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Buying a beautiful wreck

Taylor132
Posts: 62 Forumite
Hello and thanks for reading.
We have found a beautiful if some what battered 1840s stone cottage (6 beds) extremely large. Its been empty years and has extensive damp issues.....unknown cause but I should imagine a combination of being empty and not being looked after.
I have never owned an older property. I am trying to go into this with as much knowledge as possible.
I know this will cost alot but the idea is to get this property and slowly and carefully renovate.
Any hints, tips, advice would be very much appreciated. I realise this is not a lot to go on so happy to answer any further questions.
Budget wise - we would have the best part of £40k to play with. I must stress the aim is to get it safe (if this is an issue), secure and liveable so cosmetic things can and will most certainly wait.
We have found a beautiful if some what battered 1840s stone cottage (6 beds) extremely large. Its been empty years and has extensive damp issues.....unknown cause but I should imagine a combination of being empty and not being looked after.
I have never owned an older property. I am trying to go into this with as much knowledge as possible.
I know this will cost alot but the idea is to get this property and slowly and carefully renovate.
Any hints, tips, advice would be very much appreciated. I realise this is not a lot to go on so happy to answer any further questions.
Budget wise - we would have the best part of £40k to play with. I must stress the aim is to get it safe (if this is an issue), secure and liveable so cosmetic things can and will most certainly wait.
£6686 CC as of 02/03/2017 :eek:
Goal to be Debt free by May 2017 and have savings of £10k by November 2017.....
Goal to be Debt free by May 2017 and have savings of £10k by November 2017.....
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Comments
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Is it online?0
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First question... Where is it? National park?
You say your budget is £40k. Is that just for purchase, or for purchase and making it habitable? Are you planning on doing all the work yourself? Is it listed? What services are present?
Do you even know if it's for sale...? Have you approached the current owner?0 -
40k could be a generous budget, or it could barely scratch the surface. I'd be paying for the best survey I could get, it will potentially save you thousands in the long run.
If damp is excessive and long term it could have rotted timbers, joists, roof etc. It may also be un-mortgageable (if you need mortgage) or come with hefty retention.
None of that means you shouldn't go for it though!0 -
I am currently renovating a large 6-bed 3000 sq ft Victorian/Edwardian property so I can offer some advice.
Of course we booked a full building survey and we also comissioned a structural engineer to review some significantly sloped floors. For the most part this was all a waste of money, but it offered piece of mind and gave us some ideas of the order we should do repairs.
Damp is not as scary as it seems. There is always a cause of the damp, and it can always be repaired. Sometimes it can be very expensive and sometimes it can quick and cheap. We resolved 3 instances of damp very easily - failed lead flashing, cracked guttering and a cracked wastepipe. No significant damage, everything dried out.
The next thing we did is upgraded the heating and renewed pipes where necessary. We got a good deal on a big Vaillant Ecotec boiler and paid someone 800 quid to fit the boiler and a pressurised hot water cylinder. We removed the cold water tank and get cold water directly from the mains. This resulted in excellent water pressure and efficient water heating.
Make sure you use qualified gas safe people and get the new boiler installation signed off, you'll need it if you sell the property.
The next step for us was a full electrics rewire. We hired a Part P certified engineer to rewire the whole house and replace the consumer unit. During this process we found out that the old lime plaster was largely loose and not sound anymore, and sadly we ended up having to remove the majority of plaster from the walls. We then reviewed the ceilings, and most of those were sagging and were not sound. This then became the biggest and most disgusting job, removing this old plaster is incredibly dusty.
If you do have to remove plaster, you should consider reinstating traditional lime plaster. This will not be cheap.
We have 100% original stained glass lead-light Windows through the property. We had a quote to restore and relead the Windows which came in at £65k. We decided to buy some thick curtains instead.
Are the architraves and skirtings original? Try to restore them but if you need to replace them don't use MDF, it will quickly get damaged and your house deserves better.
We have 8 fireplaces and sadly none were original. 4 chimneys and we were looking at £2-3k per chimney to get the flues lined and up to building regs so we could use the fireplaces. We decided to install some Victorian style cast iron radiators with bioethonal burners. They create real flames and heat these days, and are very impressive.
Don't underestimate the costs of radiators - we did. We wanted period-appropriate radiators so we bought cast iron radiators made out of the moulds of original Victorian radiators. These cost £10k for the whole house.
You'll have some major costs on installing new bathrooms, kitchen and flooring. Don't go to a high street retailer.
I haven't seen the house, but I think you'll soon run out of your 40k budget on a 6-bed house. Doesn't mean you shouldn't do it though!0 -
You could spend 40k renovating a 1960's 3 bedder.
It's a wonderful idea but it will be a money pit. If you have a good income to save month to month it could work in the long term but if not then be careful.
I'm not a survey fan myself. You can see for yourself that the whole place needs renovation. Have a good look round and assume the worst is my motto. Saving a grand up front on the survey0 -
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We sold our lovely characterful stone house last year. Never again! COLD, tiny windows making it very dark, wonky walls nearly 2ft thick so stuck with awful layout, did I mention COLD, low ceiling height (ouch! for %&?@$ sake), damp, the local stone was porous so most people got a grant in the 60's to cover with pebble dash.
Not for me, my next house will be brick0 -
Is it listed? If yes, I doubt £40k would go far as you will have many more restrictions on the work you can do and who you can get to do it. Also, if it is rural, you might not be able to have gas heating. Oil boilers are more expensive than gas ones.
Definitely do your homework on this; it could be a money-pit, but equally could be your palace.0 -
A really big thankyou to everyone.
So its a 6/7 bed repossessed cottage near Manchester. Not a national park or listed as far as I am aware.... Currently on the market for around £160k. The asking price was a dead give away of issues as in 2012 it was on at £349k.......It was a fully functional family home until at least 2012 (looked on line for last sale info). When I say cottage I think I am misleading everyone a bit. Its a stone built house, its lovely but lots of windows. Part of the address is the smithy....so best guess some kind of farm work buildings.... It has heating and electrics etc. Not sure when last used..... Sadly all the windows (and there are alot) are modern UVPC things......
018125 - thank you for taking the time to share your experience, this is very useful.
Hoploz - We don't need to buy this house, we already have one but....well its really caught our eye. Neither of us is stupid and will 'fall' for a property. It needs to add up financially but this provides necessary space in a rural setting within 40mins of Manchester which really gives us a chance at a great family home (long, long term).
AnotherJoe - absolutely. Its entirely wishful thinking and its got me this far in life. I also back it up with excellent financial planning, a service engineer husband and a ton of common sense.
brodawel - thanks for your info. Its something I wanted to hear about. I have never lived in an older property so I need to be aware of the real truth of day to day living.
Any other info required, just ask. Really keen to hear about everyone else's experiences.£6686 CC as of 02/03/2017 :eek:
Goal to be Debt free by May 2017 and have savings of £10k by November 2017.....0 -
Thanks Madmel
When I say rural I mean in a small hamlet. Its very pretty and quiet but not isolated. Less than 1 mile to the nearest village. All facilities are available as far as I am aware (I have been very noisy and have been on line looking at everything and anything relating to previous owners, properties close by, history of the area.....etc.£6686 CC as of 02/03/2017 :eek:
Goal to be Debt free by May 2017 and have savings of £10k by November 2017.....0
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