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Renovating a complete run-down flat
MarieMarieMarie
Posts: 10 Forumite
Hi everybody 
,
I have visited a very affordable two-bed flat in London, but it is quiet a wrack. Therefor I would like to ask you, if someone has an idea of renovation costs (done by professionals, no DIY)
The flat was at auction, but there were no bids on it, so it is now being sold by an estate agency.
The house has the following issues:
It has been empty for at least 2 years. There is severe damp everywhere on the walls. Electricity is not working, not sure if plumbing is ok. Gas central heating needs to be installed, as there have only been electric radiators previously. The flat also needs replastering, repainting and a new (preferably wooden) floor. Windows, doors, kitchen and bath need to be replaced.
Other issues are that it is a ground and lower-ground flat. Behind it is a flat and it is in between two other flats. Only the two rooms and the living room have windows. No window in the bathroom and no window in the open-plan kitchen.
As the building was built in the 70s I am even worried that there is asbestos. Do you know what the law on this is? Do freeholders have to do tests on this or should I ask the surveyor to check if there is any asbestos?
Does anyone has an idea what renovation costs could be and if it is worth buying a run-down "basement" flat? As previously mentioned, the flat is very cheap and in zone 2.
Thank you very much for any help, suggestion, opinion you can give me!
Marie
,I have visited a very affordable two-bed flat in London, but it is quiet a wrack. Therefor I would like to ask you, if someone has an idea of renovation costs (done by professionals, no DIY)
The flat was at auction, but there were no bids on it, so it is now being sold by an estate agency.
The house has the following issues:
It has been empty for at least 2 years. There is severe damp everywhere on the walls. Electricity is not working, not sure if plumbing is ok. Gas central heating needs to be installed, as there have only been electric radiators previously. The flat also needs replastering, repainting and a new (preferably wooden) floor. Windows, doors, kitchen and bath need to be replaced.
Other issues are that it is a ground and lower-ground flat. Behind it is a flat and it is in between two other flats. Only the two rooms and the living room have windows. No window in the bathroom and no window in the open-plan kitchen.
As the building was built in the 70s I am even worried that there is asbestos. Do you know what the law on this is? Do freeholders have to do tests on this or should I ask the surveyor to check if there is any asbestos?
Does anyone has an idea what renovation costs could be and if it is worth buying a run-down "basement" flat? As previously mentioned, the flat is very cheap and in zone 2.
Thank you very much for any help, suggestion, opinion you can give me
!Marie
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Comments
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sounds expensive although cant be any more specific about the actual cost.0
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Speak to the Estate Agents and arrange access for an experienced builder to assess the property and provide an estimate. As you don't already own it the builder will probably want paying for his services.0
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You don't know the cause of the damp. But let's suppose:
Remediate the damp £5k - could be far more or far less
Replaster throughout £3k
New electrics £3k
GCH £4k
New bathroom £5k
New kitchen £5k
New carpets and vinyl £1-2k
Redecorate £1-2k
So say £30k. That's assuming no rot. Windows, doors and other woodwork are all okay. Built in wardrobes may need replacing. That's another couple of k.
Do you have a linky so we can see a bit more? London prices are so crazy that all that work may only be adding a few % to your total cost.
Is it mortgageable?No reliance should be placed on the above! Absolutely none, do you hear?0 -
Very helpful. Thank you GDB2222! Don't think it is mortgageable... Here is the link rightmove.co.uk/property-for-sale/property-58149451.html Obviously it is worse than it looks on the pictures.
Do you think there can be any more hidden costs in a flat that has been empty for quiet some time and which is partly on the lower ground floor?0 -
Speak to the Estate Agents and arrange access for an experienced builder to assess the property and provide an estimate. As you don't already own it the builder will probably want paying for his services.
Yes, I probably will ask a builder to have a look at it before buying it. But I also wanted your opinions0 -
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You need to find out why it didn't sell at auction. If it is such a good buy it would have sold at auction. I could be that it is too expensive for the amount of work and the length of the lease.0
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MarieMarieMarie wrote: »Happy that you didn't reply "impossible"
nothing is impossible if you have deep pockets.0 -
MarieMarieMarie wrote: »Very helpful. Thank you GDB2222! Don't think it is mortgageable... Here is the link rightmove.co.uk/property-for-sale/property-58149451.html Obviously it is worse than it looks on the pictures.
Do you think there can be any more hidden costs in a flat that has been empty for quiet some time and which is partly on the lower ground floor?
It doesn't look too bad in the photos.
Lower ground floor means it might need tanking. DPM has failed, possibly. I'd start off by getting a damp proofing firm round.
There must be a reason why it's been empty two years. Do you know the history?
There are builders who go round the auctions buying stuff like this. They have the experience and can renovate far more cheaply than you. This is their sort of property, so the fact they are not interested should be ringing lots of alarm bells.No reliance should be placed on the above! Absolutely none, do you hear?0 -
The length of the lease is definitely not the problem. Maybe the amount of work then?You need to find out why it didn't sell at auction. If it is such a good buy it would have sold at auction. I could be that it is too expensive for the amount of work and the length of the lease.0
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