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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Would you take on the challenge for £5k?

43 replies

offmytrollydolly · 04/10/2022 20:35

I have been house hunting for 28 months and getting a bit esperate.

Would I be reasonable to take on this challenge, just to get on the housing market? I'm not scared of hard work. Only myself to please.

YANBU - GO FOR IT
YABU - WHAT'S A MATTER WITH YOU GIRL??????

www.rightmove.co.uk/properties/127365878

OP posts:
Everylittlethingsgonnabealright · 04/10/2022 20:37

Hmm I don’t think it’s quite clear cut!

Theres a lot of damp/mould by the looks of the walls - have you got the skills/funds to strip everything right back and treat it?

Is it structurally sound? Because of the walls I’d definitely get the best possible survey done - will be worth the money to understand what you’re getting into.

dawnc27 · 04/10/2022 20:38

you local to this already? i reckon it could go for a fair whack more, especially in this rental market

ETgo · 04/10/2022 20:38

Oh my goodness! But if I was in your position I absolutely would if there were no structural issues etc.
I'd look at it as an opportunity but would be strict with the highest I'd pay at auction for it.

Everylittlethingsgonnabealright · 04/10/2022 20:39

It’s an auction house one- surely it’s going to go for much more than it’s listed for?

Eileen101 · 04/10/2022 20:40

Do you have a large fund to throw at this?
Is there a survey available already? Is there a pre release pack?
What's the average house price in the area? Is there any auction final price info available from similar previous lots?
If it was structural sound, why not? I probably would, especially without children etc.
I'd be prepared to strip it back to the brick though.

ApolloandDaphne · 04/10/2022 20:40

How much would you have spare to renovate it?

Eileen101 · 04/10/2022 20:41

Oh and be mindful that the guide price can be misleading as to what it'll actually go for!

FusionChefGeoff · 04/10/2022 20:42

I'm deluded so I'd say go for it Grin

Set a healthy budget for a complete rewrite, gut a replaster. New render maybe damp treatment etc. Then double it!

You'd have to be careful not to get carried away with the auction as £5k is one thing - £20k plus costs on top starts to be a whole new ball game I guess.

TellMeWhere · 04/10/2022 20:43

What do comparable, non-wreck houses sell for? It will need gutting and looks to have quite the damp problem.

Pixiedust1234 · 04/10/2022 20:47

5k is the starter price to get people interested enough to do a bidding war.
It doesn't look that bad. The mouldy walls are more likely to be ventilation and heating issues imo.

Are the floors sound or rotten? What does the average house go for in that area?

pd339 · 04/10/2022 20:49

Pixiedust1234 · 04/10/2022 20:47

5k is the starter price to get people interested enough to do a bidding war.
It doesn't look that bad. The mouldy walls are more likely to be ventilation and heating issues imo.

Are the floors sound or rotten? What does the average house go for in that area?

This

lannistunut · 04/10/2022 20:50

It will be more than that, you will need tens of thousands to fix it up - what is your renovation budget and what will it be worthehen it is completed?

DoThePropeller · 04/10/2022 20:52

Can you buy with a mortgage at auction? If not, your immediately available funds may make the decision for you. It won’t go for 5k.

HumourReplacementTherapy · 04/10/2022 20:53

Blimey 😦
Guess it depends how much it ends up going for and if it's structurally sound.

WhatLikeItsHard · 04/10/2022 20:55

Looking at the sold prices of houses on the same street, personally I wouldn't bother. The one that sold for 36k looks in a pretty decent condition.

Unless you have family or friends who can do a lot of the work themselves, or are prepared to do it yourself, it will be a costly and lengthy renovation.

Would you take on the challenge for £5k?
Suzi888 · 04/10/2022 20:55

Eileen101 · 04/10/2022 20:41

Oh and be mindful that the guide price can be misleading as to what it'll actually go for!

^ This
Likely to be snapped up by a builder. You’d need a full survey too…
I think you also need to prove you have cash funds? Or possibly mortgage in principle might be ok, but if it’s a choice between a builder with cash and you with your mortgage, you won’t stand a chance.

LeafHunter · 04/10/2022 20:57

You often have to show you’ve got the money to do it up too.

I imagine it’ll go for more than the £5 too though!

Original poster
offmytrollydolly · 04/10/2022 21:00

To try to answer questions.

Yes, Iive fairly close with family nearby.

The.average for a decent 2 bed terraced is anything between £80k (bleurgh mostly) to £120k'ish.

I'm having a full structural survey done. The. Mouldy walls. Appear to be a user problem! (last occupant years no understanding of ventilation etc.

I have the necessary savings to gut the place.

I know that £5k is the starter price; Ive researched this a d although a bit scary /never done auction before I. I aware of final price estimates.

OP posts:
Original poster
offmytrollydolly · 04/10/2022 21:03

ApolloandDaphne · 04/10/2022 20:40

How much would you have spare to renovate it?

Enough to get it how I could imagine living in it and taking into acount structural survey and bidding wars.

OP posts:
Twilight7777 · 04/10/2022 21:05

If there’s nothing structurally wrong I would go for it!

Original poster
offmytrollydolly · 04/10/2022 21:05

FusionChefGeoff · 04/10/2022 20:42

I'm deluded so I'd say go for it Grin

Set a healthy budget for a complete rewrite, gut a replaster. New render maybe damp treatment etc. Then double it!

You'd have to be careful not to get carried away with the auction as £5k is one thing - £20k plus costs on top starts to be a whole new ball game I guess.

I'm just sick of looking at houses then fimding a higher (much) offer has already been accepted.

OP posts:
Original poster
offmytrollydolly · 04/10/2022 21:06

WhatLikeItsHard · 04/10/2022 20:55

Looking at the sold prices of houses on the same street, personally I wouldn't bother. The one that sold for 36k looks in a pretty decent condition.

Unless you have family or friends who can do a lot of the work themselves, or are prepared to do it yourself, it will be a costly and lengthy renovation.

Thank you

OP posts:
Noteverybodylives · 04/10/2022 21:08

Most of my family are hoarders and this looks practically empty compared to their homes, so the stuff wouldn’t bother me.

However, I would definitely do your research and work out how much it’s going to cost to do it up and then what’s the max price you’re going to pay at auction.

If you have any builders, plumbers or electricians in your family then you would be laughing.

Noteverybodylives · 04/10/2022 21:09

Would you buy it to live in it?

If so you don’t need to worry about getting a profit as much.

Mum2jenny · 04/10/2022 21:14

Be careful, it could be an excellent decision, but it could be a total fuckup.
Do set your bidding price at a low enough level to ensure you do make a profit.