Affordable rural house FTB/ Adding renovation costs?

CreditCrunchie

I have just seen this house http://www.rightmove.co.uk/property-for-sale/property-44893037.html and it's EXACTLY the kind of thing that would be perfect for OH and I when we are in a position to buy in 2 - 3 years time. We really want a house with some land (our long term goal is a smallholding), away from main roads, and under £170,000 as I don;t think we'd get a mortgage on anything over that.

Now say we bought something like the above, are there any mortgages you can get that would cover the costs needed for renovation? Any experts here that could estimate how much it might cost to actually bring it up to scratch?

Any other tips on finding our affordable country cottage (yes I know, rose-tinted glasses and all that..)?

Thanks

Davesnave

CreditCrunchie wrote: »

Any other tips on finding our affordable country cottage (yes I know, rose-tinted glasses and all that..)?

Thanks

Yes, don't look for 'country cottages,' but stick with relatively modern properties like this. They may be butt-ugly, but you get less additional problems with things like damp, woodworm etc and the chance of decent energy efficiency too.

Living in a country cottage is many people's dream, which makes them overpriced for what they are, which is often dark and annoying, once the romantic shine has worn off the quirky bits and the fresh emulsion has begun to discolour.

Usually mortgages will cover the value of the house at the time of arrangement, though money may be retained if there isn't an functional kitchen, bathroom and water heating.

In the case of that bungalow, there might only be a need for a new boiler immediately, as it's unlikely the whole central heating system is stuffed. While the kitchen & bathroom aren't great, I certainly lived with worse when I had my first house!

Fieldsofgold

Somewhere like that looks pretty habitable straight off. Much better to live in it for a while and do things as and when. If the boiler works and the wiring is modern it isn't really a renovation project, more doing alterations to bring it into line with your preferences.

Davesnave

aclifford wrote: »

I know some guys who can clean after a renovation for a really affordable price.

How is this helping the OP?

Freecall

Davesnave wrote: »

How is this helping the OP?

By reminding them that as soon as you buy a house, some joker will be along to try and make money off you?

TBagpuss

Fields of Gold is correct - n the face of it, that isn't in need of renovation, it is in need of redecoration and upgrading, which you can do piecemeal after you move in.

You may need to budget for rewiring and a new boiler.

As mortgages are based on the value of the property at the time you buy you would ideally look to build up some additional savings over and above your deposit, to cover essential work, and then plan to be doing cosmetic work yourselves.

Good luck.

beecher2

Bit confused - are you asking for advice on what will happen in 2-3 years time, if you find a similar property, or are you in a position to buy now?

societys_child

aclifford wrote: »

I know some guys who can clean after a renovation for a really affordable price. PM me if you are interested : )

Davesnave wrote: »

How is this helping the OP?

Yea, he's spamming his cleaning company.

Presumably anyone who can do a bit of renovation, can also do a bit of cleaning up, why would you need a cleaner who is based ~150 miles away :huh:

Davesnave

societys_child wrote: »

Yea, he's spamming his cleaning company.

Presumably anyone who can do a bit of renovation, can also do a bit of cleaning up, why would you need a cleaner who is based ~150 miles away :huh:

Yes, or three or four years in advance! :rotfl:

I've already pushed the spam button, because I can.

easilyparted

You might try France, cheaper property, though language and bureaucracy a problem.

moneyistooshorttomention

I'd tend to agree with Davesnave about "buying a butt ugly" property, having just done so myself, because I was thinking along much the same lines as him.

"Character" looks nice, but the second I spot stone walls inside a house, for instance, I tend to think "Nice...now I wonder if that means there is some dampness here". Mind you, this particular butt ugly property you mention obviously has a damp problem and that would be the first thing to check out.

Based on my own particular butt ugly property...then this house needs:

- new boiler and check whether the radiators are adequate
- new electrics
- new kitchen
- new bathroom
- those ceilings sorted out all round
- new conservatory
- betcha there's some hidden "maintenance" work to do

and that's before you can start in on "your" work, ie the cosmetic stuff of redecorate all round (NB: you'll probably need to replaster before you can do that...I'm having to) and new floorcoverings and then tackle the garden.

EDIT: this one also looks like it hasn't got its doubleglazing yet (ie the one thing mine DID have to start with).