Move-In Ready vs Renovation Project: Our House-Buying Decision

HouseHuntingAmy

One thing that helped me when viewing: "needs work" covers a huge range, and the two ends of it are completely different propositions. A dated but functional house - old kitchen, tired carpets, a 90s bathroom - you can live in happily for years and do up in stages as money allows. A house needing reconfiguration, rewiring or structural work is a different beast: that's the one where the 3x cost / 2x time rule of thumb really bites.

With young children I'd also price in the true cost of disruption, not just the builders' quotes. Living through a kitchen refit with three kids, or renting elsewhere for six months while work happens, both carry a real cost that belongs in the comparison against the move-in-ready premium.

And whichever way you lean, a full survey plus a walk-round quote from a builder before you commit turns "significant renovation" from a scary unknown into a number you can actually compare. The right answer often becomes obvious once both options have real figures attached.

Qurrat786

https://forums.moneysavingexpert.com/discussion/comment/82162095#Comment_82162095

I completely agree. I think there's a happy middle ground between a complete renovation project and a fully renovated house.

I'd be quite happy with a house that's perfectly livable but has room for improvement. I'd rather spend some time living in it first and figure out what works best for our family before making any big changes. 😊

Qurrat786

https://forums.moneysavingexpert.com/discussion/comment/82162114#Comment_82162114

That's a good point. We're trying not to get too focused on whether a house needs work or not and are looking more at the overall package.

At the end of the day, it comes down to finding the right house in the right location, at a price that makes sense for us. If it's move-in ready, great. If it needs some updating but has good potential, we'd be open to that too. 😊

Qurrat786

https://forums.moneysavingexpert.com/discussion/comment/82162180#Comment_82162180

That's a really good point. For us, there's a big difference between a house that's just dated and one that needs major work.

I don't mind an old kitchen or bathroom that we can update over time, but rewiring, structural changes and the disruption that comes with them, especially with three children, is a different story! A survey and builder's quote before committing definitely sounds like a sensible approach. 😊

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82162179#Comment_82162179

And I completely agree about being careful with recently renovated properties. We'd want to make sure any work has been done properly and isn't just a quick cosmetic flip. 😊

Yes, if you buy a house from a family/long time residents, and the extensions, loft conversions etc were done some years ago and are still fine, then you can be pretty confident, assuming they aslo have the right building control sign off paperwork.

Chief_of_Staffy

https://forums.moneysavingexpert.com/discussion/comment/82161326#Comment_82161326

Nah, you just need to do your research. I did a forecast spreadsheet and updated it against spend as the work progressed (spend which included everything down to Amazon purchases of a few quid). I entered the final figures yesterday. Spend was £129 more than estimate. Timescale wasn't as accurate. I hoped for 9 months, planned for 10 and reality was 10 months 25 days.

That said, never again. I will never purchase a property that needs anything other than decorating. That's not hyperbole, it's absolute. Not because I had significant problems with any of the trades, and the work they did was, with one exception, good to very good, but living in essentially a building site for the best part of a year is something I don't want to repeat. And the incessant phone calls, quotes, visits, discussions, emails, WhatsApps with various companies and tradesmen (67 in total) saps you of the will to live.

Alex_thompson

https://forums.moneysavingexpert.com/discussion/6685933/move-in-ready-vs-renovation-project-our-house-buying-decision

Personally, with three young children, a move-in-ready home seems like the easier option if the budget allows. Renovations can cost more than expected, and living through all that work with little ones isn’t always easy.

That said, an older property can still be a good choice if it’s in the right location and has the potential you’re looking for. It’s worth getting a proper survey, working out the likely costs and keeping some money aside for unexpected repairs.

At the end of the day, you want a home that suits your family now and in the years ahead. There’s nothing wrong with doing a bit of work over time, but you also want to enjoy your new home without constantly worrying about the next repair or renovation!

WIAWSNB

Apart from the potential of extra character, larger room sizes, bigger plots, and inherent solidity, what is the main difference between older properties and modern?

I suggest, insulation.

So I'd keep your options open and view all suitable properties within your budget, but if you come across a 'modernised' or 'renovated' or 'updated' older property, get evidence of any insulation added, in particular to the (inner surfaces of) external walls.

If this hasn't been done, they've missed the opportunity, and your ongoing energy bills will almost certainly be significantly higher as a result.

RelievedSheff

I would concentrate more on finding the right home for you and your family in the right location. The age and condition will be what it will be. The home will be more important than the condition.

We have in the past bought a small 1930s semi that had been completely renovated top to bottom with new kitchen and bathroom. That made a great first house. We then moved to a new build detached house which was more work as we had to put our mark on it and change it from an out of the box blank canvas into our home. We recently sold that and have bought an 8 year old house which has already been more work than the previous two put together. We knew about some of the jobs but some of the others were unplanned for. But we are slowly but surely turning it into our home and we are enjoying watching it turn from someone else's house into our home.

It was nice to move into a fully done house with nothing to immediately change but we are, at the moment, enjoying the task of tackling this home more. It is infinitely more rewarding.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82163090#Comment_82163090

That said, an older property can still be a good choice if it’s in the right location and has the potential you’re looking for. It’s worth getting a proper survey, working out the likely costs and keeping some money aside for unexpected repairs.

You can not assume that an older property needs a lot of work. Many 100 year old houses, will have had work/extensions/modernisation already done, and be in good condition.