Where would you start?

nikongirl

I'm a FTB looking for a property in a pretty specific area. There are two streets in that area which offer the kind of property I want and there's one house on the market. It's a 2-bed Victorian terrace which ticks almost all the boxes but needs a fair amount of work doing. It's been a student let for quite a while, so everything's a bit tired but live-able in if you pulled all the carpets up the second you got the keys... assuming they didn't walk out of their own accord first. :eek:

My stepdad, who's a tradesman, had a look round it the other day and we agreed that the front needs re-rendering and judging by the one naked brick you can see through the render, possibly re-pointing. Quotes range from £1800 - £4000 for the re-rendering. I'd also probably replace the bathroom within a few months. Eventually the kitchen as well, but that could wait a while. I'm more than happy to take on a bit of a project and DIY as much of it as possible, but I'm not prepared to over-pay for the privilege. I'd obviously get a full survey done.

It's been on the market for a couple of months and is currently on at offers over £125k having been reduced from £130k. I'm ignoring the 'offers over' bit as I think they're being totally unrealistic. Other properties in the same street with a similar amount of internal work required have sold in the last two years for £112k and £109k. Fully renovated properties are around £135-£145k. According to the EA, the vendors are in no particular rush and 'won't accept anything under £125k' (they would say that). I could afford the asking price plus the re-rendering but I think the price of comparable properties shows that's not reasonable. So where would you start the negotiations?

Crashy_Time

Without a link impossible to say, but 100k seems reasonable from what you have posted.

downhillfast

nikongirl wrote: »

I'm a FTB looking for a property in a pretty specific area. There are two streets in that area which offer the kind of property I want and there's one house on the market. It's a 2-bed Victorian terrace which ticks almost all the boxes but needs a fair amount of work doing. It's been a student let for quite a while, so everything's a bit tired but live-able in if you pulled all the carpets up the second you got the keys... assuming they didn't walk out of their own accord first. :eek:

My stepdad, who's a tradesman, had a look round it the other day and we agreed that the front needs re-rendering and judging by the one naked brick you can see through the render, possibly re-pointing. Quotes range from £1800 - £4000 for the re-rendering. I'd also probably replace the bathroom within a few months. Eventually the kitchen as well, but that could wait a while. I'm more than happy to take on a bit of a project and DIY as much of it as possible, but I'm not prepared to over-pay for the privilege. I'd obviously get a full survey done.

It's been on the market for a couple of months and is currently on at offers over £125k having been reduced from £130k. I'm ignoring the 'offers over' bit as I think they're being totally unrealistic. Other properties in the same street with a similar amount of internal work required have sold in the last two years for £112k and £109k. Fully renovated properties are around £135-£145k. According to the EA, the vendors are in no particular rush and 'won't accept anything under £125k' (they would say that). I could afford the asking price plus the re-rendering but I think the price of comparable properties shows that's not reasonable. So where would you start the negotiations?

From what you say it doesn't sound like many properties in this area come to the market that much..? Supply and demand may partly dictate the achievable price of this property - especially if the vendor is not in any rush.

We had a similar situation when we started looking for properties at the end of last year - the type of property that ticked all the boxes didn't exist (in or out of our price range!)... so when one became available that ticked all but one we went for it - didn't even view any other properties as they never made it to any type of shortlist from the Rightmove ad! If you have very specific requirements and a limited market then sometimes you have to bite the bullet and pay a bit more than you think it's actually worth... or miss out.

Tiners

Just how much further refurb work would you find needs doing once you get into it?... roof, windows, electrics, plastering, boiler?? That easily accounts for £20k before you even start to think about the cosmetic work like kitchens, bathrooms, carpets etc

Also curious as to why you have such specific and limited requirements when it comes to 2 bed Victorian terraces that there are only 2 streets that meet your search criteria?!

Davesnave

Tiners wrote: »

Also curious as to why you have such specific and limited requirements when it comes to 2 bed Victorian terraces that there are only 2 streets that meet your search criteria?!

Roughly the situation I had when buying a long time ago. A few streets stand out above the rest, and then half the houses don't count, because they face the wrong way!

