Is it worth buying a fixer upper

bouicca21

And another twopennnyworth - I bought a flat that had been refurbished and I’d much rather have done it myself.  The kitchen layout is bad but the units are too nice to chuck out.  At least if you refurbish yourself you know the quality of work and you get just what you want.  You may not recoup the cost when you sell but you will have had the comfort in between (assuming you actually get it done of course).

GDB2222

I think people simply underestimate the cost of the work. Also, the idea that you can do some of the work later, when you have more money, doesn’t mean that the work is any cheaper! Yes, you can choose the finishes etc, but you have to organise the work, as well as pay for it. And most people can’t afford to move out whilst the work is done.

My experience is that fixer uppers go for too much money.

GDB2222

BTW, if you post a link, you may get more specific advice.

Zambonis

I can't post links yet as a new member

kangoora

Zambonis said:

ProDave said:

Depending how much you are prepared to slum it, you can just move in as it is, and do the work at your own pace as you can afford it.

But no central heating... Something would need to be done about that at a minimum. 

My grandparents coped just fine with only a coal fire, no bathroom (tin bath in the kitchen) and loo down the end of the yard for decades. Including bringing up 3 kids in a 2 bed house. Obviously very much not ideal and certainly not as per expected standards today but it is certainly possible.

However, installing central heating in a 3 bed house should cost around £3.5 to £5.5k max (doozergirl could probably confirm) and a place could easily be made (very) liveable with £20k, probably less, unless something really drastic (major) needing doing.

If you want the best of everything, roof extansion and rear extension then, yes, £30k won't cut it but nothing stopping you moving in, getting it liveable and then doing any major works over the next 10 years as finances allow.

GDB2222

Zambonis said:

I can't post links yet as a new member

Just the Rightmove property number (in the link) will do. Or the postcode and price.

peterhjohnson

Zambonis said:

 I have seen lots of prices being lowered significantly (10-20k within a month) but others are selling surprisingly fast for what they are.  

The reductions could be down to an Estate Agent "valuing" the properties rather high in order to get the business. The places that sell fast may be priced too cheaply or there may be some intangible factor (fashionability?) that you haven't spotted. If a house disappears from the market or is even marked "SSTC" it doesn't necessarily mean it's actually been sold - or sold for the sticker price.  I'm currently watching a house that I consider was marketed for a grossly inflated price. It's now SSTC but it would not surprise me if it comes back on the market. Eventually, the Land Registry may tell me if I was right. Either way I will have learnt something :-)

Zambonis

GDB2222 said:

Zambonis said:

I can't post links yet as a new member

Just the Rightmove property number (in the link) will do. Or the postcode and price.

Sorry I am being totally daft. 
 www.rightmove.co.uk/property-for-sale/property-81924967.html

AdrianC

https://www.rightmove.co.uk/property-for-sale/property-81924967.html

That doesn't look half as bad as you've pitched it.

Get heating installed and get it rewired. Get the windows changed. Slap a coat of paint and some new carpet all around. Job jobbed, do the rest as and when.

Zambonis

AdrianC said:

That doesn't look half as bad as you've pitched it.

Aah sorry I didn't mean to suggest it was in a poor state, the opposite in fact.  I just meant it seemed like a well preserved museum piece as an ode to 1981.. My partner joked that we should rent it to hipsters longing for a retro experience... not totally sure he was really joking   The EA has listed that it needs full modernisation so we have read that to mean it gonna cost you a lot to improve!
Still waiting to hear back from them about whether it is indeed back on the market afterall.