how do you roughly estimate repair costs??

adam99

I am a first time buyer in London area. I have started to look for a 3 bedroom houses fits to my budget, but most things I have seen need repair. I am no expert getting houses repaired, but these houses have visual problems such as wood floor replacement - large holes in floors-, bathrooms need complete renewal and in some cases enlargement by joining them with a next door toilet, old boilers, etc, etc. And definitely paint job....

Of course I will get home buyers report for any of these houses. But I would like to have a rough idea about the costs of these repairs when I first walk into a house, by educating myself first. I don't want to be in situation with offering a too large price, then getting the buyers report, and trying to negotiate hard with the seller to pull the price down.

Can you suggest some reliable websites to check for home repair/improvement costs in London area?

monty-doggy

No guide will tell you because you will merely be guessing what the problems are. Also the cost can vary wildly....a paint job = 2 decorators at £3/400 a day or you and a friend/bottle of wine over a few evenings?

Bathroom replacement - value b n q/ home base/sale or expensive dolphin/designer/fully fitted?

It's like asking how long is a bit of string?

Your surveyor should be able to give you a rough idea of essential costs and the valuation he puts on the survey report will reflect the work that needs to be done.

This is your biggest and strongest bargaining tool as the bank won't lend more than the property is worth.

You can always get quotes from builders once you have the survey in hand.

Compare similar properties in the area to get a feel of asking prices, once you shop around you'll soon notice any that are ridiculously priced and don't bother with them!

adam99

I read in this forum several people complained about not being able to get the owner decrease the price after they made the initial offer but found problems in the surveyor's report. In London the pace of price increase is crazy now. I see some of those junks houses being snapped by people. I don't have any clue about cost of basic repairs...

dimbo61

So the question you need to ask is buying a project really a good idea for a First time buyer!
Think smaller and maybe ECO friendly to save on bills
Grand Designs is all well and good but you may need deep pockets and do you want to live on a building site

AdrianC

adam99 wrote: »

I read in this forum several people complained about not being able to get the owner decrease the price after they made the initial offer but found problems in the surveyor's report. In London the pace of price increase is crazy now. I see some of those junks houses being snapped by people.

So you have a choice...

- Risk losing the place whilst you get quotes and negotiate.
- Swallow hard, gamble.
- Decide that's not the place for you, and try to find one without scary problems.

I don't have any clue about cost of basic repairs...

Do you have a hands-on mate with more experience? If so, drag 'em round the second viewing.

lessonlearned

adam99 wrote: »

I read in this forum several people complained about not being able to get the owner decrease the price after they made the initial offer but found problems in the surveyor's report. In London the pace of price increase is crazy now. I see some of those junks houses being snapped by people. I don't have any clue about cost of basic repairs...

If you don't have a clue then you do need to educate yourself first.

How much do things cost - there is no easy answer.

As Monty says it's like asking how long is a piece of string.

For example, you can work out exactly how much that new bathroom suite will cost but how much will you need to pay a plumber to install it. It could be a simple two day job or it could take longer if the old pipework is lead and needs replacing.

A survey will highlight some of the issues that need to be dealt with but the surveyor will not give you costings.

And, inevitably, once you start ripping a house apart you usually find a few little nasty surprises. House renovations always cost more and take longer than you originally budget for, so make sure you have a contingency fund of at least 10%.

Good luck in your quest.

[Deleted User]

You are looking at using the most basic report and expecting too much from it.

The house could have serious problems this sort of report wouldn't pick up.

If you need to buy cheap, either go for a smaller property with less risk (given the situation in London, you are competing against large numbers of more experienced buyers). Or look further afield, so you get more 'bang for your buck' but you will still find it fairly competitive.

I rented my present house, and redid the bathroom for roughly £300. Purchased a new bath through an online shop in a sale, nice tiles in sales from two different places, reused the basin and toilet, found another basin cabinet in a shed, refurbed it, but I had to call on mates to replaster the damp walls (plaster fell off the walls when I removed tiles, which were totally black from mould on the back when I removed them) and another friend to completely replace the plumbing. It looks wonderful, done for minimal cost but without knowledgeable friends it would have cost a fortune or not been done.

And that is just one room.