What would it have cost me?(13 Posts)
I would like opinions on a situation I got myself out of, in July I bought a 1930s semi for 104k which turned out to be a bit of a lemon, very clever house flipper who had a team in which dot and dabbed every wall and put huge skirting and coving throughout followed by a cheap skim. I got rid to barratt homes as it made me very very ill with the things I found. I am still on the fence as to wether or not it was a good deal or not as some homes in the area had sold between 75k and maxing out at 122k. The street alone had very differing property valuations from 69k from 2013 to 122k last year all in it was a very desirable area although the properties are renound for being money pits. So any how the bank would only let use release 15k to renovate can I post on here the issues that I know where wrong and get some indication as to wether I ever would have been able to do it even with mates rates and getting odd bargain it might put my mind at ease.
-asbestos roof tiles, these had probably only 5 years max left in them, being original, I noticed that lots were cracked and did have a couple replaced while I was still sane, then I found 6 missing just above bay cleverly hidden by the flipper and taped up with flashing tape, I would have probably re roofed and replaced facias and guttering quote gained from 4k -5k before I left. Wet rot in some timbers in loft I wasn't sure if the full truss would have needed replacement but last surely would.
The property had no earth wires and some double plugs running on single core wire so retire needed including chasing in the dot and dab plasterboard which the flipper had performed throughout.
Back boiler which was unvented needed to be removed and replaced with back boiler couple of new radiators needed and all skirting removed along with flooring and finally replaced.
New kitchen I would have settled for a gumtree bargain for this but plumbing and fitting still required.
New bathroom and fitting including tiling also lighting circuit which had 5 unearthed 100w hallogens shining two of which over zone 1 with a nice 6 amp wire on shower curcuit linked with the extractor fan so when shower came on so do fan.
Double glazing was coming to end of life certainly the two big bays 5 panel however they cracked a lot when wind blew and could hear them cracking through day when sun shone on them. Struggled to open a few of the windows as they had dropped.
Flat roof on bay leaked badly.
Flat roof on kitchen had belly in it and a few leaks appeared after we moved in.
Mould (black) formed behind plasterboard in front room near French doors (which were one of the few things that were ok)
Flat roof on garage leaked
Landscaping front and back
Damp in between two chimney breasts causing flaking and tide mark on plasterboard. (Is it even ok to plasterboard old houses like this)
Timbers cut in loft floor
Condensation caused by what I can only think was water laying on foundation of property and then rising through building and condensing on tiles and then dripping on loft floor,
Decorating and recarpet after it was all nice and finished also few things I would have wanted I would have done this myself along with joinery.
Loft room conversion with velux I would have done this so just materials
New front composite door
Supporting wall from diner into living room with rsj fitting.
Obviously I'm pretty sure 15k would have been used up pretty quickly and I imagine I would have unearthed some other nasties when I started ripping stuff out but just after how much it would have all cost even on cheap so I can stop beating myself up and move on with my life.
Ah. I suspect had you had a survey you wouldn't have bought the place. It's really not worth dwelling on now. What's done is done and you don't own the place anymore. Concentrate on your current home. It really is worth spending the money on a survey.
There's no point in what ifs.
Buying an older property without a survey was madness but you've realised that so its time to move on.
Noone can possibly guess how much all that would have cost anyway. For a start, not everything on that list is a negative.
Just be glad you managed to sell it on so quickly.
Even with mates rates that sounds like at least double £15k to me, and probably more.
Also - it sounds like you are trying to make money on property in an area where houses are devaluing, which is obviously a non starter. Just find a house you like and can afford and live in it, otherwise you will drive yourself mad
The maths dong add up. £15 to take the property toyhr ceiling price in the area - where is your profit? Do you want to buy a house that needs work and is cheap (for location) and then add value doing it?
Or else a home to live in where it is in your gift to make it habitable?
£15k would have achieved neither.
Put it behind you and move on.
The area was why I bought, the house had been vacant for two years and we only found out few days after we moved in. I wasn't too fussed on resale as it would have been forever home had it not needed so much work
You were crazy to spend that kind of money without a survey, seriously what were you thinking?
I think you should forget it and move on, you're out of it now and you've not been too financially damaged thankfully.
Tell me about it, no idea what was going on in my head, its an even more bitter pill to swallow in that the previous home I had was only 34k remaining on mortgage Barratts sold other place at a 19k loss but obviously new builds depreciate very quickly also so no doubt I would have lost out either way, positives warm dry and safe home with guarantee for 10 years.
Exactly. It could have been so much worse. Enjoy your new home!
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