It's not that there aren't plenty of other streets, but long-term, it can make a significant difference to quality of life and to re-sale. I didn't need to use an agent when I sold that one.

But as another poster says, a premium is usually paid for these roads, so like the OP, I could only afford a doer-upper.

I'd go in at £120k and be willing to come up to the £125k if I thought it would do me for 7 years +, but what do I know?

nikongirl

downhillfast wrote: »

We had a similar situation when we started looking for properties at the end of last year - the type of property that ticked all the boxes didn't exist (in or out of our price range!)... so when one became available that ticked all but one we went for it - didn't even view any other properties as they never made it to any type of shortlist from the Rightmove ad! If you have very specific requirements and a limited market then sometimes you have to bite the bullet and pay a bit more than you think it's actually worth... or miss out.

Thanks for making me feel a little less irrational! I've only viewed this one as it's the only one which comes anywhere near box-ticking. Glad to hear someone else has been in that position!

I'm conscious of the rarity factor in this particular case, hence why I don't want to steamroller in with an offer that's too low.

Tiners wrote: »

Just how much further refurb work would you find needs doing once you get into it?... roof, windows, electrics, plastering, boiler?? That easily accounts for £20k before you even start to think about the cosmetic work like kitchens, bathrooms, carpets etc

Absolutely. I'm very well aware that there's potential for a lot of spending on this. My parents and I went on the second viewing with a list of potential issues to look at. The boiler looks recent (getting exact details from EA), roof looks fine but only survey will really tell, windows are fine for the moment but would need replacing within about 5 years, stepdad can do the plastering for materials cost and minimal labour fee, electrics are fine - new mains box and recent testing documents - finding out from EA when it was last re-wired. Carpets I'd do without at least for the time being as it's all original floorboards.

Nonetheless I'm fully aware that buying something like this would basically mean giving it a lot of my spare cash for quite some time!

Tiners wrote: »

Also curious as to why you have such specific and limited requirements when it comes to 2 bed Victorian terraces that there are only 2 streets that meet your search criteria?!

Actually make that 3 streets - I forgot one! I'm looking for something very close to where I work so that when I get a dog I can walk/cycle home in my lunch break. Also, I've lived within a 15 min walk of work in rented flats for the last 7 years and it really makes a difference to me. I don't have to own a car and deal with all the associated costs and I don't have to use buses (which in this area are pretty dire).

The issue is that most of the houses in the area are larger than 2-bed or have the bathroom downstairs through the kitchen, which is difficult for me due to a medical condition (this house has the bathroom upstairs). That leaves the option of flats. Right now I'm in a ground floor flat having issues with noise from my upstairs neighbours. It's not malicious and they've been very responsive when I've pointed out specific things like their dog dropping his bone on the floor (which then sounds like a bomb hitting my ceiling) but the general noise of them walking around etc. is driving me round the bend. So that's ground floor flats out, which means also not having a garden. A top floor flat would be fine but then I'd always be worried about being the 'noisy upstairs neighbour' to someone else.

Cakeguts

nikongirl wrote: »

Thanks for making me feel a little less irrational! I've only viewed this one as it's the only one which comes anywhere near box-ticking. Glad to hear someone else has been in that position!

I'm conscious of the rarity factor in this particular case, hence why I don't want to steamroller in with an offer that's too low.



Absolutely. I'm very well aware that there's potential for a lot of spending on this. My parents and I went on the second viewing with a list of potential issues to look at. The boiler looks recent (getting exact details from EA), roof looks fine but only survey will really tell, windows are fine for the moment but would need replacing within about 5 years, stepdad can do the plastering for materials cost and minimal labour fee, electrics are fine - new mains box and recent testing documents - finding out from EA when it was last re-wired. Carpets I'd do without at least for the time being as it's all original floorboards.

Nonetheless I'm fully aware that buying something like this would basically mean giving it a lot of my spare cash for quite some time!



