Beware 'done up' houses?

lessonlearned

Metranil_Vavin wrote: »

lessonlearned wrote: »

Is it in London, and can I buy it please?

If only……..I could have just sat on it for a few months, done nothing at all and walked away with a nice big fat profit:rotfl:

No I'm Derbyshire based. Nice properties will be snapped up if they are priced fairly but the overpriced fleapits will languish for years.

My sons and I have a fledgling property company. I am technically "retired" (after 30 years or so working for in and around the property industry) and supply the brains, design skills, am an occasional labourer and am the "tea wench" and general dogsbody.

We are currently working on two properties - both "refurbs" or restorations.

Oddly enough the huge Grade II - built 1758 house has required less remedial work than the Victorian terraced property which is a mere youngster by comparison, built around 1904.

For those who think restoration is all about whipping out a dated kitchen and slapping a bit of magnolia around and pocketing a nice big fat profit here is a list of some "hidden costs" we've incurred.

Prop 1 - 1758 the listed building.

Repairing an unsafe staircase that no-one will ever notice because it will be carpeted - £600.
Scaffolding - a whopping £2800
Repairing chimney stack, guttering, some roof work, repointing brickwork etc £2K.

So far then £5400 plus around another £600 or so on bits and bobs bringing a total so far of around £6K on hidden costs.

Plus of course plastering, new boiler, new electrics and so on.

Property 2 needed a lot more work.

£900 for essential joinery - again making the staircase safe, with new stair rails and balustrades which now comply with building regs, making cellar steps safe (they were a death trap)
Plastering - £4K - includes upgrading insulation and sound proofing
Skip hire - £250

So far around £5500 on hidden remedial works. This property has also needed new kitchen, new bathroom, new electrics, rebuilt fireplaces etc.
We still need further joinery work and insulation to loft etc.

And we've not even bought a tin of paint yet.:rotfl:

Metranil_Vavin

I do love period houses. Our Victorian maisonette has been lovingly 'hugged' (as I like to call it) back to life over the years I've lived here, but it was completely for my own benefit!

All 3 agents that have been round recently to value the place have commented on how nice it is, and actually there isn't much to do if you were to move in, apart from change some paint colours if you wanted to.

But under the surface the place has been re-wired, re-plastered throughout, new carpets/bathroom/kitchen, ceilings pulled down and replaced, sash windows restored etc.

I just wish it was a house and we wouldn't need to move!

captainhindsight_2

lessonlearned wrote: »

Metranil_Vavin wrote: »

If only……..I could have just sat on it for a few months, done nothing at all and walked away with a nice big fat profit:rotfl:

No I'm Derbyshire based. Nice properties will be snapped up if they are priced fairly but the overpriced fleapits will languish for years.

My sons and I have a fledgling property company. I am technically "retired" (after 30 years or so working for in and around the property industry) and supply the brains, design skills, am an occasional labourer and am the "tea wench" and general dogsbody.

We are currently working on two properties - both "refurbs" or restorations.

Oddly enough the huge Grade II - built 1758 house has required less remedial work than the Victorian terraced property which is a mere youngster by comparison, built around 1904.

For those who think restoration is all about whipping out a dated kitchen and slapping a bit of magnolia around and pocketing a nice big fat profit here is a list of some "hidden costs" we've incurred.

Prop 1 - 1758 the listed building.

Repairing an unsafe staircase that no-one will ever notice because it will be carpeted - £600.
Scaffolding - a whopping £2800
Repairing chimney stack, guttering, some roof work, repointing brickwork etc £2K.

So far then £5400 plus around another £600 or so on bits and bobs bringing a total so far of around £6K on hidden costs.

Plus of course plastering, new boiler, new electrics and so on.

Property 2 needed a lot more work.

£900 for essential joinery - again making the staircase safe, with new stair rails and balustrades which now comply with building regs, making cellar steps safe (they were a death trap)
Plastering - £4K - includes upgrading insulation and sound proofing
Skip hire - £250

So far around £5500 on hidden remedial works. This property has also needed new kitchen, new bathroom, new electrics, rebuilt fireplaces etc.
We still need further joinery work and insulation to loft etc.

And we've not even bought a tin of paint yet.:rotfl:

Good tip for you as a developer, the Home Improvement Fund comes out soon, for the work you just mentioned you could get upto £7600 cash back if you jump through the right hoops.

lessonlearned

Interesting. I will investigate.

However, I did contact our local council last year with regard to the listed building. Was told no deal, no money in the pot.

I have dealt with various home improvement funds/grants etc in the past and tbh they are often not worth the trouble.

The hoops are often just too problematic - complicated, time consuming and hedged around with terms and conditions. Often a total waste of time especially as so often they want you to work with their preferred trades people:eek:

This scheme may be better and I will certainly investigate but past experience tells me otherwise and I'm sceptical.

I have my own team of tried and trusted professional tradespeople. They are worth their weight in gold so I'm not about to shift my allegiance.

captainhindsight_2

lessonlearned wrote: »

Interesting. I will investigate.

