Buying A House in Bad Repair

ChrissieS_2

Ooh that would be my dream, Rosie and Jim. Recycled and lovely!

I have noticed black mould on the walls in the pic. I know so little about potential problems. Is that a bad thing? A few houses in the area advertised seem to have water stains on the walls in their pics.

LEJC

I think you just need to be really careful that you don't end up buying a money pit.

It also depends what your own capabilities are regarding DIY...
It becomes very satisfying decorating and finishing off by putting in things like a shabby chic kitchen or sourcing things from reclamation but you will potentially need to set aside budget to fix things that you have limited or no knowledge of.

Electrics
heating
roofing
plastering
windows

These are all things we had to contract out when refurbishing a property a few years ago and whilst I get the "notion " of living in the property whilst you renovate perhaps doing a room at a time it certainly isn't something I would recommend.

Perhaps if your budget allows,you should focus on properties that are structurally sound and just need the cosmetic updating.

The whole process of renovation is a huge learning curve with highs and lows and many points where you will actually ask why you bothered... and probably at one point end up devaluing the house before you put it back together...whatever renovation budget you choose double it and be prepared that the work will take twice as long to complete than you would like.

Whatever you go for,or indeed end up with....good luck with your project...it's hard work but the most satisfying of feelings when it's finally done and you can call it home

G_M

Bear in mind the stress and diffiiculty buying repos. Acceptance of your offer gives far less security that te seller will Exchange than with normal sales. You ma well pay out on survey, legals, mortgage application and then get gazumped at the last minute.

If the property needs work, you need to either

* know it is 'livable in', and be prepared to live in it in the current condition

or

* have financial reserves to do it up (which obviously depends what needs doing)

societys_child

Buying A House in Bad Repair <snip> . . . have been reduced to looking at houses with issues.

I've moved/ bought houses a few times in my life.
Didn't know there was any other type . . .

ChrissieS_2

Oh it's so difficult. I haven't seen it yet. I am not good at DIY. I know plenty of people who carry out work on homes and who I trust. In all the categories mentioned about. They are not close mates, so I would employ them properly, not expect mates rates and obtain receipts and certificates.

I'm primarily thinking of it as my home, so if money needs spending, I will spend it. In an ideal world, I'd have money to do a place up, but I'm on my own and I don't have savings or a safety net.

I did, however, clear a debt of £8.5k last year and ran a blog about living on £10 a week for food. Clearing that debt taught me a lot about being frugal.

ChrissieS_2

I cleared the debt in 7 months on a salary below the national and regional average, even with the extra work I took on.

Rosieandjim

If that is the case you should look at structurally sound houses that just need cosmetic update as op above said.


Damp walls need investigating as to the reason why they are damp. Old houses are going to cost a lot more to heat as they need keeping dry and aired.

ChrissieS_2

Yes - that was always what I was planning and I guess I won't know that until the survey necessarily, unless I spot any wonkiness or holes. My handyman friend has passed on some info about tell-tale signs and if I want a second look, I can bring him and his ladders along.

Even black mould will stop me moving in initially and so I'll need to clear that quickly, as I can't afford rent and a mortgage.

Exciting but daunting at the same time.