Move or refurbish?

AIEmpire

Hello,

I'm in a bit of a pickle on whether it's worth spending the money to renovate my house, or whether it would be better to move, (or even rent!).

Some background:

• Bought 6 years ago as a first time buyer, c130k, now worth c180k, 95k left on mortgage.
  
• Mid-terrace 3bed house, with 2 story dormer, very old circa late 1800's (not listed, but is under consideration for "local listing", and in a conservation area).
• I was probably a bit naive as a FTB with the amount of work owning a house entails, but it's all I could afford at the time, and got 20k knocked off the price as the bank down-valued it (was the most expensive on the road, so no comparables).
• I got a full survey done, which said that overall the property is in good shape, with minor repairs needed to the roof, some repointing, etc. I got this done as soon as I moved in.

Work that needs doing:

• Had a minor leak upstairs last winter during heavy rain, got that fixed, roofer said I'm probably due for a new roof soon.
• Electrics are really old and graded "unsatisfactory" on electric report, old fuse wire box, etc - needs a full rewire.
• Kitchen has been extended to the side and has a UPVC roof, built right up to neighbours extension wall (i.e. their extension wall is my internal kitchen wall) - this needs replacing as not very water tight (leaked the odd once or twice over the years during heavy rain).
• Re-wire will mean full re-plaster, re-decoration, etc.
• No shower, could probably do with new bathroom - but not strictly necessary. Already had new boiler fitted.
• Back windows are wooden framed, not UPVC, kitchen windows single glazed.
  

I like the house, and the area, however the work that needs doing is going to be super stressful. Particularly the kitchen extension where you need planning / party wall agreements, etc. The costs of getting the planning sorted alone, seems like a lot. I could pull equity out of the house to finance the refurbs needed, the only problem is that because my house is the largest on the street, I don't think it will add that much value - other houses are selling for about 150k. Leaves me thinking I may just be better off selling up and moving somewhere else that is more up to date?

I know it's my decision ultimately, but keen to hear others experiences and thoughts.

mi-key

As stressful as getting work done is, selling a house ( or trying to ) and buying anothert is probably a lot more stressful !  If you like the house and the area, then stay there and refurbish.

Most of those jobs probably aren't as big as a tradesman looking for work has made out. If your roof is watertight, then it doesn't need replacing. A complete rewire may not be needed, it is often possible to keep what is there and add a new consumer unit and extra wiring as required, which is a lot less work and you can do as and when needed.

Rewiring also doesn't mean a full replaster.

If the kitchen has only leaked a couple of times, then that isn't a major issue and should be easily fixable.

The main benefit of refurbishing is you can get jobs done as and when, so just getting one thing done that takes a day or a few days isnt too stressful. You also don't need to spend out all the money at once. 

cerebus

Refurbish! 

The main thing that needs doing is to replace the single glazed windows 

Old wiring doesn't mean it's unsafe , my mum still has the old wylex rewireabke fuse box and her wiring is sound , unless your wiring predates the pvc cables and has been bodged to the extent its dangerous then its fine , can you show us the eicr?

Leaks are minor and easily fixed and of course the roofer will tell you , you need a new roof soon he's hoping for work!

Always get a second opinion

Enjoy your home!

Ectophile

Whether or not it needs a full rewire may depend on how old the existing wiring is.

• Early 1960's or older.  Probably needs a full rewire.  The cables around then were rubber insulated, and will now be over 60 years old.
• Mid 1960's.  Lighting won't be up to modern standards (no earth wires).  The rest may be OK if it hasn't been mucked around with or damaged.  That's when PVC was introduced.  The good news is that PVC lasts forever, give or take a couple of years.
  
• Late 1960's or newer.  Should be OK unless it's been mucked around with or damaged.  But will need replacing if it suffers from "green goo" leaking out of the ends of the wires, or if they used aluminium wire.
  

twopenny

Liking the house and the area is a big plus.
Bad neighbours especially if renting can make life miserable. It's not your home its a house/flat.

So how to make you feel better? Start with the single glazed kitchen windows. What is the problem with them.
If it's cold in winter stretch cling film over them. Ie very slightly dampen the frame and cling film. A matter of pence. Improves temperature, few people see the kitchen or put net curtains over.
Dealwith installing dg when you can.

No shower. They aren't expensive and easy to install over bath.

New boiler    

Leak fixed.

Doubt you'd need a rewire - shouldn't need replastering. Where some of mine had to be chased in I did those tiny strips. Easy and cheap.

It's your home. You like it. Most of what you say is easy and cheap to fix. Get that done one at a time first to make you feel better.

Chickereeeee

Roof  - roofers, when looking at a roof more than 30 years old, will always say you 'may need a new roof soon'. And they are not wrong. But 'soon' maybe 10+ years. If the timbers (rafters etc) are sound and it  is not leaking, occasional repairs can make it last a long time. (Mine will celebrate its 100th birthday soon).