Would you buy a house you could not afford to renovate

gingercordial

Can't afford to renovate now?  Sure, depending on how habitable it is and your tolerance for living in those conditions for a while.  You would need money for critical stuff and emergencies.  

Won't be able to afford to renovate ever?  That would be too depressing for me, living somewhere in poor condition, knowing I could never do anything about it and watching it crumble for lack of proper maintenance and investment. 

freeisgood

I don’t think I can get a mortgage for the next year due to the pandemic, but now my income is increased I would be able to do things piecemeal and certainly either get a small mortgage or save up enough to do something to it in 2/3/4 years time. I’m self-employed. Business is doing well.

purplebutterfly

How dated is it?  Is it just decor that's the issue or is it structurally crumbling?  Does it have a functioning bathroom and kitchen? 

You could post a link and the clever people here could maybe give you an idea of what needs doing versus what can wait  

FreeBear

Depending on how "dated" the decor is, you could go for the retro look.

Currently living in a property that is structurally sound but in need of redecorating and refurbishment. Don't really have the money to do quite a bit of the work, so breaking it down in to affordable jobs. Doing as much of the work myself to keep costs down.

thriftytracey

They say "Location" is key.  Who knows - in the future you  may come into an inheritance, win the lottery, insurance payout, tax rebate (OK it would need to be significant).

When we bought our first house with two bedrooms back in the 1980's it had no central heating and needed rewiring.  Awful bathroom and kitchen.  We had enough money saved to install CH and rewiring but we were poor as church mice.  The rest of the jobs took five years, and even managed to a lean-to conservatory addition, and then we decided to move somewhere rural.  I remember finally finishing the kitchen about six months before we moved, we used to buy one cupboard a month!

We haunted the aisles of Texas Homecare.  

Two houses later we built an extension, paid for the minimum second fix by increasing our mortgage and reused windows and radiators etc.  

Davesnave

I might do it, but the question, is should you? I've had the experience of a major renovation and also building an extension before that, both on limited budgets, and frankly I'm not minded to do any more like that.

By  ignoring property on the edge of town and going for a more run-down one nearer the action, you may find you're simply swapping one kind of inconvenience for another. So much depends on your  and your partner's skills and attitudes. Some people love a practical challenge and have no problem living with a certain amount of chaos and mess, while others find it too stressful, especially if they know few trades persons or lack appropriate knowledge.

Only you know what kind of people you are.

lookstraightahead

To be frank, with kids abs your own business, I would suggest nowt will get done anyway 🙂

Cakeguts

If this was me, I would buy it on the basis that it is near the schools and you an walk to work.  If by dated you mean that the fittings and decorations are bit old fashioned but still servicable then I can't see a problem you could still live in it.  The location that suits you actually is something you can't change but you can change anything inside the house.

Pok3mon

A few thing to consider,

Are you earning enough to do it up slowly?
Is it habitable without danger (electrics safe but dated/latest spec etc)?
Are you good at / willing to do DIY? If getting trades will cost alot more and require saving. DIY you can do bits as and when.
If DIY Good places to look is Facebook Marketplace for end of project bits, leftover plumbing bits, kitchens, timber.

I bought my old council house and did it up over 6 years new kitchen, new bathroom, new toilet, new windows (we did windows room by room! money was that tight), Basically everything.

I was lucky as I am a trained electrician (out of date now) and my dad was a carpenter / general builder.

One good thing about doing all the work yourself you get to really know your house so most stuff is easy to fix.

BikingBud

freeisgood said:

Thank you so much for your replies, I could afford a house out of town that would be ready to move into, but this one is so convenient for children’s buses, schools, and I could walk to work. 

So long-term it ticks all the boxes. There is a garage which could be turned into a fourth bedroom quite readily, but I would have no idea how much it would cost.

it’s a move from rented to first purchase.

Slightly bizarre statement!

google will provide many resources that will give ball park figures. Similarly for loft conversions or extensions.

Do your homework as only you can decide what the location worth and what you may be able to fund down stream.