Affordable rural house FTB/ Adding renovation costs?

Norma_Desmond

By the way, I think the 'OP's house' is rather cute too!

phoebe1989seb

TBagpuss wrote: »

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.

This ^^^^

Compared to our current project - a 200+ year old stone, thatched house that was unmortgageable when we purchased almost three years ago - that looks like a walk in the park.....and I agree, very cute

We have always bought *projects* (although we haven't made a profit every time we sold, lol) and have always chosen to live in them whilst doing the work, much of which we've tackled ourselves.

I'll admit that DH and I are pretty hands-on and both have design backgrounds, but living in a series of increasingly large/complex projects (including one that required reconfiguring from four flats into a family home ) has taught us loads and given us the confidence to try out new ideas......

It can be lots of fun too - if you keep a sense of humour and take each new issue as it's discovered as a learning curve

CreditCrunchie

phoebe1989seb wrote: »

that was unmortgageable when we purchased

Ok, this is exactly what I'm wondering. Why was it unmortgageable? How did you finance it? Would you have bought such a property your first time round?

It sounds great btw, I bet it ends up a dream home

lincroft1710

Davesnave wrote: »

They could try, but it's just not wide enough.

You'd be surprised just how developers will shoehorn properties on to a plot.

phoebe1989seb

CreditCrunchie wrote: »

Ok, this is exactly what I'm wondering. Why was it unmortgageable? How did you finance it? Would you have bought such a property your first time round?

It sounds great btw, I bet it ends up a dream home

There was no functioning kitchen.....no sink etc, although it did have the luxury of bathroom with working loo (albeit with the cistern located on a different floor, lol :rotfl:). Not sure if it made a difference but the ground floor had no electric lighting in over half the rooms......

Before we found it, it had previously gone unsold at auction as no-one that was interested could get the finances together to purchase. Luckily we were buying with cash so unaffected by such concerns

First time round I don't think we'd have been *quite* as adventurous - our first purchase was a mansion flat that merely needed redecoration, but from there we moved on to increasingly more demanding projects, like the *four flats back into one house* jobby That was the dream home and we sold it

moneyistooshorttomention

lincroft1710 wrote: »

You'd be surprised just how developers will shoehorn properties on to a plot.

I certainly wouldn't be...

I've seen many a plot that was quite obviously too small for a property somehow "acquire" one courtesy of a particularly greedy developer.

I've even seen an extension on a house that is so small that it qualifies as a Tiny House and is sitting in a tiny little backyard sold off as a "house" before now (courtesy, I guess, of a greedy little home-owner in that case).:eek:

It's amazing just how often the "unthinkable" becomes "thinkable" if a greedy person has big enough £ signs in their eyes.

Soot2006

2-3 years in the future is heck of a long-term plan for buying. Who knows what house prices and mortgages will be doing for better or for worse. Best not think about it too much and just save for that deposit as best you can and when you're able to proceed that's when it's time to worry about these things.

Davesnave

lincroft1710 wrote: »

You'd be surprised just how developers will shoehorn properties on to a plot.

Yes, I'm constantly surprised how people in London shoehorn themselves into ever diminishing spaces, laughably described as 'flats.'

And you're right, if this was within the M25 they'd fit a couple of houses in somehow, though 3 would be pushing it with the usual requirement to have turning space for a car.

I guess a turntable would be a possibility........:think:

Davesnave

Soot2006 wrote: »

2-3 years in the future is heck of a long-term plan for buying. Who knows what house prices and mortgages will be doing for better or for worse. Best not think about it too much and just save for that deposit as best you can and when you're able to proceed that's when it's time to worry about these things.

Why? Who's worried? What's wrong with knowing your local area, it's market and the possibilities it might throw up?

If people aren't minded to be developer fodder, then the sooner they know of super little roads like this one, where everyone seems to have a decent plot, the better.

Maybe I'm missing something, but I took 2 years to save my first deposit. In that time, looking at the choices I'd have was one of the things that kept me going. The knowledge I gained told me when I could start looking seriously, where to look and, crucially, what to avoid.

I don't think it's any different today.

Soot2006

Worrying about whether the mortgage can be higher than the value (OP was asking about mortgages to cover cost of renovations) - be it for this house or another and irrespective of the monies involved, this isn't a question one could possibly dare answer right now. Right now the answer is no. In 3 years who knows where we'll be again ...