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to buy or not to buy
ineedcash
Posts: 50 Forumite
Hi
I have been offered to buy a house which has been left empty for around 4 years and needs major renovation work doing to it. Other houses in the area are have been sold for around £220 000. I can buy this house for £100 000 and it will need about £50 000 spending on it. Now for what might be a problem, a mine shaft opened up in the garden 4 years ago but it has since been capped by the mining company and has a lifetime gaurantee with the repair. My question is would this still be a good investment or would I have a problem selling it later
thanks
I have been offered to buy a house which has been left empty for around 4 years and needs major renovation work doing to it. Other houses in the area are have been sold for around £220 000. I can buy this house for £100 000 and it will need about £50 000 spending on it. Now for what might be a problem, a mine shaft opened up in the garden 4 years ago but it has since been capped by the mining company and has a lifetime gaurantee with the repair. My question is would this still be a good investment or would I have a problem selling it later
thanks
[STRIKE]outstanding debts £39,000[/STRIKE] £0:j
0
Comments
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Hi
I have been offered to buy a house which has been left empty for around 4 years and needs major renovation work doing to it. Other houses in the area are have been sold for around £220 000. I can buy this house for £100 000 and it will need about £50 000 spending on it. Now for what might be a problem, a mine shaft opened up in the garden 4 years ago but it has since been capped by the mining company and has a lifetime gaurantee with the repair. My question is would this still be a good investment or would I have a problem selling it later
thanks
Is the house suffering from subsidence? Seems a little strange it's been empty for 4 years.Founder member MSE Jet Airways Mile High Club
Member #1
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house has no subsidence and has been left empty and boarded up since the owner died. my friend owns the house through inheritance and now just wants a quick sale as he cannot do the place up himself[STRIKE]outstanding debts £39,000[/STRIKE] £0:j0
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house has no subsidence and has been left empty and boarded up since the owner died. my friend owns the house through inheritance and now just wants a quick sale as he cannot do the place up himself
Sounds like a good deal...IF you can keep to budget and get a thorough structural report.Founder member MSE Jet Airways Mile High Club
Member #10 -
Do you intend to live in it or renovate and sell on? The fact you are seeing a potential problem at £100,000 plus £50,000 would seem to indicate that any other buyer at a higher (after renovation) price would be even more worried. I would tend to leave it alone. £150,000 is still a lot to invest in a risky project.0
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As a doom and gloom poster I foresee problems with insurance.0
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the house is still insured with the same company who paid out for the cost of the mine shaft capping, they are happy that it will not fall down and are happy to continue to insure it. my concern is would it deter possible buyers knowing there was old mine workings nearby although it is safer now the problem is solved[STRIKE]outstanding debts £39,000[/STRIKE] £0:j0
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and are happy to continue to insure it.
You have confirmation in writing that the current insurers are happy to transfer the benefits of the policy to a new owner?0
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