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

Qurrat786

https://forums.moneysavingexpert.com/discussion/comment/82165899#Comment_82165899

That's true. I think people often generalise when it comes to new builds. There are definitely some with small rooms and tiny plots, but there are also plenty that offer really good space if you find the right development.

Yours sounds like a great find, especially with the double garage, parking and decent-sized plot. I agree that those kinds of newer homes tend to come at a premium, but the lower maintenance and not having to renovate can make that premium worthwhile. 😊

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82166956#Comment_82166956

but things like better insulation, larger pipework and triple glazing aren't exactly cosmetic extras and should pay dividends in the long run.

From an environmental perspective, using less gas etc is obviously a good thing. However the financial payback from installing better insulation in older houses tends to be very long term. Some items like insulating the loft properly are no brainers, but say changing old double glazing for new triple glazing , or changing to new boiler, or heat pump do not bring major benefits.

Saving a few hundred pounds a year on bills, does not look so atrractive if it means tens of thousands of pounds of initial outlay.

Qurrat786

https://forums.moneysavingexpert.com/discussion/comment/82167121#Comment_82167121

That's a fair point. I think the financial return and the comfort/environmental benefits are often two separate things.

Some upgrades, like loft insulation, are obvious because they're relatively cheap and pay for themselves quickly. But I agree that things like triple glazing, a heat pump or replacing perfectly serviceable windows can take a very long time to recover financially.

For me, the attraction of some of those upgrades would be less about saving money and more about comfort, noise reduction and future-proofing the house. That said, it's easy to spend tens of thousands chasing relatively small savings on energy bills, so I can definitely see both sides of the argument. 😊

Flo87

https://forums.moneysavingexpert.com/discussion/comment/82167121#Comment_82167121

The boiler that come with the house was around 25-30 years old, with 8mm and 10mm pipes to radiators which they was small and installed in weird positions like directly on the chimney breast. Windows was double glazed with cheap wood frame that warped and it was a mission to open/close some of them.

In my case that things were at the end of their life and wasn`t a spending just to be more Eco( environment & wallet).

lincroft1710

The problem with buying a renovation project isn't "where do I start?" but "when do I stop?"

Qurrat786

https://forums.moneysavingexpert.com/discussion/comment/82167398#Comment_82167398

that's so true! 😄 I think that's one of the things that worries me most about a renovation. You start with "we'll just update the kitchen," then it becomes new electrics, new plumbing, better insulation, a bathroom refresh... and before you know it the budget and timeline have doubled.

At least with a move-in-ready house you know where the finish line is! 😊

RelievedSheff

https://forums.moneysavingexpert.com/discussion/comment/82167398#Comment_82167398

I think that can be said for any property.

I'm sure we have all seen properties for sale where the owners have spent well over and above what they will ever achieve back when they sell. This more so applies to houses in more affordable areas where sales prices are not high and the costs of upgrades and improvements can quickly stack up against the property value.

RelievedSheff

https://forums.moneysavingexpert.com/discussion/comment/82167553#Comment_82167553

Even with "move in ready" properties you can find a long list of things you want to improve, even if it is just decorating. You do one room which then makes the others look shabby so you start a vicious circle of redoing them all.

Don't ask me how I know this 😁

Qurrat786

https://forums.moneysavingexpert.com/discussion/comment/82168132#Comment_82168132

I can absolutely see that happening. I think every house has the potential to become a project if you're not careful. You start with "just a bit of decorating" and before long you're replacing floors, doors and kitchens because everything else suddenly looks dated!

Maybe the trick isn't finding a house with nothing to do, it's knowing when to stop and actually enjoy living in it. 😁🏡