789

hanvyj wrote: »

Hi,

We have started seriously looking at getting a house. We've spotted one that looks really good. The estate agent pretty much told us not to bother though, because it needs some work doing.

Translation - I've got a mate who wants to put in a low offer so I'm scaring off all the competition .

The boiler not working is trivial (though not cheap).

is there anything really wrong with it

hanvyj

tim123456789 wrote: »

Translation - I've got a mate who wants to put in a low offer so I'm scaring off all the competition .

The boiler not working is trivial (though not cheap).

is there anything really wrong with it

Would it not count under the "hot and cold running water" side of things? I guess if it counts as having a boiler and central heating installed but not working...

We don't know for sure, the description reads like it has everything you'd need - just all massively out of date!

This is it if it helps:
DESCRIPTION **Attention Investors/Developers** Impressive corner house in need of general modernisation/renovation, retaining many original features and offering tremendous scope to the right buyer.

Generous accommodation offers 3 Bedrooms, 3 Reception rooms, Kitchen and first floor Bathroom, small garden and Off Road Parking. There are radiators to most rooms.

ENTRANCE HALL Stairs to first floor, original ornice and ceiling rose, radiator, understairs storage cupboard housing gas and electricity meters.

FRONT RECEPTION ROOM 13' 1" x 12' 0" (3.99m x 3.66m) Bay window. Magnificent original decorative ceiling rose and panelling and coving to entire ceiling, high skirtings, 2 radiators.

SECOND RECEPTION ROOM 10' 0" x 11' 8" (3.05m x 3.56m) Original ceiling rose and cornice, handsome original fireplace, built-in cupboard, dado rail.

THIRD RECEPTION ROOM 13' 1" x 10' 8" (3.99m x 3.25m) (max) Radiator.

KITCHEN Door to garden. Floor mounted boiler (not tested).

FIRST FLOOR

HALF LANDING Radiator. Stairs to Hallway and stairs to :

BEDROOM 1 13' 1" x 14' 8" (3.99m x 4.47m)(into bay window) Original ceiling rose and cornice, 2 radiators, picture rail.

HALLWAY Access to loft space

BEDROOM 2 10' 7" x 8' 9" (3.23m x 2.67m) Single drainer sink unit, cooker point, power points, door to :

BEDROOM 3 11' 8 " (max) x 9' 11" (3.56m x 3.02m) Radiator.

BATHROOM Panelled bath, high flush w.c., pedestal handbasin.

OUTSIDE Oil tank. W.C. OFF ROAD PARKING

fishpond

Providing there are no serious faults ie subsidence.
Buy it, take your time and have fun doing it up.

hanvyj

Appointment with the bank next monday. Time to read up on types of mortgage...

hanvyj

Reply from estate agents:

Hi

The property would not be suitable for a higher percentage mortgage

We do not check any of the services so cannot confirm the current condition – This property is being sold for refurbishment so all the services mentioned would need to be replaced anyway

The pictures show the kitchen being virtually non existent so would need a total replacement as well



Kitchen looks there to me! It doesn't look nice but it's there.

fishpond

Looks like it needs a good clean, couple of screws and a coat of paint.
It appears usable.

zzzLazyDaisy

I think the boiler is the least of your worries. You need to get a quote for rewiring the property, and also get the roof checked. What about the windows, will they need replacing?

This sort of project is not one to be attempted on a tight budget - you can guarantee that you will need to pay some tradesmen and that you will go over budget.

Also remember that if you apply for a mortgage, you will have to pay for the survey and if the lender refuses to lend or makes a retention, and you are unable to proceed, you will probably lose the money you have paid out on the survey.

Do you have a builder friend who could come and give it a once over for you before you start shelling out money?

monty-doggy

If you really like it, and after viewing you think you could make it work by doing it up a bit at a time, then don't let the estate agent put you off.

I'd offer 125k, so no stamp duty to pay.

I'd also have the best survey you can afford because you already know it needs work doing.

Don't forget the surveyor isn't qualified to check gas and electrics and will advise they get looked at by qualified tradesmen.

The estate agents are working on a commission and they rarely give you sound advice, do what's right for you, not for them.