Charming or run a mile? How much to fix up?

AlexMac

My first house (bought for £10k in 1975) was just like this one- albeit without the basement - and in worse condition. While in those days there were grants for things like the new roof, central heating and re-wiring it needed, so these were done by professionals, we did everything else ourselves.

Despite no prior skills, this included fitting a kitchen; lifting, repairing and laying then sanding floorboards; and completer internal redecoration. So its prossible...but is it prudent?

The problem with doing up a house in a street with a low 'ceiling price' is that unless you buy really cheap, you'll never 'realise' the £15-25k you spend bringing it up to a decent condition. You can't always believe the Zoopla website values, and while number 14 isn't given one as there's been no recent sale, the fact that estimates for the three next door (16-20) hover round the £60k mark lead me to think it's well overpriced at £95k.

Even of you get it for say, £75-80k, but then spend £15-25k doing it up, it won't be worth £100k.

And while those old front railings look original, albeit gappy, there are no original features inside like we had in our old wreck; fireplaces, covings and ceiling mouldings are all gone. The timber sash windows have been ripped out and replaced with inappropriate plastic casements, and while the 20 foot wind-sown sycamore (still visible on streetview) and roof-height ivy once all over the front may have been chopped off, but they've not done the masonry or render any favours.

I can't tell what shape the roof or gutters are in; can you?

So, as its been in since January, and if you could be really hard-nosed and buy it very cheap, doing it up would be a great adventure and teach you new skills (40 years on, and several Victorian Houses later, I know a lot about fixing 19th century buldings!). But it won't necessarily be a worthwhile investment.

But hey - what do I know? Maybe Wavertree's on the up? I looked at Zoopla the other day and my original £10k wreck- albeit now blinged up beyond recognition and in a newly yuppyfied street area not the crummy area I left 30 years ago, sold last year at £840k!

tea-bag

I have just bought a house in Wales and we love it... It needs alot of work and will cost more doing it up and buying it than it will be worth BUT it is our forever home so we are doing everything right and how we want it. And as our kids are now older it should be treated better.

Davesnave

AlexMac wrote: »

The problem with doing up a house in a street with a low 'ceiling price' is that unless you buy really cheap, you'll never 'realise' the £15-25k you spend bringing it up to a decent condition.

I think the ceiling price should be kept in mind whatever the property, though maybe it matters less to some older people, like me.

We're currently reconfiguring/renovating a smallholding based on a 1970s bungalow, which we bought cheaply in the grim months of 2009. Despite that, I know that every penny we spend over £80k is probably not an investment, though we might go to £100k to get what we want.

When we sell this place it will be because we can no longer manage it, but that could be in 2 or 22 years time. Then, we'll be downsizing, so it's a gamble worth taking IMO.