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AIBU to ask your advice on what to do about house purchase?

(31 Posts)
Notthebossofnetflicks Mon 13-Feb-17 20:11:23

I need to buy a house. I mean really need too - last few years renting have been a nightmare and I feel my life is on hold until I can actually buy a property. Kids are young but in school only just about have some money now for a very small mortgage.

Have found a great house but it needs a lot of work. We are happy to do the work but realistically couldn't afford to do a proper job for 2yrs. The area is amazing, perfect. The house could be perfect, plenty of scope for extension. It's very old fashioned, funny lay out (but I like quirky and could be easily improved with re jig).

The area would be a day to day life change for us as we are currently In the country and this house is in lively village with a pub, bus stop and would improve my commute by 30-40 mins a day return.

House is 1930/40 and needs re wiring and there is some damp. What should we do?? Buy now, clean it up, put down cheap flooring & paint throughout and live with the funny lay out. Save & top up with loan in 2 yrs or extend mortgage (is that even doable)?

Anyone with any advice?? First time buyer obviously...

sizeofalentil Mon 13-Feb-17 20:18:11

Are prices likely to go up faster than you can save in the area?

I think you're underestimating how much a of a nightmare it'll be to live in a house you are doing up. I'm pre-DC and we had to redo a bathroom and roof this year and it was horrible.

What needs to be done vs what would you like done to it?

If you think you can live with it how it is for a bit and you're in love with it, do it. But keep your eyes wide open and be prepared for everything!

SilenceOfThePrams Mon 13-Feb-17 20:21:14

I would, yes. But, when you say it needs rewiring, what's it like now? Personally I'd make that an absolute top priority even if I couldn't afford anything else straight away. Dodgy electrics seriously scary.

beautifulgirls Mon 13-Feb-17 20:22:21

You need to look at what you can put aside towards the work needed each month to be sure that you can afford the repairs that are needed. There are always unexpected costs, things that need doing that you didn't realise or things that have to be done and cant be left so try and have a fund aside for the urgent stuff too. Make sure you can afford the insurance and other costs associated with being a home owner too.

It is certainly do-able to give everything a good clean and lick of paint and put up with it for a while and work step by step to get things up to ideal. Things like electrics you need to get a professional in to do though and be sure before you buy that leaving these for a while isn't dangerous for you all.

contractor6 Mon 13-Feb-17 20:23:23

Check the damp firstly as that can be expensive to fix.
Personally id buy it live in it whilst planning the extension return, then move into rented for 3-4 until its completed.
Check the layout can be changed easily eg stud walls easy to remove, supporting walls need expensive joists'
Also check in advance with planning office on there policy of development in the area, maybe also speak to a local architect?
We are thinking of doing the same as can't find ideal house on the right estate.

RhiWrites Mon 13-Feb-17 20:24:04

In a fixer upper you need to be very organised and practical. Is that both of you. You'll need resilience, an active interest in DIY, good humour - and enough money to pay for professionals at times and not rely on family and mates rates.

Even maintaining a working house is expensive and in one with outdated wiring or no insulation your bills will be more expensive.

You have regularly schedule projects and not start several at once leaving every room in chaos.

But if you can confidently do those things then go for it. Most house prices in the UK are still rising.

19lottie82 Mon 13-Feb-17 20:25:04

I'd go for it! Assuming the house is functional and the damp isn't too bad / can be treated.

Just tackle it a room at a time and make it your own home smile

Apart from the work required it sounds like it would be perfect for you?

Could you afford the alternative in 2 years if house prices increase 25%?

omnishamblesssssssssssssss Mon 13-Feb-17 20:27:31

Is the wiring original?

Aftershock15 Mon 13-Feb-17 20:27:41

We moved into our current house which is 1920/30 and hadn't been touched since the early 1970s. We knew it was a total gut and extend and even though we had the money it still took almost 2 years to get designs/planning permission/builders organised. We just lived in it - leaks and all. It was worth it for the end result in a perfect location.

Snowflake65 Mon 13-Feb-17 20:35:16

The house will probably go up in value in a couple of years and you might be able to remortgage for the same percentage to fund the extension. I would go for it.

Notthebossofnetflicks Mon 13-Feb-17 20:36:45

It needs full re wire. There is damp in a front room due to dodgy flashing in the roof (so the EA said) but is semi d terrace so the neighbours would have to help fix that surely?

It's a beautiful area with so many amenities for the kids & the sea side location iv always wanted!

I am organised but my husband is not. He is also not brilliant with diy (he's messy and takes ages) I'm not great either but willing to give anything a go!! Have some friends in trades but I know I can't rely on mates rates for everything.

Garden is great - over run but such potential!

Downstairs is unusual alright I don't know would I been driven mad by it but then again i really feel is do anything if it's our own home.

