First time buyer

Dm155

Hey everyone- I’m currently looking for a property to renovate and then let out to students. I’ve found one in Liverpool that looks perfect, it has 8 bedrooms and is close enough to both universities. However I’m not very clued up regarding renovation costs, surveying etc.

The house is in a terrible state and would need everything replaced from the window frames to the toilets. And the garden would also require work.

So really I have two questions-

1. For a complete overhaul of a 8 bed property what sort of price would I be looking at? (I understand it’s impossible to give an accurate answer, I’m just looking for a very rough estimate)

2. What’s the best way to find someone who knows what to look for when I view the house, I have friends who are plumbers and decorators- but I’ll really need someone who can give me a more rounded estimate based, before I decide to start paying out for professional surveyors etc

Thanks for any help in advance!

kinger101

The precise costs of the work will be £87,573.85. This includes milk chocolate covered digestive biscuits for the various tradesman. You could save a few quid here and there if you bought plain digestives or rich tea, but the quality of the work may be inferior.

quantumlobster

Dm155 wrote: »

Hey everyone- I’m currently looking for a property to renovate and then let out to students. I’ve found one in Liverpool that looks perfect, it has 8 bedrooms and is close enough to both universities. However I’m not very clued up regarding renovation costs, surveying etc.

The house is in a terrible state and would need everything replaced from the window frames to the toilets. And the garden would also require work.

So really I have two questions-

1. For a complete overhaul of a 8 bed property what sort of price would I be looking at? (I understand it’s impossible to give an accurate answer, I’m just looking for a very rough estimate)

2. What’s the best way to find someone who knows what to look for when I view the house, I have friends who are plumbers and decorators- but I’ll really need someone who can give me a more rounded estimate based, before I decide to start paying out for professional surveyors etc

Thanks for any help in advance!

The answer to both your questions is "if you need to ask this, you're not ready to buy this property".

Dm155

Obviously I understand I’m nowhere near ready to buy the property- but I’ll be going round for a viewing next week and wanted to get a little bit more info before I do. I’ve started doing some general research- and was just wondering if anyone knew some very very BROAD estimates.... I’m looking at a +/-20k figure here just to make sure I’m not completely wasting my time.

Where can I go for advice on this matter?

Dm155

Obviously I understand I’m nowhere near ready to buy the property- but I’ll be going round for a viewing next week and wanted to get a little bit more info before I do. I’ve started doing some general research- and was just wondering if anyone knew some very very BROAD estimates.... I’m looking at a +/-20k figure here just to make sure I’m not completely wasting my time.

Where can I go for advice on this matter?

babyblade41

On an 8 bed property your figure is way off, my little 3 bed modernisation will cost in excess of 40k and that's with no windows

Robin9

This one

rightmove.co.uk/property-for-sale/property-71605423.html

If you have to ask how much - you can't afford it.

Have you any experience in the student HMO market?

davidmcn

Robin9 wrote: »

Have you any experience in the student HMO market?

They've never even owned a property before, despite apparently having a spare £250k in cash plus enough for the renovation.

Dm155

I meant an estimate with an upper bound of +20k and a lower bound of -20k..... The research I’ve done so far suggests it would cost roughly 100k, but as I said before I have 0 experience.

And if you have to ask, you can’t afford it.... What a ridiculous statement

kinger101

Dm155 wrote: »

And if you have to ask, you can’t afford it.... What a ridiculous statement

What's ridiculous is asking strangers on the internet for a quote for building works for a property they've not seen, and for which no specifications have been given.

The obvious thing to do would be to visit the property with a builder. As the obvious escapes you, you'll really struggle with the detailed legal requirements of running a HMO property letting business.

kazwookie

Ask a local builder to give you a rough idea, once you have listed out all the jobs you want doing.