Should i take up this offer??

SquatNow

shopaholic2008 wrote: »

I know it sounds stupid but we are getting the rent at about half price ~ after we go the plan is for them to knock it down and start again, however are waiting a year to do this. We wouldn't do it up to a high standard just very basic but clean tidy and nice. :rolleyes:

You could probably decorate it to make it livable for around a hundred pounds. You can live without a new kitchen or bathroom. Tart up and make do. If you can do basic plumbing you can replace the entire kitchen for a few hundred. Carpets are dirt cheap if you're not picky and are prepared to buy remanents. Bathroom may be the hard part but if the fittings are in good nick you can tile the whole bathroom yourself, wall to wall, for £100-200.

The question is, can you get them for give you a good minimum length AST... say 18 months.

shopaholic2008

Spoke to OH about it last night he can do a lot of the work himself and the bits we would need are cheap enough. Plan to paint it all which would be paid for and we can do ourselves,
The floor boards are quite nice so OH said he would varnish them to save money on carpets ~ would this be right?
Bathroom and Kitchen give a good clean and assess what we would really need ie. new kitchen sink ~ £50, got a new work surface we can use for free. Possibly look at a very cheap new bathroom however may have to make do with what we have. My mum is getting a new bathroom so was thinking maybe take her old one off her hands is this possible?

Might try and haggle it down to £500.

Thanks for all your comments so far im taking them all into consideration

Mutton_Geoff

I'd really be bargaining hard on this one. The landlord gets the added benefit of rental income whilst the place is being renovated? This is more valuable to him than you think. His other option would be to do the work himself, or pay to have it done, and have a void period of at least a month, maybe more.

Make sure your tenancy agreement is watertight and he doesn't serve notice or increase the rent when the work is done. Also remember that any DIY job always turns out more tricky, more expensive and more hassle than you first thought. Double your budget and timescales.

Finally don't talk yourself into a "good deal" by making false assumptions "would be worth £1,200", "can't get anything at this price". Really do your research and have a good hard look around before you commit.

Geenie

I think you need to take into consideration what size place you and OH actually need, because even if you are getting it half price, you could still be paying more in real terms for a place that is far too big for you apart from anything else. It needs doing up by you only to be later pulled down.

Have you factored in what it will cost to commute from this place every day if a bit out of town and petrol comes into the equation? Also what will it cost to heat this house as I assume it could be inefficent and expensive if in bad repair. Is it oil, gas.....find out as could be expensive! What about the council tax, do you have to pay this and if so what band and are you again paying a higher rate because the house is big yet you only need half the size?

I think there are lots of factors you have to consider here as what may appear a great deal on paper could end up costing you a lot of money. Don't just think about the rent but all the other costs you will have to pay each month as well to live there, and it may not be the great deal you think it is!

You say you are saving for a deposit...this place could seriously hamper that if not considered carefully, so think of what is best for you.

nimbo

you might be getting the rent half price but they are getting free labour, and the materials could end up costing you guys a fortune...

it can be very hard work living in a building site, and to be honest if it were your own house you'd have the warm fuzzy feeling of your first house to keep you going.

even painytnig can take it's toll you could potentially end up with no free time, and discover hidden pitfalls, such as plater that needs doing... it all adds up...

another thing to cosider is that after doing this for the LL would you then want to do it all again for your own house where it ewould be adding value yo your own house... a full time job, aswell as painting ceilings, walls, sanding floors and varnishing them is a tall order...

shopaholic2008

Ok so got them down to £525 and they are going to provide the paint ~ price wise will be a bit better,also have been thinking how we will manage to sort everything out and can only come to a real cost when we have been in there and cleaned up!! However this said bits and pieces are coming togther so it may be cheaper than i first thought.

Have spoken to some letting agents today and i had no idea how much cost was involved when renting a place ie. set up fees etc. So saving up whilst in this place would not be such a bad idea at least we can leave with a deposit and be a step closer to having a long term home or even a mortgage

Also whilst we are here we will be able to gather furniture etc together as at the moment we dont have a lot between us!!

Still a lot to think about tonight and i certainly wont be rushing into it without considering everything!!