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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

To buy a bomb site for £1.1 million?

190 replies

Losingmyusername · 05/07/2023 18:56

Just that really. 17th century, listed, 6 bedrooms and a self contained annex with 3 bedrooms (no bathroom or kitchen fitted and no floors).
It was occupied by squatters who have smashed all the windows. Significant damp issues in one room. Horrible interior fittings, and needs bathroom and kitchen fully remodelling, as its previous use was a hostel.
Asking price is £1.4, but I think the work is very substantial and I suspect the survey may show additional issues.
Would need planning permission/LBC for the refit and ideally would want to add a door to the garden.
I think we probably couldn't live in it for six months.
Can afford it if our current place sells for 650 and we get rental income from the annex and have my sister move in as well.
It would give space for all the kids and potential for then to live in the house when they're grown up and we live in the annex.
Only reason I'm even thinking about is because I realised the sums just add up if survey is ok and obviously if I keep my job. I picture being able to restore this local house to its former glory and am carried away with the idea of sweeping staircases and decorated ceilings (right now it has a shitty cheap staircase, no decor and that horrible chip wallpaper). I'm not great at DIY but my husband is and loves it. I already live in a listed building so have some idea what would typically be granted/refused and how to apply.
Am I an idiot to even think about putting an offer in?

OP posts:

Original poster

Losingmyusername · 05/07/2023 19:56

@Twillow see what I mean!!

OP posts:

Whinge · 05/07/2023 19:58

@YourNameGoesHere Yes not single photo of the inside, which is a huge concern.

user1469908686 · 05/07/2023 20:00

It’ll be a lot more than “DIY” and a lot longer than 6mths…pretty house though.
Lots of potential to be falling out with family too if you’re all contributing cash.

Those church bells will be noisy! Think of them waking you up every Sunday😀

Youdoyoubabe · 05/07/2023 20:01

Sounds like a money pit. Listed building planning consent is a huge headache. You would want at least about another million in the bank to spend on doing it up. Offer £500k. Check you can get a mortgage on it.

WhileMyGuitarGentlyWeeps · 05/07/2023 20:01

@YourNameGoesHere

That can't be the one the OP is on about. That one is nearly £1.5 million. The one OP mentioned is £1.1 million. And why on earth is there no pics of the inside? Is it that much of a shit tip?

Jongleterre · 05/07/2023 20:01

Don't do it.

One of my cousins lost a hell of a lot of money trying to do up a house.

It was one disaster after another.

%3D%3D

WhileMyGuitarGentlyWeeps · 05/07/2023 20:03

@Jongleterre that link doesn't work......

YourNameGoesHere · 05/07/2023 20:03

WhileMyGuitarGentlyWeeps · 05/07/2023 20:01

@YourNameGoesHere

That can't be the one the OP is on about. That one is nearly £1.5 million. The one OP mentioned is £1.1 million. And why on earth is there no pics of the inside? Is it that much of a shit tip?

It's the same house as I Google lens searched the image she posted and she says in her first post it's 1.4 million.

Have you actually seen inside it op?

Geneticsbunny · 05/07/2023 20:03

I have actually done this, i.e. Moved into a derilect grade 2 listed building with my DH and 3 kids. We had done 2 previous renovations, are competent diyers and were 100% certain that there were no structural issues with the building i.e. the roof was sound and there were no signs of any movement or rot anywhere.

It has been amazing. We are 5 years in and loving it.

But I would not have taken it on in the current climate. Wood, plaster etc are hugely more expensive than it was and trades have also put their prices up.

A house that size which is listed could easily eat up hundreds of thousands of pounds.

Also it might be useful to know that once you own a listed building, you are legally responsible for putting anything right which has been done without listed building approval previously, so if the new kitchen didn't have approval then you could have to remove it and reinstate whatever was there before.

DeliciouslyDecadent · 05/07/2023 20:03

Link to it?

You are possibly underestimating the costs. Everyone does. (watch Grand Designs.)

Do you have £550K in savings, or is the £650K you have equity?
Or are you factoring in rental income to be able to afford it?

How much do you need to borrow?