Notthebossofnetflicks Mon 13-Feb-17 20:38:15

And yes prices are going up and up and house in this price range are gone ASAP

CitySnicker Mon 13-Feb-17 20:48:51

Partner just said appx £5k for full case that infos of any use

Notthebossofnetflicks Mon 13-Feb-17 20:50:47

That's very helpful city thanks. I suppose we could buy it get wiring done then paint and carpet. Anyone care to guess at what that would cost in a 3 bed semi?

Notthebossofnetflicks Mon 13-Feb-17 20:52:38

Can you take a mortgage more than the value of the house to help with repairs? I mean would the back give us 110k for example if the house was 100k but we need the extra ten to do the few jobs?

Sorry I have no clue!

Moreisnnogedag Mon 13-Feb-17 21:00:19

I'm not sure on that but I would buy it. We bought our place that needed/needs work doing on it and are now getting round to it (two years on). We bought a shed load of trade matt paint and repainted everywhere, ripped up dodgy carpet, finding beautiful original wooden floors but concrete downstairs requiring cheap carpeting.

One thing though, I can occasionally pick up extra work resulting in boosts to what we can do every now and then. Is that a possibility for you? I also found that as soon as I became a 'home owner' banks were more than willing to offer me personal loans so that could be an option.

Owning your own home, even if it has dodgy bits, is totally worth it.

NeedMoreSleepOrSugar Mon 13-Feb-17 21:01:30

Paint and carpet can be done for very little (there's a place near us that does £500 for whole house - 3 bed semi). You should tackle the electric and damp as top priority though.

Mortgages for more than the house is worth are rare these days - you should soak to a mortgage advisor and plan on saying for deposit plus repair budget to get you started

PenCreed Mon 13-Feb-17 21:01:36

Our mortgage included doing up costs. Carpet and paint throughout will depend on quality! I've painted most of ours myself over the last year, but paid about £1500 to have one room and the hallway re-papered as they needed it. If you've got damp, you might need to re- paper, that's the only reason we did it! Dulux paint, 2 big tins a room is about £40 on average.
I'd say go for it, but prepare for a bit of long-term chaos. We've not yet unpacked everything due to decorating a room at a time and moving things round to enable that, plus we're working FT. (No DC) I have half of the last bedroom still to paint and I never want to sand anything ever again, but it's been worth it!

CitySnicker Mon 13-Feb-17 21:02:15

Paint it yourself just now until you're more flush. Carpet appx £250 per smallish double bedroom inc fitting recently from carpetright.
You have a deposit?

randomsabreuse Mon 13-Feb-17 21:03:35

You won't get a mortgage more than the house is worth, in fact you might get a retention on what they will give you until things particularly flagged by the survey are done.

You have 2 expensive problems - full rewire and fixing the roof - so you want detailed quotes for that. Having done full rewire you will probably need to replaster as it would be a very good idea to put loads more sockets in while you're at it - economies of scale.

So you need to be able to pay for house plus fees plus essential works up front.

Carpets aren't too bad - can get cheap room sized off cuts. Or get laminate or lino downstairs short term as there's a severe risk of damage when you extend. Probably £1,000 if you get cheap carpets etc.

Decoration once plastering is done is doable by rank amateurs - especially if flooring isn't in yet and relatively cheap - paint no more than 75/room unless huge.

unicornsIlovethem Mon 13-Feb-17 21:04:31

Definitely buy it. Even with electrics, there is a lot you can do yourself - wiring channels and cable runs etc which are then connected by an electrician in one day not 6 weeks.

Buy it, do electrics, paint, upgrade as and when.

NeedMoreSleepOrSugar Mon 13-Feb-17 21:09:43

cheap carpet place can't speak for how good these guys are as I've never used them, but one example of aaplace place that does full house deal (£700 in this case). As basic as it gets, but perfectly serviceable as a starting point.

Pots and pots of trade paint and doing as much as possible yourself will take you a long way. We did this with our first house and out was bloody hard, but so worth it

bluemarble Mon 13-Feb-17 22:07:59

If the finances work then buy it.

If you can (if you're in rented) have the rewire done as soon as you complete and before you move in, it's a messy job (floorboards up, channelling in walls etc) and much quicker and easier without you living there. I'm in the SE and I paid £3.5k for full rewire of 3bed semi last year, it took about 10 days, had the plasterer follow the electrician around so we could move in asap.

I haven't yet had all the carpets replaced, just living with the floorboards at the moment and painting one room at a time and saving/planning for the bigger building works.

If you don't mind living in a bit of a state for a while it's perfectly do-able.

Notthebossofnetflicks Tue 14-Feb-17 20:56:32

It's under offer!!!

Patchouli666 Tue 14-Feb-17 22:30:38

With you being the offer? If so, dodgy electrics. Get a qualified electrician to sort out a new fuse board that will have rcd breakers on all the old stuff. We had that done on our current 1600 house. Still kept that fuse board with the retiring when we could afford it too. Hope it becomes yours. A good area is always popular

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