Inherited nightmare house - what to do?

[TomHanksintheMoneyPit]

Last year I inherited my late mother's upper floor maisonette, which was in an appalling condition due to my mother being disabled and mentally ill and a hoarder, and a squatter living in the house for five months after her death who trashed the place.

The place is basically structurally sound and does not have any mould or mildew, and no problems with insect or rodent infestation or anything like that. But it's in a terrible condition and has not been touched since the 1970s. The bathroom and kitchen both need to be ripped out and replaced. It probably needs a new boiler. Every room (even the bathroom!) has stained, threadbare carpets. I've pulled some of the carpets back and the floorboards underneath are in reasonable condition albeit would need a fair bit of work (sanding, staining and varnishing) to make them look good. All the rooms except one have ancient tatty wallpaper. The doors, door frames and window frames are filthy and yellowed and would need to be deep-cleaned then re-painted white. The massive garden is a jungle with knee-high brambles and at least two fallen down sheds. The garage is so jammed with stuff you can't even get inside.

I have health problems, do not drive, and it takes me 90 minutes on (free) public transport to get to her house. I don't have anyone to help me and earn a pretty small salary, although I do have a generous cash inheritance which is in an ISA. I generally can only visit her house once a week, twice at most, and spend perhaps 7 hours there. It's taken me a year just to clear out her personal possessions and furniture. On the other hand I'm not bad at DIY/decorating and feel confident in being able to do stuff like prep and paint walls or put down laminate flooring.

I'm now at the point of having to decide when to put it on the market, and how much work to do in advance. People with experience in selling houses, and in particular selling or buying fixer uppers, would you recommend:

1. Putting it on the market as-is, as a fixer upper, in the knowledge that the sheer look of the place is so off-putting.

1. Doing superficial DIY work to make it look more appealing, eg. stripping the old wallpaper, giving the walls a fresh coat of paint, cleaning and re-painting the doors, ripping up the carpets and putting some cheap laminate floor tiles down, just so that the property looks clean, neutral, and not totally neglected. But leave the kitchen and bathroom and sell it with the understanding the new owners will need to do some work in installing a new kitchen and bathroom, new boiler, fixing the garden, etc.

1. Invest the contents of my ISA into paying someone to do it up properly including installing a new kitchen and bathroom, before putting it on the market.

I'm leaning towards #2, but I'm uncertain exactly what I should do, vs what I should leave. I keep thinking of new things that need fixing or replacing, like the garden fence, and going AAARRRRGGGHH! Any advice?

@Handsoffisback

Whatever you decide to do, don’t let it involve magnolia paint.

Our lets are painted in a snowdrop colour, I loathe magnolia

Why spend your time in a grotty old place sloshing paint on when you could be in a place you treasure lovingly decorating it to a marvellous standard?
I'd clear out the carpets and wash down with sugar soap, so it is habitable. I would get the gas checked. Then sell to someone who will live there and do it up.

I would also say that for us part of the rationale for considering the “option 2” route was that we felt a bit ashamed and wanted to “protect” MIL from people judging the state of her house. We got the place professionally cleaned and the estate agent said even that we didn’t need to do, but it made us feel a bit better. In the end I’m glad we didn’t bother doing more than a clear and a clean - the EA did all the viewings etc and we actually got a really good price.

After going round viewing places with DS and DIL last year I would say get the garden cleared (overgrown gardens are really off putting) strip out the old carpets, etc, just have the place smelling "cleanish" Also if the kitchen and bathroom is reasonably cleanable do it so could be used if necessary.

Personally I would remove anything that suggests deeper problems - so carpets that almost certainly stink to hell and back again, wallpaper that is black as these might create issues with people thinking you have mould/damp. Clear the garden just so you can see the size of it.

