renovation costings/ reducing offer

pollyannaL

Hi,
I am currently purchasing a house in need of a bit of renovation (3 bedroom 1950s semi).

Know it's hard to say, but how much do you think the following would cost:
- excavating 2 x fireplaces.
- 1 back boiler removal.
- woodburner fitted, flue installation etc. x 1
- CH upstairs
-Rewire/ part rewire throughout house (old style fuse box but some modern switches downstairs)
- There is a massive water tank above the red boiler in bedroom so guessing this needs removal .What ever it is. Looks like a small silver tin bath tub!

i think my offer was too high (by £5-£10k) as other renovated houses sold f2 yrs ago for the price I offered.

Is it best i have a full structural survey even though i am planning to have all this work done?
If the boiler has not had any annual safety checks, can i ask for some ££ off, even though i am planning to remove back boiler?

Head hurts thinking about it all........any help would be appreciated.

Has anyone used findmybuilder for renovations? Or should i get as corgi registered gas man & electrician to meet with me for a viewing to give quotes.
Is it reasonable to lower my offer if the work is a little more costly than i thought?

Pixie5740

Have you had the valuation through yet? If so how does it compare with the price you have offered? You're free to try and renegotiate the price* up until exchange but equally the vendor is free to tell you to bog off.

I've tried using sites like findmybuilder before and found them to be a bit hit and miss. Try and get recommendations from friends and family if you can. CORGI was replaced by the Gas Safety Register quite some time ago so make sure you get someone with the right qualifications for working with gas appliances.

Have you had any kind of valuation or survey done that has indicated there might be an issue with the structure or does it look like there is an issue with the structure when you look at the property?

*I'm assuming this is not in Scotland.

Jenniefour

I like your enthusiasm - you say "a bit of renovation", I would call it a do up job. Get some quotes for reputable builders when you move in and no need to have it all done at once, of course. But it can be cheaper to do it all at once if you have the funds to do so.

Re builders, electricians etc. I have got them in the past through recommendations and one or two through websites -most worked out fine.

Meantime, yes, get a structural survey done, rather than relying on homebuyers report which essentially is to protect mortgage lenders. See what comes up in structural survey, and you do have the option of then getting a builder over there to give you a rough idea of costs to help you decide whether to reduce your offer.

However, if a property is a do up this is usually accounted for already in the asking price, at least to some extent.

pollyannaL

Thanks for quick replies.

Santandar did a 'computer' valuation, and agreed with the price I have offered. Not sure if it's to my benefit really. As if they are comparing recent purchases, yes the properties on the street are that price and more as most are renovated!!

I do have a friends husband (electrician) who will hopefully do mates -rates. Not sure if theres any point in getting him to visit and quote prior to exchange if i have to do it regardless.

The property 'looks' a solid house. An elderly lady lived there her whole life and obviously didn't make any structural changes. It's just a bit of a time warp. The only thing is there was no key for garage, so i have not stepped foot into it (there is a large piece of wood, leaning against it up and is cut into shape of the roof. God know why.

It's a lease hold too **its 954yrs lease and i have asked if i can buy freeholder from vendor. This will prob push price up again. If i can't purchase freehold i really hope there are no constraints. I have bought the Land Registry Deeds but the proprietor is a local solicitors. What does this mean? That the property is the estate of deceased vendor?

Can i contact any local surveyor? i am expecting this to cost £1000.

Thanks for help. I am buying on my own so no man to do this for me! Feeling very knowledgable now knowing everything about mortgage rates, overpaying, etc. I just need to go on a plumbing course now!

kinger101

The problem is, your saw all this when you view the property, and were fully aware of it. You only have scope for renegotiation if the survey throws up something unexpected which couldn't be seen from your viewings.

If you asked me for a reduction based on what you've posted, it's quite possible I'd remarket it as I'd lost confidence that you'd proceed.

Pixie5740

pollyannaL wrote: »

I am buying on my own so no man to do this for me!

:eek::eek::eek:

Don't bank on friends doing you mates rates on the work. Yes you might get a competitive quote but they still need to eat at the end of the day the same as the rest of us.

Davesnave

It's a doer-upper. Logically, every unsatisfactory thing you've listed should have been factored-in before you reached the price agreed.

The sold data for similar houses in better condition has not been suddenly revealed either.

If a structural survey reveals more work, that's a different matter.

However, in the real world, selling and purchasing is not often conducted in a logical manner, so you're free to reduce your offer and the seller is equally free to view an action like that in whatever way they like.

I'd wait for the survey results, which could also include a more accurate assessment of value.

charco

In our old flat we had a back boiler removed, new combi put in and 5 new radiators put in. This was *ahem* paid in cash but cost £2500 grand. They also removed the old hot water tank, which probably got them a few beers in scrap money. That was 10 years ago so no doubt costs more.

Woodburners depend on size and the type of chimney. Also check you're allowed one as some areas have policies on burning wood/coal. This is typically in built up cities.

pollyannaL

Thanks for replies - I am having a full survey next week. Have read that all survey's will be scary as they mention any/ every issue that COULD occur!
Hoping the attic is not falling through as never looked in it (or garage!) argh. The vendor did a house clearance last week so would feel dreadful now if i had to negotiate price or withdraw for any reason!

glasgowdan

I think I'd want to set aside £8000 for that work and squeeze things to get it all done within that.

pollyannaL

Thanks - have budgeted £10k for it - so if it can be done cheaper that is great! :T