Purchasing home to renovate

samsam89

Hi all.

With house prices being the way they are at the moment, plus a sheer lack of choice on the market, myself and my girlfriend are looking at alternative options to obtain our forever family home.

We have come across a cottage with planning in a perfect location. It's currently 2 bed with planning to extend to become 4 bedroom home.

We can definitely afford the house and have between £55k and £60k in the bank. However I'm sure some f this cash would have to go towards the purchase. We can borrow approx £195k and the property is being marketed at £210k.

My question is (as I'm a bit of a novice with this type of thing) what options are there in order to fund the building work and purchase? I'm not sure leaving £35k-£40k would be enough to complete all the work.

YHM

Sounds like you need a broker who specialises in development finance. This option could assist with the purchase and then the subsequent renovation of the property

Caz3121

how quickly would you need to do the work? could you live in it as a 2 bed and focus on saving and extend in 5 years say?

ACG

There are a few ways to do it. Your budget, preferences and timeframes will dictate which is the best. Speak to a broker, but on the face of it, it is something that can be done.

Me and my Mrs bought our first home 5 years ago. We bought a "doer upper" and did a lot of the work over a couple of years, but we did not need an extension, although it was the only thing we did not do (GCH installing, rewire, new kitchen, bathroom, etc etc).

samsam89

Caz3121 wrote: »

how quickly would you need to do the work? could you live in it as a 2 bed and focus on saving and extend in 5 years say?

We are living with inlaws at the moment quite comfortably so could live there while carrying out work. Would prefer to commence any work almost straight away once bought to be honest so would need cash to get going.

samsam89

ACG wrote: »

There are a few ways to do it. Your budget, preferences and timeframes will dictate which is the best. Speak to a broker, but on the face of it, it is something that can be done.

Me and my Mrs bought our first home 5 years ago. We bought a "doer upper" and did a lot of the work over a couple of years, but we did not need an extension, although it was the only thing we did not do (GCH installing, rewire, new kitchen, bathroom, etc etc).

I'm no builder but the extension looks pretty straight forward. Just very little idea on cost.

http://www.rightmove.co.uk/property-for-sale/property-51311421.html Is the property.

http://planning.breckland.gov.uk/OcellaWeb/viewDocument?file=dv_pl_files%5C3PL_2017_0626_HOU%5C3PL_2017_0626_HOU-PLANS_1.pdf&module=pl is the plans.