I'd be aiming for "it's a project, but the fabric of the place is solid"

Put it up for auction. Preferably one that Homes under the hammer are at so I can watch the transformation

Haven't read the whole thread so apologies if this has already been mentioned but make sure you check the length of the lease. You said it's a maisonette so I'm assuming there is a freeholder. If the lease is v short you may run into difficulties selling as many buyers will not have the time/money required to renew the lease. Also once the lease is under a certain number of years (21 i think) it can only be renewed by the current leasee.

If lease is fine I'd go for option 1. Clear out all the rubbish, by all means strip wall paper and carpet but really do not bother painting etc.

I would not strip out the carpets. Leave them. Why give yourself that work? The only thing I would do it clear back the garden- but carefully. You don’t want any old clearance guy in with his power saw and flamethrower destroying lovely shrubs and trees.

If its in London, I wouldnt do a thing. There are so many wannabe property developers out there that the knackered run down properties dont go for much less than one in reasonable condition anyway. I have looked at a fair view doer-uppers in London and once I had priced the work on them it wasn't worth it.

Unless you are a builder yourself or have access to cheap eastern european builders you have to really know what you are doing to turn a profit in London now property prices have stopped rising.

@UsernameRebooted

I have bough houses that have condemned

No-one want someone else's tart up
Either renovate to a high standard or sell as is

Our neighbours spent ages doing up their house for sale- new patio doors, decorating new kitchen.

Within 48 hours it was all being taken away as scrap in skips

Unless you are doing everything then do nothing. If it has a kitchen (one of ours was a sink, 1 cupboard with a toilet in the corner) and a basic bathroom (our was a bath in a cupboard- no toilet that was in the kitchen) it will get a mortgage.

Years ago I lived for a while aged 17 in a condemned squat.All due to be demolished .It hadn't been touched since pre-war by the looks of decor.

I google earthed it, to see to my delight that it was still standing, the front wall of the house that had huge cracks in {Bomb damage?} had been replaced with London stocks, and the place renovated beautifully.

It sold this summer for £650k.

Lucky is the person who is living there, it had a lovely atmosphere even when it was with just open fires and a back scullery.

Here is a pic of the front room now :

@unmanagable

A lot depends on the area and value as to what I could advise but personally unless you are in a very upmarket area I would say clear out everything , get a waste company in to clear and dispose of all the junk , then strip back to bare basics leaving in a kitchen and bathroom ( without these it becomes in- mortgageable ) strim and clear the garden and empty the garage , then sell , if it's sound with an agent or if not at auction, you will be surprised as the level of interest you will get by investors looking for a refurb and although many purchase as cash buyers being mortgageable makes it open to more viewers

Seems like good advice to me.

I agree it's worth getting the garden cleared - outside space so valuable now!

Getting it on the market ASAP for those trying to beat the stamp duty holiday!

You need to get the sale completed by the end of next March before the stamp duty holiday ends. Check the lease length as that will also impact the value.

www.theguardian.com/money/2020/nov/20/calls-to-extend-stamp-duty-holiday-mount-fears-slump-housing-market-furlough

I had a similar dilemma although on a smaller scale (no garden).

For me it's 1 or 3.

Freshly painted walls and cheap laminate but then a need to rip out bathroom/kitchen is neither "fixer upper" or "ready to move in". As you say, if you are going for 2 where do you stop? You could be facing a lot of work for little or no additional profit.

In your position I'd clean up what you can to avoid the initial ick-factor - rip up carpets if you can get rid of them easily enough, clean to the best of your ability - but don't waste time and money on painting and decorating. Price it as a project and move on.

I know how physically and emotionally draining this process is. Look after yourself.

Option 2 makes sense to me if you can pay someone to paint the rooms in a neutral colour and get down some reasonable looking floor covering. Just make sure the old kitchen and bathroom are as clean as possible, people seem to rip these out ASAP. Don’t even attempt to do it yourself, you need to keep well. Use the ISA money, after all you will soon have the cash from the property. Good luck

I agree with PP who suggest clearing out the old carpets and removing the wallpaper - this lets potential buyers see the condition of the floorboards and the plaster. It really isn't worth doing any more than that, as it will definitely need rewiring and probably replumbing as a minimum, on top of kitchen/bathroom/boiler. I wouldn't bother with the windows either, not even to clean the paintwork or repaint. The likelihood is that the purchaser will replace them also.

