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

vivster

The night after we completed on our house I didn't sleep a wink, worrying that we had made a huge mistake. There were all sorts of problems, some of which had been obvious during the first viewing, but a lot that we just didn't see till we actually started living there: poor decoration, no interior doors, we couldn't use the kitchen sink thanks to the way the vendors had left the plumbing, we couldn't get the dishwasher to fill with water, there was hideous woodchip wallpaper to deal with, there were no skirting board, no carpet in the master bedroom, we couldn't use the shower, sockets in the wrong place, a leaky roof tile, crazily overgrown garden choked with bindweed...

Just over a year on, and the electrics have been fixed, the woodchip has gone, the bedroom carpeted, reskirted and painted. The living room redecorated. We have doors. The roof tile's sorted and the guttering renewed. The weeds have been cleared and the garden cut back, we have a nice new bathroom with a great shower that works, new combi boiler has been installed, the living room has been completely repainted in gorgeous new colours. There's still a lot we'd like to do but we're really getting there. Give us another year, and we should be done.

Some of this we've done ourselves, for a lot we've used tradesmen (we do what we can when we can, but a lot of things haven't been as expensive as I'd feared). If me and my husband, who tend to the lazy and disorganised end of the spectrum can do it, anyone can.

I think back on the sleepless night and realise how ridiculous I was being. I wouldn't want to be anywhere else now. It's our house.

globetraveller

I hope you haven't carried on like this in front of your partner. He can't be feeling too good about things just now. Take all this as a learning curve- both in home buying and in relationships.
The things you list are not major.
If you have saved for 10 years it was a very strange thing to make such a major purchase without looking at it. And you also ignored what you were told about the house. But it's not the end of the world. The people who bought our first flat- the wife never saw it. Our neighbours moved in without wife having seen the house.
When we bought our first flat, they ran rings round us by covering up things. Their diy had been a nightmare and our new neighbours later told us about how bad the husband had been sorting things around the flat. But you just get on with things and there has been loads of advice here already.
I hope the hissy fit has only been made on here. Your partner may well be using this as his own learning curve. Perhaps you need to do some work there as well? Only you know how you have reacted towards him- so think positive. Stop looking at the negatives . Look forward and appreciate everything you have. Perhaps you have been more stressed with an ill parent?
Good luck with everything

Thrugelmir

diretimes wrote: »

Plan was always to sell it in 4 years time and hopefully emigrate.

The grass isn't always greener on the other side. If you are struggling to come to terms with a property that doesn't cosmetically meet your expectations. Then emigration and all it entails may not be for you. 4 years is long enough to enjoy the property you have bought.

phoebe1989seb

GwylimT wrote: »

My first house was similar, the previous owner had removed the floor in the living room so instead of floorboards I had soil!

We're on our fifth renovation project (sixth if you count our first flat, but that was more a case of just repainting ) and apart from the last one - which was still a big project by most people's standards - they have got progressively more in-depth

Our current house (Georgian, stone-built, thatched) had no kitchen, only half the house had electric lighting, one room was literally falling down (it had to be demolished before it fell down!) and all the plaster had been removed to reveal bare stone internal walls creating the overall impression of a giant cave.....the previous owner had installed new oil-fired heating in 2010, but he let them fit the pipes around the outsides of anything that stood in the way!!!

The house was unmortgageable and practically uninhabitable - but we had little option but to move in and get on with the work. Two years on we're about 1/3 of the way there, still having two bathrooms, two bedrooms and two reception rooms to tackle - as well as some second fix electrics, hardwood flooring and new timber windows. I admit we're fortunate in that we've plenty of experience and are very hands-on, doing everything except plumbing and electrics ourselves - which is why it takes so long, lol!

However, we do really enjoy the challenge of taking an unloved property and turning it around - it's not about the money (we lost a lot on our last house, but took it in our stride) - for us it's the satisfaction of creating something out of nothing.

We've even managed to convince our 23 yr old DS that renovation is the way to go - after spending his formative years living on a building site we thought he'd be turned off old properties in need of TLC for life, but instead he's recently started his own project and a furniture restoration business too :T

Try it OP - your place really doesn't sound too bad (although I appreciate it may seem daunting at first) - once you get stuck in you may find you have a real passion for it

GL

The_Magnificent_Spoon

phoebe1989seb wrote: »

Our current house (Georgian, stone-built, thatched)

Brave. :rotfl:

Tancred

diretimes wrote: »

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.

Not sure why you are panicking. You are still very young (mid 20s) and at your age mistakes are cheap. Just sell the flipping house and get shot of it once and for all - I suggest you don't spend much money, just tart it up with a lick of paint. Spending thousands won't guarantee a sale at the price you want.

The Zoopla estimate is an extrapolation based on price movements in your immediate area, so if the house is in poor condition you will struggle to reach that price. It still looks likely that you'll get at least £110k though.

My advice: sell and start again from scratch.

phoebe1989seb

The_Magnificent_Spoon wrote: »

Brave. :rotfl:

Perhaps

Mad? Definitely, especially for living in it whilst we're doing the work But it'll be worth it in the end

John1993_2

diretimes wrote: »

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...

... We just really need a plan to move forward.

Fix the urgent problems to allow it to be lived in safely, save up for the other work, and learn from the experience.

I did similar a few years ago, fell for a badly built house, and overpaid. I did as you must, felt a bit silly, and got back on with life.

calicocat

The_Magnificent_Spoon wrote: »

Brave. :rotfl:

But sounds lovely.

calicocat

vivster wrote: »

The night after we completed on our house I didn't sleep a wink, worrying that we had made a huge mistake. There were all sorts of problems, some of which had been obvious during the first viewing, but a lot that we just didn't see till we actually started living there: poor decoration, no interior doors, we couldn't use the kitchen sink thanks to the way the vendors had left the plumbing, we couldn't get the dishwasher to fill with water, there was hideous woodchip wallpaper to deal with, there were no skirting board, no carpet in the master bedroom, we couldn't use the shower, sockets in the wrong place, a leaky roof tile, crazily overgrown garden choked with bindweed...

Just over a year on, and the electrics have been fixed, the woodchip has gone, the bedroom carpeted, reskirted and painted. The living room redecorated. We have doors. The roof tile's sorted and the guttering renewed. The weeds have been cleared and the garden cut back, we have a nice new bathroom with a great shower that works, new combi boiler has been installed, the living room has been completely repainted in gorgeous new colours. There's still a lot we'd like to do but we're really getting there. Give us another year, and we should be done.

Some of this we've done ourselves, for a lot we've used tradesmen (we do what we can when we can, but a lot of things haven't been as expensive as I'd feared). If me and my husband, who tend to the lazy and disorganised end of the spectrum can do it, anyone can.

I think back on the sleepless night and realise how ridiculous I was being. I wouldn't want to be anywhere else now. It's our house.

Phew.....i feel a bit better now. I just moved around 3 weeks ago and had a few teething problems. The final breakdown for me was when all the rain we've had last and this week came piddling in through the bay window ceiling. Utter panic and 'I hate this house' set in for a couple of days. Think/hope it may be sorted now though
, and am now starting to see the house for the reasons I liked it in the first place again. I'm sure at the next hurdle I may hate it again...for a while, but you get there in the end.

OP, you just have to run with it. It will get worse before it gets better, but it will get better. I found myself outside the other day asking my friend to show me how to point and was toddling around pointing every crack and whole I could find. You may even get to like it in the end you know.

I don't know how you had the balls (?) to buy a house you've never seen though to be honest.