What should I do?

AdmanPea

My partner and I are looking at moving to a new property that’s in a nice area (bungalow style) but needs a bit of work so we can afford the mortgage as opposed to paying a premium for one already done. 

I’ll have 86k equity from this property sale now and I’ll put 47k down (20%) on a 235k property (rough guess). This leaves 39k for renovations. We would need to pull two walls down. Put another wall in to get rid of a bedroom and make the kitchen and bathroom bigger. We’d need to knock through the current bathroom wall to make the toilet part of the one space. 

We’d likely plaster several rooms, pull a small sun house down and install a new kitchen and bathroom (budget minded but nice). 

It’s possible I’d get some electrics done and a new boiler. 

Chat gpt quotes me about 28-41k for the work depending on how budget conscious we are. Our combined income is 4800 a month and the mortgage monthly payment would be about £1100. 

We don’t have kids or plan to. 

Think this is an affordable property for me? My partner isn’t sure 

sheenas

Depend on what park of the country you are in would consider ChatGPT to be light on budget. Think more like £60k 

AdmanPea

North east England 

BikingBud

AdmanPea said:

My partner and I are looking at moving to a new property that’s in a nice area (bungalow style) but needs a bit of work so we can afford the mortgage as opposed to paying a premium for one already done. 

I’ll have 86k equity from this property sale now and I’ll put 47k down (20%) on a 235k property (rough guess). This leaves 39k for renovations. We would need to pull two walls down. Put another wall in to get rid of a bedroom and make the kitchen and bathroom bigger. We’d need to knock through the current bathroom wall to make the toilet part of the one space. 

We’d likely plaster several rooms, pull a small sun house down and install a new kitchen and bathroom (budget minded but nice). 

It’s possible I’d get some electrics done and a new boiler. 

Chat gpt quotes me about 28-41k for the work depending on how budget conscious we are. Our combined income is 4800 a month and the mortgage monthly payment would be about £1100. 

We don’t have kids or plan to. 

Think this is an affordable property for me? My partner isn’t sure 

How does Chat GPT fit kitchens and bathrooms? 

Have you seen any of their work?

Are they FMB registered?

gwynlas

It would make sense for some jobs to be completed as one including electrics and plumbing but in a way that allows remainder of works to be completed as and when they can be afforded.

Cost wwould depend on how much you can do yourself  and what you would have to pay for,

Would you need a structural engineer to confirm that you can take walls down?

Problems arise when one person is happy to live in a property undergoing renovation but the other isn't.

Financially you appear to be able to afford the property but you would need to be very astuste in sourcing supplies as kitchens and bathrooms can be expensive