However, I did contact our local council last year with regard to the listed building. Was told no deal, no money in the pot.

I have dealt with various home improvement funds/grants etc in the past and tbh they are often not worth the trouble.

The hoops are often just too problematic - complicated, time consuming and hedged around with terms and conditions. Often a total waste of time especially as so often they want you to work with their preferred trades people:eek:

This scheme may be better and I will certainly investigate but past experience tells me otherwise and I'm sceptical.

I have my own team of tried and trusted professional tradespeople. They are worth their weight in gold so I'm not about to shift my allegiance.

This scheme is much easier to navigate, All you need is the EPC from when you bought the house then the work to be done through a Green Deal Installer company.

And as long as your tradesmen have the right skills some green deal installer companies will allow your men to contract through their certification for a small fee so you can access the cashback/grants.

I do know of a company near you, but I can't say what it is because of forum rules but its worth looking into yourself.

lessonlearned

Metranil_Vavin wrote: »

I just wish it was a house and we wouldn't need to move!

Ah but you will get the pleasure and fun of doing it all again.

I love it - for me it's not just about profits - it's a real labour of love. I might just borrow your expression of "hugging it back to life".

For me nothing beats the satisfaction of rescuing a sad and neglected house and making it blossom again.

Speaking of blossoms this is especially true of that horrid back yard we acquired with the Victorian terraced house. I've planted it up with trees, shrubs and plants - not finished yet but already it's a haven of peace and tranquility.

The 1758 house has a courtyard entrance as well as an overgrown wrap around garden. The garden is being slowly tamed whilst the courtyard has been transformed from a dismal passage way to a lush urban oasis. A neighbour has christened the courtyard "The Hanging Gardens of Babylon" :rotfl:

Good luck with your house sale. I'm sure you will find another diamond in the rough ready to be hugged back to life.

lessonlearned

captainhindsight wrote: »

This scheme is much easier to navigate, All you need is the EPC from when you bought the house then the work to be done through a Green Deal Installer company.

And as long as your tradesmen have the right skills some green deal installer companies will allow your men to contract through their certification for a small fee so you can access the cashback/grants.

I do know of a company near you, but I can't say what it is because of forum rules but its worth looking into yourself.

Thanks I will definitely put this on my to do list.

Now it is time to stop playing on here and get back to the task in hand …..

londonlydia

The thing is when you're buying, is that you often view the house for minutes, and dont pick up on the bodges unless they are really obvious.

When we bought our first house 18months ago, the estate agent said that it was a turnkey property. I suspect for many it would have been, but really there are so many bodges in the house it's amazing! We didnt buy the house thinking we had to do no work though (we were fully aware of some bigger issues after having a building survey). However, putting the bigger things right (such as resupporting a chimney) has taken a lot less effort then fixing all the little things, and we're still slogging on now! For instance, the painting was done really badly, and I spent an entire weekend getting paint off the master bedroom windows because they hadnt been covered or wiped down after painting :mad:

Having said that, the level of finish you are willing to tolerate is a personal thing. We're quite a fussy couple, so for instance my partner has lifted floorboards and chisled the wall to run network cables rather than have them on show.

Metranil_Vavin

lessonlearned wrote: »

Ah but you will get the pleasure and fun of doing it all again.

I love it - for me it's not just about profits - it's a real labour of love. I might just borrow your expression of "hugging it back to life".

For me nothing beats the satisfaction of rescuing a sad and neglected house and making it blossom again.

Speaking of blossoms this is especially true of that horrid back yard we acquired with the Victorian terraced house. I've planted it up with trees, shrubs and plants - not finished yet but already it's a haven of peace and tranquility.

The 1758 house has a courtyard entrance as well as an overgrown wrap around garden. The garden is being slowly tamed whilst the courtyard has been transformed from a dismal passage way to a lush urban oasis. A neighbour has christened the courtyard "The Hanging Gardens of Babylon" :rotfl:

Good luck with your house sale. I'm sure you will find another diamond in the rough ready to be hugged back to life.

Y'know I would love to do it all again as I really enjoyed getting my hands dirty here and the satisfaction is incomparable, however I now have 2 small children (3 and 9 months) that I didn't have during the work on this place, and that is what puts me off now and makes me want to be able to just walk into a ready made place (with all my choice of fixtures/fittings/colours etc)

lessonlearned

Metranil_Vavin wrote: »

Y'know I would love to do it all again as I really enjoyed getting my hands dirty here and the satisfaction is incomparable, however I now have 2 small children (3 and 9 months) that I didn't have during the work on this place, and that is what puts me off now and makes me want to be able to just walk into a ready made place (with all my choice of fixtures/fittings/colours etc)

I understand completely. At one stage I had two babies, one 6 weeks and one 18 months and we had a new kitchen fitted:eek::eek:

It was a total nightmare - I couldn't even plan it properly due to exhaustion and post natal hormones - made some silly mistakes.

Fast forward one year we had to move due to my husband's job.

That time I insisted on a new build………carpets down, furniture in, moved in - job done. :rotfl: