Its worth it BUT is it feesable

OLS

Well get a cuppa, put your feet up and prepair for a long read - well not really that long but I like to ramble (like im doing now) so let the story begin.......

We have sold our flat, we havnt made a profit but broken even which were not bothered about as we just wanted rid, it was a case of ''as long as we dont go in the negative equity were not going to hold out for a huge profit'' so we got an offer for what we paid and took it. We are currently living with my folks while house hunting as didnt want to jump in and buy something just as we needed somewhere to go then want to move on again in a year or so. ANYWAY....we so far have not been able to find a house we have gone ''yup this is the one'' they have all been ''well I suppose its ok'' and I dont what to buy a house that is ''ok'' I want ''the one''. We have been in to ''the one'' and it is a complete wreck tbh but we know its the one we want and can live in for years to come. Its is an old family friend who passed on so the house really was/is in direstrates, no functiouning bathroom (well it isnt something I would pee in anyhow) no kitchen so to speak, from what we can tell by looking need replastering, most likley rewiring, central heating fitted, new doors and windows, new kitchen, bathroom and general decoration - thats to the eyes view, obvioulsy we would need a survery to check for any underlying problems before we buy but there seems to be no signs of damp (it has been empty for a year) via visable signs or smelling of it and it doesnt look to need repointing although this will be answered in the survery. The house is being offered to us at 100k which is a snap as recent sale prices of mid terraced (this is end) on the street have been between £150k and £170k and were going to budget £30 - £40k do complete the process.....firstly does that sound a feesable figure for the works........secondly how to banks/building societys go about HIL's or further advances? does it all depend on what they value it at etc?

So its is deffinatley worth it for us in the sense of we will be getting basically the house of our ''current'' dreams (would only beable to buy the true house of my dreams after a lottery win!) done up to the spec we want for the price we can afford, a bigger size than we thought we would get for our money and in the perfect area etc etc but we dont know if its doable re getting the cash to do it up

clutton_2

£30-£40k sounds a bit tight - i'd get a structural survey first to see exactly what you are taking on - with this degree of overt dilapidation, there is no telling what else is hidden ........

hearts

I think the 30k-40k is about right, in fact Id say probably over and thats a good thing.
In your position I would go for it.
With regard to the funding you really need to speak to the lender.

OLS

cheers for the replies guys. We are actually going to see a IFA regarding the money side of things as one of the options is to borrow the money from my folks, they got the cash to do it up straight away, then get it remortgaged at the higher amount freeing up the 40k equity we would need to pay my folks back but thats why were going to see the IFA. I really hoped 40k would be enough to do the work as don't really want to go over so planning a budget of 30k and the extra 10k as a back up.