Ready to move in vs renovation project?

Davesnave

AdrianC said:

Kitchens can usually be facelifted fairly cheaply, just by changing the unit doors, even worktops and tiles.

  Hence my point about the quality of the fittings. If I got a good set of carcases and quality oven, hob, dishwasher etc fine, the tartan doors and matt black worktops with gold flecks are fixable, but if it's all bottom of the range stuff I'd walk away, suspecting corner-cutting elsewhere.

We did a refurb on our place and lived in it too. Not having to hold-down a job or deal with kids made it something of an adventure, especially in winter with the odd missing ceiling or wall, but I wouldn't have done it from choice. The alternative of just buying something like our old semi-dee made it worthwhile, but for most people with finite funds, the road to renovation is a bumpy and unpredictable one.

khanji17

Thanks for the feedback and your own journeys. 
When financing a renovation, I don't think you can add the cost of renovation onto the mortgage? Meaning one has to fund the cost of renovations elsewhere?

snowcat75

khanji17 said:

Thanks for the feedback and your own journeys. 
When financing a renovation, I don't think you can add the cost of renovation onto the mortgage? Meaning one has to fund the cost of renovations elsewhere?

You can advance on the mortgage, when I did this property (the barn) it would have course been non mortgageable on a standard residential mortgage so I borrowed a poultry £120k advance  on my existing property and was liberal with the reasons stating home improvement (technically it was)…. We did manage to pretty much by burning plenty of midnight shifts to get everything done and reached for the CC for the final push, with the reliance of selling the mortgaged property at the end (or bankruptcy .)..….. 
Big DIY renovations or builds are not for the faint hearted.

khanji17

Reading this, I am excited and nervous at the same time  

snowcat75 said:

khanji17 said:

Thanks for the feedback and your own journeys. 
When financing a renovation, I don't think you can add the cost of renovation onto the mortgage? Meaning one has to fund the cost of renovations elsewhere?

You can advance on the mortgage, when I did this property (the barn) it would have course been non mortgageable on a standard residential mortgage so I borrowed a poultry £120k advance  on my existing property and was liberal with the reasons stating home improvement (technically it was)…. We did manage to pretty much by burning plenty of midnight shifts to get everything done and reached for the CC for the final push, with the reliance of selling the mortgaged property at the end (or bankruptcy .)..….. 
Big DIY renovations or builds are not for the faint hearted.