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AIBU?

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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:
Whinge · 05/07/2023 20:14

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...

What's the reason?

Even properties that need fully gutting and a complete top to bottom renovation usually have a couple of inside photos. Just how bad is the inside if they think no photos is necessary?

MotherofGorgons · 05/07/2023 20:14

I adore my sister, but I wouldnt like to live with her. Nor with my DC. It would be hell in earth.

DeliciouslyDecadent · 05/07/2023 20:15

People I know (of) who have done projects like that are usually very wealthy, they aren't living in it, and have £100sM + in the bank and the property is a hobby.

Sissynova · 05/07/2023 20:15

You’re not going to be able to renovate that for anything close to 300k. At least double that plus 20% contingency.
In all likelihood it will need a full rewire, re-plumb, an updated central heating system, new windows, new roof plus major internal work.

FOJN · 05/07/2023 20:15

It's a gorgeous house.

Slightly off topic but...

Council tax band D, approx £1800, how is it so cheap?

DeliciouslyDecadent · 05/07/2023 20:16

I think we probably couldn't live in it for six months.

You area bit bonkers OP.

I've three friends who had big loft conversions, including adding 2 storey extensions, to modernish houses, and they took over 6 months.

Yellowlegobrick · 05/07/2023 20:17

Have you seen The Money Pit

Alaimo · 05/07/2023 20:17

Would you need the rental income asap to make the sums add up? Because as a tenant I'd be extremely reluctant to move into a place that is right next door to a building site, even more so if I had young kids who might want to play outside.

HeartBrokenWife · 05/07/2023 20:18

It looks great from the outside. Any chance of an interior shot please? Is the roof sound? Very visible damp?

AndrexPuppy · 05/07/2023 20:19

You can’t afford it OP. Budget the same as you spend buying it for renovations. If you are already scraping around down the back of the (figurative) sofa for every penny in order to make a 20% reduced offer, you cannot afford it. It will bankrupt you and keep you awake at night.

BrandySlap · 05/07/2023 20:22

I wouldn’t touch it in a million years.

Bumblebee2022 · 05/07/2023 20:22

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
is there are a possibility you won’t be keeping your job? I wouldn’t want to be taking on a project of this size if the sums are only just adding up. Sounds quite risky to me.

Sissynova · 05/07/2023 20:25

HeartandSeoul · 05/07/2023 20:20

Good spot!
It would take hundreds of thousands to bring that back to its former glory. Who would want to live in a house with a row of toilet cubicles? 🤦‍♀️

doingthehokeykokey · 05/07/2023 20:27

I know a builder that’s in the area - Aspley Guise. Thoroughly recommend.

They knocked down all but the facade and 1 room of our house and rebuilt it. It was a big project (4k sq ft). On time and on budget. It was £500k though not listed. Plus we then had to furnish it.

Take a builder with you if you’re serious.

mainbrochus · 05/07/2023 20:28

No, you must be absolutely mental to even think about it.

whstever you think needs doing, you KNOW there is always 50% extra that gets uncovered.

stay where you are and enjoy watching the new owners pull their hair out over it.

doingthehokeykokey · 05/07/2023 20:29

Sissynova · 05/07/2023 20:25

Good spot!
It would take hundreds of thousands to bring that back to its former glory. Who would want to live in a house with a row of toilet cubicles? 🤦‍♀️

Show quote history

I’d happily live there and do a slow reno! Our first project took 7 years.

HeartBrokenWife · 05/07/2023 20:31

HeartandSeoul · 05/07/2023 20:20

It looked fine when it was a YHA. I my be biased though because I also bought a former YHA. Pity if it’s been vandalised by squatters though.

Moredramathanrazzamatazz · 05/07/2023 20:32

IMHO, absolutely not! I think you should put the money and time you save into your children's childhood and future. This is not a project for a hobbyist especially in the current climate, by the sound of it. The PP who said "an extra million" probably has it right.

Maraa · 05/07/2023 20:34

The house looks beautiful! If you can afford it, Gondor it otherwise you will always be dreaming of what could have been your dream family home!

DeliciouslyDecadent · 05/07/2023 20:34

Moredramathanrazzamatazz · 05/07/2023 20:32

IMHO, absolutely not! I think you should put the money and time you save into your children's childhood and future. This is not a project for a hobbyist especially in the current climate, by the sound of it. The PP who said "an extra million" probably has it right.

I think that PP was me!

You've got to consider what it would sell for if it was beautiful inside and that's the difference between the asking price and its future value.

OP why don't you look at houses in the area that are for sale around £2M?
That will give you a yardstick on its future value and the investment needed.

Rinkydinkydink · 05/07/2023 20:36

I would, but that’s what I’ve been doing all my adult life.
Currently in 14th century hall house wreck with still lots to do.

Beware though.
Idiot guy with no experience and “ I can do it all myself for half the price “ attitude neighbour has realised he can’t now that he’s lost hundreds of thousands.
He bought two listed barns, took the roofs off and killed all the bats. ( because he took the roofs off). We reported him, obviously! As they are protected in law and he’s now facing huge fines ( possibly jail time too )
He removed asbestos roofs without proper procedure, local vicar reported him….huge fines
He used a huge digger to randomly dig near the properties, I warned him he could cause subsidence ( I’m an architect) he ignored me as he knows best. Massive subsidence and collapse of gable end. Conservation officer stopped works, more costs etc
etc etc etc

The moral of this story is
It will almost certainly be twice any estimates you are given
Its not easy
Get professional advice before you do anything.

Zarataralara · 05/07/2023 20:39

Wouldn’t touch it with a barge pole.And I’ve bought some weird and wonderful houses in my time. I think you’d treble your estimated habitable time.

Symphony830 · 05/07/2023 20:40

I love this property and can see you are very excited about the prospect of owning it.

Just wanted to alert you to this though:

In the agent’s particulars it mentioned this property is in ‘Class C1’. I recognise these bands as I’m the owner of a commercial building. Please be aware that you won’t be able to get a residential mortgage on a commercial property not without planning permission for change of use

Somethingneedstochange78 · 05/07/2023 20:41

Could you do make the annex liveable then start on the main house? I know a family who lived in a caravan while they refurbished an absolute wreck. But If you can afford it and have the means to refurbish then go for it.