Taking on a major renovation project & living in it

babyblade41

I've lived in a few and won't do it again.. my latest one will be the last and nowhere near the work you are planning ..  

It can be extremely stressful causing friction and uncomfortable .. especially during the colder months.

Silvertabby

What about living in an on-site camper van for the duration of the heavy work?  You could then sell it once the house is fit to move into.

kangoora

How much spare cash will you have after paying the mortgage? If you earn £100k between you and only a £200k mortgage then I don't see (much) of a problem. If you only have £200 spare at the end of each month then settle in for a few (lot of) years living in a building site.......

Do any renovations in order of priority and the basement and loft conversion should be waaay down in priorities. Be aware of the house price ceiling in your area, doing huge conversions you could end up with a massive (expensive) house that few people want to buy because if potential buyers have that amount of money to spend they want a house in a 'nicer' area alongside similar, expensive, houses.

Don't be like the owners of a house I regularly pass on my drive to town. They appeared to be still living in a mobile home caravan in the garden for 6 years. After 10 years it still looks pretty unfinished............

MoneySeeker1

Also wondering why you are planning on doing the cellar and loft as well. Are you planning on having a couple of children and also working from home? Or do you have lots of houseguests?

I did take on a renovation project - and it was all by myself too. So I ended up paying tradespeople to do everything - as I'm not "handy" and don't want to. Though it would have been more feasible for me than some - as, being retired, I don't have to hold down a job too.

What part of the country are you planning to do this in? Is it one where tradespeople are pretty reliable - or not? I'm referring to the "Pembrokeshire Promise" here from this area - where you have to work out whether the tradesperson is reliable or (rather often) they aren't so. There may be other parts of the country with their own variant on that and it's very frustrating if used to them being reliable. If you're in a "unreliable" area it will be a LOT more stress than in a "reliable" area.

Another advocate of carving out a little area for yourself where you try and retain a bit of "normality" while it's going on - so maybe the 1st floor might be the most logical? Only one floor to go up or down to to get to the other 2 floors currently in use.

martindow

An advantage of moving out is that you may be able to negotiate lower prices and get a quicker job if builders can work without hindrance and don't need to leave electricity, water and toilets working all the time.  It is a miserable experience to live amongst it especially over the winter.

ARH_2

We (two, similarly 'not too old') bought a major renovation project in February with the intent of getting hot water and watertight windows, moving in, and then doing the rest of everything, including an extension. 

We've still not moved in, are way over budget, and slicing deeply into the 50% contingency. First point: if you know before you start you don't have enough money, and costs then inevitably rise, you're going to end up in a tight spot. 

A large part of our delay has been Covid related - the window factory was shut, plaster was unobtainable - part of it was that the Victorian property was in even worse condition than anticipated, and part of it because we've escalated how much we want  finished before moving in. 

Second point: the truly unforseeable will get in the way, and add time. If you're living in it, that won't be welcome. In our case it was the usual plus covid, but to get to the likely timeline add significantly to what currently seems like the worst case. 

In our case, being able to work remotely currently means we've been able/fortunate enough to go and live with my parents. It'll be livable in a couple of weeks now. Living with parents was always a contingency - and would have meant major commute - but with remote working and the delays mounting it became a good option early. 

Final point: if you have the option of living elsewhere, take it.

As for your project, and whether it delivers you value for money,  I'm sure you've thought of sale prices etc. However, when calculating the value you'll add it it, include your contingency pot in calculating the cost of adding that value. 

Scotbot

I  had a  rewire and new heating system ( new boiler and pipes replaced)  installed. Both took about 1 week each. I stayed with family,  I could have  managed without hot water and heating for a week but not electricity. If you live in the process will take longer as workman have to ensure property is safe each night whereas if if is empty tbey can just down tools and go home.

Angela_D_3

Having lived in a building site for a few years it's not something i would do again.  I'm looking at houses that require a new kitchen and bathroom so I won't feel guilty riping a nice one out - personal prefernce I want to be the only one to have gotten into that bathtub but that's as far as i'd go.  Houses are noitriously money pits at the best of times.   I wouldn't be queing up from one personally - but disclaimer - i'm old and weary.

NinjaTune

I'd forget about converting the basement.  I doubt there's a huge demand for 5 storey houses anywhere in the country, unless it's going to be used as an HMO.  3 storey townhouses aren't to everyone's taste due to the amount of stairs involved in daily living so adding another 2 storeys is going to limit your market considerably upon resale.

I would do the work needed on the current structure of the 3 storey property as my first priority.  Once that is done, if you still have the money and the inclination then go ahead with the loft conversion.  

What part of the country is the house in?  

MoneySeeker1

Agreed and personally I find those 3 storey houses that often get built these days offputting because of that extra storey.

As for 5 storeys - agh! I stayed in a 4 storey house whilst checking out current house. I could have bought that house - but even the short stay I had there tramping up and down all those stairs definitely soon felt onerous and I decided not to offer for it. At least I had my "try before you buy" option - so, in your position, that translates into "Try before you go for another storey - or two".