Bought a huge mistake of a house: what to do?

diretimes

Hi moneysavers,

Really need some advice.

We've recently bought a house for around the 150k mark and it's in a great deal worse state than previously thought. I think we paid roughly 12k more than what the property is worth. It needs a new interior and exterior doors, ceilings plastered, new carpets, outside fences and gate, woodchip wallpaper etc, replacing an old lean-to. The bathroom and kitchen are about 5 years old, but cheap and already showing their age.

This is our first home - we're both in our mid 20s. Unfortunately, I left viewing to my partner who I trust and felt would be able to view the property critically. He said that a lot of the seller's furniture was strategically placed to hide the worst of the problems and so he failed to notice them. I don't blame him, I'm just as much at fault than he is as I should have viewed the property myself, but I've been away looking after an ailing parent.

The surveyor did warn that we would need to invest money to bring the house up todays standards, but crucially said that there was nothing structurally unsound with the property. My gut reaction was to walk away, but everyone said that surveyors always make it sound worse than it is to cover themselves.

We've made some awful mistakes and I've got myself into a serious state due to it. I was just wondering if anyone can offer some advice about what we should really do in this situation?

1) Do we throw every pound at this property knowing full well that we're probably already at the ceiling for the property in 4 years time due to having paid over the odds, but hopefully are able to sell the property and move on?

2) Spend a bit to do the worst areas of the house and sell in 4 years time , but make do with the kitchen and bathroom and sell as requiring modernisation?

We need to sell for about 110k to ensure that we stay in equity, but that would leave us very little of our initial desposit, but we would rather move on from this situation with nothing to our name than live there for decades. Would this be realistic? Currently valued around 140 k on zoopla if that means anything. Should we be looking at auctions or estate agents? We just really need a plan to move forward.

nearlyrich

Take a deep breath work out what you can live with and what you need to get sorted fast, are either of you handy or will you be paying tradesmen to do all the work?

If you do it a bit at a time you won't feel it as much as if you go for a full on renovation in 6 weeks. Hope it all goes well for you, it always looks worse when you start pulling off paper etc.

RAS

Is there anything actually structurally unsound?

[Deleted User]

Depends on your goals. Are you looking for a place to live that you're happy in, are you looking for a place to make money from or are you regretting purchasing this specific house and just want to move somewhere (anywhere) else?

(as an aside, Zoopla predictions have about as much basis in reality as me arbitrarily telling you your house is worth £130k, ignore it.)

SG27

Can you not do it up over time and just live in it?

Did you really go ahead with a house purchase having never actually viewed the property yourself?

carefullycautious

Oh dear it sounds as if it has all got on top of you. Is it the amount of work that needs doing or do you not like the area it is in.

If you like the area and plan to stay it will be worth doing it up to create a family home for yourselves. You can do this on a budget by sourcing goods from ebay etc.

Are you having to live in it whilst it is being done up?

arbroath_lass

Why do you need to move in four years? It doesn't sound like the house actually needs THAT much work. Most of it is not urgent and could be done a little at a time.

Exterior doors first if they are not weatherproof.

Are there actually carpets but you just don't like them? Strategically place your furniture too.

Bathroom and kitchen are obviously useable as you are thinking of leaving them until later.

Woodchip can be removed with a steamer and scraper. Do a bit at a time.

Take the lean-to down and don't replace it until you are ready.

Why do you need to replaster? Lining paper will cover a lot.

I think you've just had a panic over this. Give it time. Most people do not move straight into a showhome.

Good luck!

Thrugelmir

Bought my current home 6 years ago. Still lots to do. As so much needed updating, replacing etc.

Never buy a property as an investment. Buy a home.

Personalise it. Make it yours. Forget the money.

northwest1965

We've just taken on a house OP. Everything but external doors & windows needs doing.

Take a deep breath and work out your priority. We've been in the house since late May and haven't done much. Can you borrow things like a wallpaper stripper from friends? Skimming a room costs about £300, can you use lining paper and emulsion?

Is the kitchen really bad? Can you just replace the doors? The kitchen we have is 1970's mustard :-). It will be ripped out eventually.

All our carpets will be ripped up, laminate is not too expensive.

You need to make sure you feel happy there, do 1 room at a time, don't live in a building site.

Good luck

diretimes

citricsquid wrote: »

Depends on your goals. Are you looking for a place to live that you're happy in, are you looking for a place to make money from or are you regretting purchasing this specific house and just want to move somewhere (anywhere) else?

(as an aside, Zoopla predictions have about as much basis in reality as me arbitrarily telling you your house is worth £130k, ignore it.)

Plan was always to sell it in 4 years time and hopefully emigrate. Definitely regreting this purchase and we generally have no intentions on staying in this area if we can help it. We've both agreed that we would rather walk away from the place in 4 years with nothing left of our deposit and move away. There's way too much to do with the funds that we will have available to us for the next 4 years.

ILW

diretimes wrote: »

Plan was always to sell it in 4 years time and hopefully emigrate. Definitely regreting this purchase and we generally have no intentions on staying in this area if we can help it. We've both agreed that we would rather walk away from the place in 4 years with nothing left of our deposit and move away. There's way too much to do with the funds that we will have available to us for the next 4 years.

Just slum it for a few years, won't kill you.