FTB Homebuyers report - red flags? Any advice appreciated.

firsttimebuyer0101

Hello, first time buyer here getting a 2 bed ex council flat in London. It’s a doer-upper (needs new kitchen/bathroom/repaint etc) which we’re planning to do-up gradually over time. The homebuyer’s report has come back.

Just wondering if any experienced home-buyers on here could give me a steer on what I should be most concerned about/whether any of these issues are likely to turn into an endless money pit. Going to get builders’ quotes but just wondering what I should steel myself for! Any advice from those in the know appreciated.

The issues it flags up as “3” (most urgent) are.
• Flooring, paint, tiling, kitchen & bathroom need replacing, some bits might need re-plastering too (yep we assumed this)
• Doors, skirting boards and architraves are in poor condition and need redoing
• “Plumbing was not tested”, probably needs renewing, there are some lead pipes
• “Electrical system is defective and needs reinstalling” (not sure what defective means, will ask the surveyor)
• Radiators are boiler are old/low-quality and need replacing

They conclude: "This property is considered to be a reasonable proposition for purchase provided that you are prepared to accept the cost and inconvenience of dealing with the various repair/improvement works reported. These deficiencies are quite common in properties of this age and type."

I was expecting bringing 2 bed up to reasonable standard (e.g. nice enough but no fancy kitchens) would cost less than 50K (hopefully nearer 20K). Is this hugely unrealistic?

Thanks for reading.

stator

Get your own gas and electric engineers in to do a proper inspection test and report. Everything else looks like normal stuff for an old property

dimbo61

You are talking Llondon prices !
Now you can order an Ikea kitchen and bathroom for about £10,000 but it might cost twice that to pay builders, plumbers , plasters, electricians to fit the new kitchen + bathroom with London rates !
Doing as much of the work yourself as possible will save you money.
Do you have any friends who can help ?

kinger101

Radiators and boilers don't need replacing simply because they are old. If you take a look at the EPC certificate, it will tell you you might save £100 a year by spending £5 grand updating everything. If it still works, leave it as it is. It's probably worth finding out when it was last serviced/tested, and/or arranging your own inspection.

I'd get clarification on the electrics though, and get your own spark round there. And a quote for replacing any lead pipes.

The rest is purely cosmetic.

Their conclusion is just stock sentence from a pro-forma.

firsttimebuyer0101

Thanks this is really helpful, appreciate it.
We're hoping to do it as cheaply as we can (potentially getting some stuff like kitchen units second hand) but with no experience not sure how much I fancy my chances at tiling/plastering etc.
Guess we'll stick to the essential stuff initially and see what we can afford.