Buying a fixer upper

User_080621

Hi just looking for some advice. Am looking at a house at 70k currently with a 10% deposit. The house will need some work ie new kitchen and bathroom, carpet and floors throughout. Im single and dont have a lot of savings apart from my depsoit.  Is it possible to get a loan on top of a mortgage for renovations? Thanks for any help.

User_080621

Should also have added my salary is quite low at 21k. Thanks

hazyjo

How do you think you can afford a mortgage and a loan?  If you apply for a loan immediately after getting a mortgage, it's likely to be refused anyway.

Is the property actually habitable? You won't get a mortgage if it isn't How big a loan were you needing? Wouldn't have thought you'd do it for you less than 30k and I can't see anyone lending you that.

Could borrow up to around 4-4.5 x salary, so perhaps look for something that doesn't need much work. 5% deposits should be returning soon.

Is this to live in or flip?

User_080621

Live in. I see no issue getting the mortgage but its just being able to do it up i would struggle with. Could maybe just take my time with it and pay as i went. Yes its liveable in. 

BabyStepper

As long as the place is functional, it's entirely possible to do it up on the cheap as you live in it. If the carpets are disgusting, you can see if the floorboards are any good, hire a sander for a couple of days and end up with some lovely wooden floors for not much money. Check for carpet offcuts. Lino doesn't cost too much and can transform a kitchen. Ex-display bathrooms and kitchens are cheaper, you can buy panelling for your shower online and fit it yourself (even I managed that and I'm no good at diy). Maybe the kitchen units will last but just need some new doors? And a coat of paint freshens everything up for not many pennies. It can be quite good fun seeing how much of a transformation you can pull off with limited cash and you learn a whole load of new skills as you go. YouTube becomes your friend, it has so many tutorials on how to do almost anything.   

I'd say the main thing is you need to be really patient - it can get annoying living in a house where everything is wrong and your big plans need to be put on hold until you've saved up. If you need furniture, go looking on gumtree or freecycle. There is so much stuff in the world just now, people are often giving things away for free or just a few quid. Don't put it on credit cards, whatever you do, pay cash as you go. 

One last tip - don't try plastering, however many YouTube videos you watch. It really is a skill best left to people that have it. (i.e. not me.) 

Good luck.    

dimbo61

Do you have family and friends who have building skills ?
Are you the kind of person who can live in a building site ?
Can you find a bargain online, eBay, Facebook and do you have the skills and tools ?
Rewire on a terraced house is £2500/£3000 and must be done by a qualified electrician who can sign it off and provide an EICR or Electrical Installation certificate.
What about the roof and walls, plumbing and heating ? 
I have lived in a money pit with jobs to do every weekend and grew to hate it.
Plumbing and central heating gas boiler must be done by a Gas Safe engineer.
Plastering is a specialist job, paying for someone to fit a kitchen might take 2/3 days while DIY might take 2/3 weeks if you lack the skills and tools.