You really want it to be bare bones, so its drawbacks can be seen clearly. I'd get someone in with a strimmer to cut back all the brambles in the garden, and have the outbuildings cleared. Get a few valuations and move it on asap. The sooner it gets an owner who can spend money on it, the better.

Forget #2, it’s pointless.

I did #3 in my parents’ very similar house and made £33k profit but in your shoes, I’d go for #1. A developer will bite your hand off.

Sell ASAP. Don’t waste any money on cheap tarting up, the whole thing needs thorough refurbishment.

The longer you leave it the more Covid and Brexit will impact the economy and you should take advantage of the stamp duty holiday.(Altho I think that may well be extended). You’ve already missed the post-lockdown bubble.

I have been put off purchasing places that have brand new kitchens and bathrooms in as I would want to fit my own choice but can’t bring myself to rip out brand new ones.
Option 2 and pay a local decorator to do the basics and a local gardener or handyman to clear the garden. I think clearing the garden is quite important and would affect the price more than decor.

@TheNoodlesIncident

I agree with PP who suggest clearing out the old carpets and removing the wallpaper - this lets potential buyers see the condition of the floorboards and the plaster. It really isn't worth doing any more than that, as it will definitely need rewiring and probably replumbing as a minimum, on top of kitchen/bathroom/boiler. I wouldn't bother with the windows either, not even to clean the paintwork or repaint. The likelihood is that the purchaser will replace them also.

You really want it to be bare bones, so its drawbacks can be seen clearly. I'd get someone in with a strimmer to cut back all the brambles in the garden, and have the outbuildings cleared. Get a few valuations and move it on asap. The sooner it gets an owner who can spend money on it, the better.

This is what I would do, and also what I reckon my dad would do (retired builder).

@unmanagable

A lot depends on the area and value as to what I could advise but personally unless you are in a very upmarket area I would say clear out everything , get a waste company in to clear and dispose of all the junk , then strip back to bare basics leaving in a kitchen and bathroom ( without these it becomes in- mortgageable ) strim and clear the garden and empty the garage , then sell , if it's sound with an agent or if not at auction, you will be surprised as the level of interest you will get by investors looking for a refurb and although many purchase as cash buyers being mortgageable makes it open to more viewers

As a veteran buyer, seller and do-er upper, I thoroughly endorse the above advice. Professional learance is fast, effective and painless to you. Do NOT waste your money on cheap improvement disguises ; they won't fool quality buyers OR mortgage lenders so it's just throwing money down the drain.

Grubby decor and woodwork, old kitchen and bathroom fittings, are absolutely no deterrent to anyone intending to put their own stamp on the place .

Slosh some disinfectant down the sink and bathroom basin plugholes to eliminate any historic drain niffs. Make sure the lav has been brushed and flushed, no obvious crud on seat, fresh roll of TP, new liquid soap by the basin. Just in case the viewers and EA staff need a wee, it sends a subtle message of care and consideration.

Pick an estate agent who has plenty of "sold" and "for sale" boards in that local area, follow their advice on setting the price, and let them earn their fee for accompanied viewings etc. The for-sale price will reflect the condition of the property / work needed , so no need to stress about tarting the place up with magnolia paint etc.

Pretty much option 1.

I think it'll appeal to a builder developer so all I would do is have it cleared and stripped, in order to show that there are no hidden nasties.

Kitchen, bathrooms, wallpaper and crap paintwork will be of no consequence whatsoever to someone who is experienced, and they may well end up just replacing any work you do anyway.

The biggest work would be the garden as it will be beneficial to show the full potential of it. If it's so overgrown that you can't tell how big it is, then it could be worth hiring someone to come and just hack it back and take away the debris.