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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

AIBU to buy the horrible house next door

295 replies

thegreenlight · 13/04/2022 08:28

We live in a lovely (but small 3 bed semi with no scope to extend) next door has just come on the market - it’s horrible having been rented out by the guy across the road for years and he did the work himself. Our house has an extension, downstairs bathroom and utility. Next door has none of this but massive scope to extend to the back and side. We have never done a renovation before! Do we offer to buy directly from the owner and pay asking (it has been put on sale this morning through a local agent) what should I do? We LOVE our area but can’t afford a ready renovated house. It would mean a real dip in living standards while we do the work. Any advice? Am I being stupid!?

OP posts:
Original poster
thegreenlight · 13/04/2022 17:55

The estate agents have said that as they are selling ours too and they know it will go fast they may accept an offer to take it off the market without us having sold. We will see.

OP posts:
Summerfun54321 · 13/04/2022 18:08

Where I live most builders are booked up for a whole year as everyone’s so busy. Could you live in the house a long time waiting for a builder to start?

Quartz2208 · 13/04/2022 18:31

@thegreenlight

First off see a mortgage advisor/broker to see if you do have the money

Then ask a builder and ascertain how much and how long (and it could be months before you start). We agreed on our loft extension last April - it started in December and finished end Feb (I say that we still havent got wardrobes). Everyone is really busy - you are looking at months for this.

And ask yourself why. Your house is lovely - what will all the above get you.

And do all of this before putting an offer in because I think you are slightly head in the clouds about all of this.

Blossomtoes · 13/04/2022 18:34

I really wish people would stop buying houses too small for them and extending them. We want to downsize to a smaller house with a decent garden and we seem to be looking for a unicorn - everything’s been bloody extended with half the garden gone.

WomanStanleyWoman · 13/04/2022 18:59

Unfortunately, @Blossomtoes, that’s the only option some people have.

Blossomtoes · 13/04/2022 19:12

@WomanStanleyWoman

Unfortunately, *@Blossomtoes*, that’s the only option some people have.
How can it be? The cost of too small house + extension can’t be that different to the cost of big enough house.
Original poster
thegreenlight · 13/04/2022 20:01

I don’t want to pay money for someone’s else’s taste and style. It will probably cost as much in the long run but with much lower stamp duty and exactly what we want. In theory!

OP posts:
AmberLynn1536 · 13/04/2022 20:14

I’m not getting your sums OP
Your house sells for £320,000
Less your mortgage of approx £170,00
Leaves you equity of approx £150,000 which is to be kept aside for reno
New house costs £285,000
New mortgage will be £285,000 (£170,000 plus £115,000 additional borrowing)
Spend the £150,000 equity on new house so total cost of new house £435,000
This is not including buying and selling costs either
Semi detached extended house only go for £400,00 you say, so you have already gone over the ceiling price and that’s not even considering if the renovations and extensions cost over £150,00 which I expect they will. If my sums are right I think you should think carefully if this is a wise idea.

Quartz2208 · 13/04/2022 20:16

I think you need to get quotes and a proper mortgage offer as well in place to figure out exactly how much it will cost.

The problem is I think by the time this has happened there are likely to be offers on the table - and it may well go for more than 285

And how are you funding the difference between mortgage and asking price if your equity is going towards the repairs.

WomanStanleyWoman · 13/04/2022 20:16

How can it be? The cost of too small house + extension can’t be that different to the cost of big enough house.

Because you can buy the house that’s too small, but with room to extend, within budget, and then put up with a lack of space for a couple of years in the knowledge that you should be able to afford the extension in the long run. A five-bed that’s already done will obviously attract a premium compared to a three-bed with extension potential. It’s not as simple as a big pot of money that you can spend on a finished house or an unfinished one that you need to extend.

Original poster
thegreenlight · 13/04/2022 20:17

Ceiling price is not £400k. Big standard extensions over garage go for £425k + what we have planned will be worth more I hope. It would be our forever home - we are not doing this for profit.

OP posts:
Original poster
thegreenlight · 13/04/2022 20:18

Bog standard, even. We will mortgage 90% the property value.

OP posts:
AmberLynn1536 · 13/04/2022 20:19

How can it be? The cost of too small house + extension can’t be that different to the cost of big enough house

It’s often easier and cheaper to extend once you factor in the moving costs and no stress of buying and selling either, you are also investing in an area you know well, no hidden surprises or moving next door to the neighbours from hell.

