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Ready-to-move-in vs. 'project' house?! Aaargh - how to decide?!

(103 Posts)
flow4 Tue 23-Apr-13 00:26:07

I'm going round and round in circles, and just wonder whether any of you good people might have any information, ideas or opinions that might help me make some decisions... confused grin

I found a house I liked - not perfect, but very nice and practical, for £130k. It has a new, good quality kitchen and bathroom, but will need rewiring and a bit of patching up. Unfortunately (a) the vendor isn't ready to move and doesn't want to be hurried, and (b) it's probably only worth £125, and maybe not even quite that, since the local market is stagnant. I offered and was rejected, raised and was rejected again, and we've stalled... So I started looking again.

I'm thinking again about another house I saw last summer, but rejected at the time because it needs so much work. It will need a new kitchen, bathroom, a wall that has been put up in a silly place knocking down again, rewiring, a new gas CH/hot water system, and total redecoration. It's in a better location with a great, open view. It also has new windows and doors, compared with 10-15yo ones on the other house. It's on the market at £120, but has been for almost a year, so could probably be bought for £110-115k.

Both houses are ex-council 3 bed semis with garages, with good gardens, on similar sized patches, in different but nearby villages.

Other similar houses are to be found for around £130-140k, but I haven't seen any I like yet.

The question is, is £15k enough to do the work that the second house will need? I'm estimating costs as follows, with some work done at 'mates rates'...
Bathroom - £2k
Kitchen - £4k
Walls knocking down, possible RSJ and replastering - £4k
New boiler and system - £4k
Redecoration (labour and paint) - £1k
Do these figures sound reasonable? (I'm in Yorkshire btw).

Also, both houses will need rewiring; does anyone know what I should budget for that?

In my dreams, I'd also like a little garden room extension and an basic loft room... What sort of ball park figures should I pencil in?!

The other question, of course, is whether I can face taking on so much work! I don't know the answer to that one yet, so if anyone has any experiences they'd like to share of their own house projects, please do! (I would be able to stay in my current house while work is being done on a new one, for a month or so anyway).

Sorry for such a long post, and thank you if you've read all the way though... I'm a single parent, and need someone to talk all this through with really; but if you lot are happy to help, I might be able to stop my head exploding!

flow4 Fri 03-May-13 08:24:10

Thanks Pasta and coffee. I am feelings very fed up about it this morning. Funnily enough, I think I feel worse because this was not the 'perfect' house, but one with loads of potential, so I spent a very long time working out what needed to be done, and finally committed myself to taking it on. In the end, I might be relieved not to have... But at the mo I feel miserable. sad This is a semi-rural area too, and houses that I like and that meet our needs and I can afford are really rare.

I've got a really horrible day ahead now too... sad

coffeewineandchocolate Fri 03-May-13 07:41:11

there willl be more after bank holiday. people will be spending the bank hol tarting up their houses to sell grin

PastaBeeandCheese Fri 03-May-13 06:38:37

Aaah flow. That's rubbish news.

I'm really sorry.

flow4 Thu 02-May-13 22:55:19

Thanks smile That's good to hear camtt smile I've spent all eve looking for other houses. Not found any I'd want to live in...

camtt Thu 02-May-13 21:30:50

of course, accepting an offer doesn't mean the vendors will manage to sell the property. We found a house we really liked, stretched ourselves as far as we felt comfortable with our best and final offer and were disappointed to hear that another offer 10k higher had been made the same day but we let it go rather than stretch to a point we felt uncomfortable with. 6 weeks later the EA called to say the first sale had fallen through. We bought the house at our original best and final offer but if we hadn't, something else would have come up in the end.

flow4 Thu 02-May-13 20:23:18

We could just elope and get married on a beach somewhere sunny...? wink grin
__This is called putting a brave face on. I could cry really.--

AliceWChild Thu 02-May-13 20:23:07

Boo. It was a rubbish house anyway. There'll be a better one grin

coffeewineandchocolate Thu 02-May-13 19:49:01

gosh no! planning weddings is worse than house buying! grin

mamapants Thu 02-May-13 19:44:51

Oh no!! So sorry to hear that.
It was probably a rubbish house anyway no where near as nice as the one you'll end up with.
We missed out on a house we liked as we didn't put an offer in quick enough as I was 39 weeks pregnant when we found it. And then we found our dream house that was everything we wanted. Am sure same thing will happen for you!

flow4 Thu 02-May-13 19:35:13

Thought you were proposing for a moment there coffee! wink

coffeewineandchocolate Thu 02-May-13 19:22:06

May not marry!

coffeewineandchocolate Thu 02-May-13 19:19:52

sounds like you marry be better off out of it. you will find an amazing house for your family eventually

flow4 Thu 02-May-13 18:57:48

Thanks. I am really, really, really, really fed up about it. sad
And cross. angry

doglover Thu 02-May-13 18:09:36

Oh no, F4 sad. I'm so sorry to hear that. wine

Piffpaffpoff Thu 02-May-13 17:59:57

Sounds like it. sadangrywine

flow4 Thu 02-May-13 16:48:56

EA just called to say that the other bidder's finances have been confirmed, they have made a higher offer, and the vendor has accepted it.
I've been bloody gazumped, haven't I?! sad angry

AliceWChild Thu 02-May-13 08:39:33

Weasels! It's a impossible position for both you and the vendor. Not as in sale can't happen, but as in there's nothing that can be done to put it right by you both. They can't unknow what you would pay. Weasel EA!

flow4 Thu 02-May-13 08:05:44

If they're on 1%, like most round here, it won't even begin to cover it Alice. My final offer was £10k over my first one, and their commission will be £1.1-1.2k.

AliceWChild Thu 02-May-13 08:01:18

And the extra they defrauded from you can come out of their commission grin

AliceWChild Thu 02-May-13 08:00:33

Sounds like a good plan flow

flow4 Thu 02-May-13 07:55:12

Not really coffee. Which is not to say one won't come up...

I'm planning to speak to the branch manager today and make it clear that I have proof (recorded answer phone messages) that they misled me and have breached the Estate Agents Act 1979.

I am still considering going round to the vendor. One of my good friends is best mates with his sister, and she reckons he's a decent man who'd be horrified by what's going on...

coffeewineandchocolate Thu 02-May-13 07:43:22

have you seen any other properties you like that you could use to say you are sick of the messing about and will go with that one

flow4 Wed 01-May-13 23:26:06

Turns out you can complain about EAs:
link to OFT site

flow4 Wed 01-May-13 22:24:35

Thank you red smile And yes, Alice. At best! angry

AliceWChild Wed 01-May-13 20:35:08


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