Buying a dated property

Ybe

Is buying an older (but working) property cheap and renovating it a cost effective way to get onto the property ladder for a first time buyer?  

root

Cheap-er? - probably.

Cost effective? Only you can decide.

[Deleted User]

Define "dated".

hopeitwill

And define the damage too.

MIN2_2

Compared to 20-30 years ago, our experience has been that run-down properties today are fully priced (i.e. the cost of repairs/upgrades, if you do them properly, will be more than any saving on the purchase price compared to a property in excellent condition). 

However, for a first time buyer with a small deposit, it can still be worthwhile because it enables you to buy sooner and you can gradually do any non-urgent upgrades as and when you can afford to do so. Makes most sense if you are planning not to move again for at least 5 years and also prudent to make sure the basics (e.g. drains, plumbing, electrics) are at least in safe working order to avoid any nasty urgent expenses.

AdrianC

If you're happy to DIY, and have very specific tastes and requirements, then almost certainly yes.

If you're pointing-and-paying, and are happy with generic magnolia, then almost certainly not.

Everything else is a sliding scale in the middle.

poultrum

We purchased a larger dated property(woodchip every room) rather than getting a smaller up to date one . all depends what and how much work your willing and able to do . 

plus most times you`ll want to redecorate anyhow

pinkshoes

We purchased a 1980s time-warp property 6 years ago. Textured wall paper throughout, glass light fittings everywhere, and then lots of yellow kitchen and bathroom paint everywhere else! Avocado bathrooms tiled to the hilts... Don't even get me started on my hideous bright red bedroom carpet. 

It was cheaper than the newbuild properties (by £110k) and the décor clearly put people off.

Baby number 2 turned out to be twins so our budget was shot, but so far we have had all artexed ceilings skimmed, kitchen/diner knocked through into one nice big room and renovated, fake beams removed and all wallpaper has been replaced with white paint. Doing the work ourselves has saved a huge amount of money, but is slow progress. 

hopeitwill

Having a good survey done will also help.

Drawingaline

Our last property was decorated to a specific taste and everything was dated. So a top of the range kitchen, but 20years old (we were kindly left the receipt!). Everything worked and was livable and we slowly changed it all. The shower room was done early on as the shower cubicle sprung a leak, but the bathroom took three years and the kitchen seven. 

I enjoyed putting our stamp on it and while the decor was dated, it was livable. 

Ybe

In the area I’m looking in London, I’ve found that generally I can get a dated property (working and fair condition, just old interior) for about 30-50k less than one which has been recently refurbished/in excellent condition. 

I have a fairly large deposit for the mortgage so I was thinking of financing and doing the whole thing in one go then paying off the finance and mortgage at the same time. Cost wise, I think it would work out cheaper than a mortgage on an excellent condition property. But obviously it’s more hassle.