Actually make that 3 streets - I forgot one! I'm looking for something very close to where I work so that when I get a dog I can walk/cycle home in my lunch break. Also, I've lived within a 15 min walk of work in rented flats for the last 7 years and it really makes a difference to me. I don't have to own a car and deal with all the associated costs and I don't have to use buses (which in this area are pretty dire).

The issue is that most of the houses in the area are larger than 2-bed or have the bathroom downstairs through the kitchen, which is difficult for me due to a medical condition (this house has the bathroom upstairs). That leaves the option of flats. Right now I'm in a ground floor flat having issues with noise from my upstairs neighbours. It's not malicious and they've been very responsive when I've pointed out specific things like their dog dropping his bone on the floor (which then sounds like a bomb hitting my ceiling) but the general noise of them walking around etc. is driving me round the bend. So that's ground floor flats out, which means also not having a garden. A top floor flat would be fine but then I'd always be worried about being the 'noisy upstairs neighbour' to someone else.

Lots of Victorian houses were not very well built. Some Georgian terraces were built in such a way that if you remove an end one the whole row will fall down. Victorian 2 bed cottages were built for poor workers. and the walls between them are really thin. Think of a flat but on both sides of you. If you get noisy neighbours you will hear them through the walls downstairs and upstairs and on both sides. The bathrooms are downstairs because when built these houses had outside toilets and no bathrooms.

If you want to move to a house where there is less noise transferred from neighbours you need to buy something a lot more modern. Something after the building regulations on sound proofing had been updated.

So really this house doesn't tick your main box on sound from neighbours and neither will any of the local 2bed Victorian Terraces. I would suggest that you go for something a lot more modern which meets recent building regulations on sound proofing.

robatwork

£110,500.....

nikongirl

Cakeguts wrote: »

So really this house doesn't tick your main box on sound from neighbours and neither will any of the local 2bed Victorian Terraces. I would suggest that you go for something a lot more modern which meets recent building regulations on sound proofing.

Thanks for the reply Cakeguts. I'm aware of why the bathrooms are downstairs in a lot of them, so finding one where they decided to put it upstairs is a bonus for me. I'd also get a full survey done, given its age.

Sound from neighbours is not my main box, location is. The only modern 2-beds apart from overpriced, boring, boxy flats are way outside the city or in very undesirable areas. Sound from either side I can deal with, it's noise from above I have a real issue with because it feels so oppressive. A bit of noise is an accepted compromise when you live in a city. I've spoken to several residents in that terrace and specifically asked how much sound transfers and none of them have had a problem with it. They've said it's a very quiet street given its location.

Cakeguts

nikongirl wrote: »

Thanks for the reply Cakeguts. I'm aware of why the bathrooms are downstairs in a lot of them, so finding one where they decided to put it upstairs is a bonus for me. I'd also get a full survey done, given its age.

Sound from neighbours is not my main box, location is. The only modern 2-beds apart from overpriced, boring, boxy flats are way outside the city or in very undesirable areas. Sound from either side I can deal with, it's noise from above I have a real issue with because it feels so oppressive. A bit of noise is an accepted compromise when you live in a city. I've spoken to several residents in that terrace and specifically asked how much sound transfers and none of them have had a problem with it. They've said it's a very quiet street given its location.

I live in a 1920s semi and I can hear the door opening for the loft conversion on the house next door coming through the wall and ceiling of our bedroom you won't really know how much you can hear until you live there and by then it will be too late. What might be an idea is to rent a 2 bed Victorian terrace for 6 months to see if you could live in one. You are only going to need someone playing loud music all day at the weekend for this to turn into your worst nightmare.

Crashy_Time

Cakeguts wrote: »

I live in a 1920s semi and I can hear the door opening for the loft conversion on the house next door coming through the wall and ceiling of our bedroom you won't really know how much you can hear until you live there and by then it will be too late. What might be an idea is to rent a 2 bed Victorian terrace for 6 months to see if you could live in one. You are only going to need someone playing loud music all day at the weekend for this to turn into your worst nightmare.

Good advice, more people should just slow down before jumping into property purchases IMO, noise from neighbours can be a real pain in the backside, especially at night.