Advice needed

Norfolk_Poppy

Herzlos wrote: »

What does the £12k work get you and how much do the estate agents think it'll affect the value?

Can you do some of it to bring the value up some?

I'd get it cleaned up as much as you can and try and put it on the market at the top end (£200k) whilst doing it up as you can afford it. You can always put the asking price up when starting the next phase, or you might just get a buyer.

There will be plenty of people looking for a doer-upper, and you might end up pushing it out of the price range if you do all of the work up front.


You could, if you fancied being suitably cheeky, approach a quiet local workman and explain that you're doing the work to sell the house and see if you can strike a deal where you pay for materials up front, they do the work when they can fit it in, and you pay them on completion. You'll probably need to pay them above the going rate as it could be months delayed, but you might find someone who'd rather do that with their down time than sit at home waiting on a job.

If I put it on the market money won't sudden;y materialise to start doing the improvements. My problem is not having a lending facility.

Good thought about asking a builder to sub me though, I'm happy to pay a bit more if it gerts me out of here with a better amount.

Norfolk_Poppy

Pixie5740 wrote: »

Is £12k the total cost of the work that needs doing or do you have savings to add to that? I ask because £12k of improvements to increase the value of a property by £50k sounds too good to be true since a lot of improvements don't actually increase the value of a property at all, never mind £50k.

I don't have savings, used them to live off when I was ill.

£12K has to cover new en suite, new bathroom, windows and decorating, Garden needs attention too for kerb appeal.

It seems ridiculous to me too the price difference but those are the sold prices over the last 6 months in my road.However I don't thinl it's remarkable, you see it on all the house shows, developer buys house cheaply, spends £10K and gets £50 - £75K more for it. I'd just like to improve the rest of my life rather than that developer's.

Pixie5740

I'm impressed if you can get a new en suite, bathroom, windows and decorating for £12k. Have you got quotes for the work yet?

With a lot of those property programmes the areas that people are buying in, like London, they would probably have got an extra £50k to £75k if they'd done nothing. That was certainly the case with Sarah Beeny's Property Ladder show back in 2007.

Developers already have tradesman lined up or can do the work themselves. They know where to get low cost fixtures and fittings and unless you are in the same boat I don't think £12k would go very far.

It's probably best just to sell the property in its current state.

rebeccatom

I have recently done a full renovation on my own home and 12K is not a lot of a budget for what you want done. And it is likely to take more than two or three weeks.

I would suggest getting a number of quotes and pricing it up the best you can before you even think about where to get the money from.

Also what would you do if there was unexpected costs or the builders unearth something that you hadn't budgeted for. You would need a back up plan and contingency fund. Unless you have all these things in place, I would suggest sell up and start enjoying a life with less stress.

Norfolk_Poppy

Pixie5740 wrote: »

I'm impressed if you can get a new en suite, bathroom, windows and decorating for £12k. Have you got quotes for the work yet?

With a lot of those property programmes the areas that people are buying in, like London, they would probably have got an extra £50k to £75k if they'd done nothing. That was certainly the case with Sarah Beeny's Property Ladder show back in 2007.

Developers already have tradesman lined up or can do the work themselves. They know where to get low cost fixtures and fittings and unless you are in the same boat I don't think £12k would go very far.

It's probably best just to sell the property in its current state.

I had a quote from a builder who does the same work for a developer and he said he would charge me £12K to get it all done.

I'm not basing my figures on TV programs, the houses in my road have actually been sold at the prices I mentioned. I was offered £185K last year by someone who wanted to do it up.

Norfolk_Poppy

rebeccatom wrote: »

I have recently done a full renovation on my own home and 12K is not a lot of a budget for what you want done. And it is likely to take more than two or three weeks.

I would suggest getting a number of quotes and pricing it up the best you can before you even think about where to get the money from.

Also what would you do if there was unexpected costs or the builders unearth something that you hadn't budgeted for. You would need a back up plan and contingency fund. Unless you have all these things in place, I would suggest sell up and start enjoying a life with less stress.

I won't be in a position to have money left over to enjoy that life and money worries are usually responsible for stress. I am looking for the best way to get a loan for £12K. Perhaps that wasn't obvious in my post.

Pixie5740

Have you approached your bank about an unsecured personal loan? You could also try the MSE loan eligibility calculator to gauge your chances with other lenders.

Norfolk_Poppy

Pixie5740 wrote: »

Have you approached your bank about an unsecured personal loan? You could also try the MSE loan eligibility calculator to gauge your chances with other lenders.

Thank you for that idea - the answer was still no though. However I hadn't thought of trying it that way, I had used the credit card search earlier this year.