It also hinges on other people doing what you expect. Tenants for the annexe, your sister sharing (is she the tenant?) and how could you possibly predict what or where your kids will want to live as adults?

I'd only do this if I had £2M in the bank (including the house sale) and didn't rely on other people to fund it.

Whinge · 05/07/2023 20:04

@WhileMyGuitarGentlyWeeps It's definitely the same property. It's easy to find from the OPs photo. Also the OP said Asking price is £1.4 but ehy want to offer 1.1 as they think the asking price is too much.

WhileMyGuitarGentlyWeeps · 05/07/2023 20:04

Oh I didn't notice her say the asking price is £1.4 mil. Sorry @YourNameGoesHere

willstarttomorrow · 05/07/2023 20:04

I think you probably cannot afford it because the refurbishment is likely to cost the same as the asking price. Anyone taking this on will already need to know and trust the trades needed, without the property being listed. The cost of materials and buying in trades at the moment is huge and there is no sign of this changing. If you have the money and plan to stay there and invest as it is your home the all good. You are unlikely to make any money or see a return for your investment.

NeedleFeltedFox · 05/07/2023 20:05

You’ll have half the village traipsing past on a Sunday morning to go to church. For that amount of money I’d want more land I think. But either way I wouldn’t stretch myself to the limit like you’re planning to do! If you live opposite your house must be pretty nice already

Maireas · 05/07/2023 20:06

It'll be an absolute money pit.
No way have you got the budget.

EvilElsa · 05/07/2023 20:06

I can see why you love it OP. I just think it's too risky on such a budget. My DH is a very capable DIYer (can plumb, do electrics etc) but would be daunted by the scale of that place. I dread to think how much a complete rewire of a place that size would be. I mean the average for a two bed flat is about 4 grand. The lack of interior photos indicate it's in a pretty bad way as well. It's a lovely dream and with the right budget absolutely.

YourNameGoesHere · 05/07/2023 20:06

WhileMyGuitarGentlyWeeps · 05/07/2023 20:04

Oh I didn't notice her say the asking price is £1.4 mil. Sorry @YourNameGoesHere

No need to apologise.

You've got to admire the estate agent for the listing though. Honestly 32 pictures of the outside including the church across from it and only a small mention of it needing any work doing.

diamondpony80 · 05/07/2023 20:07

If you need your sister to move in and to rent out the annex to make the sums only just add up it sounds like you probably can't afford it. The house sounds great in theory but projects like this often cost far more than was budgeted for. Based on your OP (and I haven't read any posts beyond that) I'd have to say it could potentially land you in serious debt.

WhileMyGuitarGentlyWeeps · 05/07/2023 20:08

YourNameGoesHere · 05/07/2023 20:06

No need to apologise.

You've got to admire the estate agent for the listing though. Honestly 32 pictures of the outside including the church across from it and only a small mention of it needing any work doing.

Show quote history

tt9 · 05/07/2023 20:08

I gotta say I see why you want to buy it now. gorgeous. but that is definitely a money pit

Poppysmom22 · 05/07/2023 20:09

I would say don't buy that you can't really afford it and renovation always takes more money than you think it will at the outset.

Original poster

Losingmyusername · 05/07/2023 20:09

Oh yes the agent is hilarious. I have seen inside and yes there's a reason for no interior pictures...

OP posts:

tt9 · 05/07/2023 20:10

also is that a church + graveyard next to it.... that would freak me out ...

DeliciouslyDecadent · 05/07/2023 20:12

Have you viewed it OP and seen inside?

No, you can't afford it.

There are houses in that area around Milton Keynes where £1M won't get you very much.

(I know the area and surrounding towns.)

So, you're really looking at investing another £1M at least to make it habitable and reflect its true value when it's done up. A house like that with land and an additional 3-bed house would cost over £2M so consider that the amount needed (minimum) to update it.

And it's likely to take you 2-3 years.

I know people who have had extensions added to modern houses and they have had to move out and rent for 6 months.

Peony654 · 05/07/2023 20:13

I can’t of anything worse. Sounds like a money pit

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