AmberLynn1536 · 13/04/2022 20:22

@thegreenlight

Ceiling price is not £400k. Big standard extensions over garage go for £425k + what we have planned will be worth more I hope. It would be our forever home - we are not doing this for profit.
You said semi with extension over garage go for £400 and detached for £500? Even if £425 you are already over the price.
caringcarer · 13/04/2022 20:38

Go for it op. Sounds lovely me a plan to get yourselves more space.

Quartz2208 · 13/04/2022 20:38

I would be wary of an EA that encourages you into going for this without having some proper research in place.

You need to see a mortgage broker to work out what the implications of a 90% mortgage would be. You are looking at adding around 700 a month to your mortgage at least with the amount you may need to borrow. Is that feasible with the rising costs of living?

Then work out exactly what the max is you are willing to pay. Houses like that do tend to go quickly for exactly the reasons you want it. It could be a bidding war. And it could be one that shrinks the gap between the price you pay and what you get.

Exactly the cost and length of time the work will take and the planning permission involved. Depending on where you live I think you are looking at at least 9-12 months before the work starts - can you live with it in the meantime. And exactly what work you want.

At the moment it all seems driven by heart - the idea of getting a bigger house where you love. But you need to bring in the head and get together the proper information you need as to whether it is worthwhile.

And that includes a realistic idea of what the ceiling price is for selling. And the hell that doing up a house involves it is tough

AmberLynn1536 · 13/04/2022 20:39

Fine if you are not doing it for profit though you could spend as much as the value of a detached if your spend goes over £150,000, good luck whatever you decide.

HairyScaryMonster · 13/04/2022 21:28

My sister did similar, buying next door although the scope of the work was less. We did a big rejig of the ground floor and a small extension. It took 5 months and my then 7yo with possible asd did struggle a lot with the noise, the chaos and the feeling of having her space invaded. We love it now but it doesn't sound as major as yours.

longtompot · 14/04/2022 11:48

I would have a look at other houses in your area to see what is available for your budget and see if anything is better.
But from the photos you've posted I can see why you want to do this. I think I would go for it as long as you can afford it and it won't stretch you too far.
Imagine someone else buying it and doing the work you wanted to. Or would not doing the work be worse?

Original poster
thegreenlight · 14/04/2022 12:01

It’s going to last and final offers and we are not proceedable. Someone is coming to view our house tomorrow and if they put in an offer then we can bid. Thankyou to all the people who said they like my family room. It makes me feel better! DH is now going to be really disappointed if we don’t get it whereas I think I don’t mind!

OP posts:
chaosrabbitland · 14/04/2022 12:03

@Blossomtoes

I really wish people would stop buying houses too small for them and extending them. We want to downsize to a smaller house with a decent garden and we seem to be looking for a unicorn - everything’s been bloody extended with half the garden gone.
personally i dont get the thing about buying a small house and then living in a building site for months just to extend , id sooner just look for a bigger house and save myself the aggro , and i reckon your right , by the time the builders and all the materials are paid for its probably cost just as much even more than just buying a bigger house would have been . but then i like a nice quiet life and couldnt be doing with all that disruption
Quartz2208 · 14/04/2022 12:08

@thegreenlight

It’s going to last and final offers and we are not proceedable. Someone is coming to view our house tomorrow and if they put in an offer then we can bid. Thankyou to all the people who said they like my family room. It makes me feel better! DH is now going to be really disappointed if we don’t get it whereas I think I don’t mind!
Do you have a mortgage in place as well - I dont think it will be proceedable without that either. Given that I wouldnt accept an offer that didnt have all the finance in place.

And therefore an idea of exactly how much you can afford. This is going to go over I suspect and be more like 295 to 300k at least

Original poster
thegreenlight · 14/04/2022 12:22

We have sorted the mortgage - that was no problem but we are not sold. Can’t say I’m too disappointed! I really love my house and I don’t cope well when the pillows aren’t fluffed, let alone with building work!

OP posts:
Bebethany · 14/04/2022 17:56

@ thegreenlight go for it, you will always regret it if you don’t. Wishing you the best of luck! 🌷

Dancer47 · 14/04/2022 18:08

If you were doing it to make one big house for yourselves and so you didn;t have any neighbours sharing the walls then yes. To sell yours and do up the other house in the semi-detached block - no, not at all. You have no control over what neighbours you will get - where is the advantage in all the upheaval?