To buy a bomb site for £1.1 million?

[Losingmyusername]

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?

Where would you live whilst it’s being renovated? It takes forever to find tradesmen these days, leaving aside the astronomical cost of renovation. I could see you spending at least a million and not living in it for at least a year after you buy it.

I agree that you can't afford it,

but more importantly to me, who owes the land in front of the building? Looks like it could be council possibly, but can still be sold and developed?

I'd be more worried that some developer suddenly pops in to ruin the entire area, it's happening all over the country.

If you just want a Georgian house renovation project there are a lot in Wisbech significantly cheaper (but not opposite your current place in Milton Keynes). :-)

Looks beautiful but I think you need to budget at least 750k to fix it up - the roof and windows alone will probably cost 200k minimum. You’d need an army of tradespeople who know the laws surrounding listed buildings and you’d need a fab architect to get it back to its former glory.
Much, much, much more importantly is the location. I don’t know the area but if I was spending that much I would want more land, my neighbours to be further away and I wouldn’t want that little road being the only access to the church going past my front door.
I think you can get way more for your money elsewhere

You are brave! I love the idea. But the reality?

It’ll eat up money.

From experience my uncle bought a mansion in the country to turn the grounds into a parrot park (he bred parrots). Got a huge mortgage moved my auntie and his baby son down there but soon realised the mansion was expensive to heat so they moved into some outbuildings which were converted. My uncle wasn’t the nicest person in the world and soon made enemies but you can guarantee that your neighbours might be jealous and see you as having money and try to take advantage. Often they’ll try to get themselves work or recommend friends or locals to do building/decorating work.

Factor in the listed building part which could be difficult to manage.

Also it’s old so could have ghosts - not even joking though some of MN might scoff at that.

Only do it if you have family or trusted friends/contacts in the building trade.

Can only imagine the astronomical spends (and overspends) on any fixer-upper if you don’t have the above.

Good luck to you!

Great to buy it unless you have a million spare in the bank. Reno costs are going up every month. This situation isnt going to change anytime soon. It will only get worse.

I've done this! Living in total chaos and a complete dump...but outside is glorious! The winter has been really really grim, when the work is done it'll be amazing so I have to think forward...but it's not been easy!

Just had a Google walk around the outside.
Condition looks fine.
No subsidence, stonework in good order, roof and rainwater goods all fine. Windows ok,( single glazed I think) but not surprising as it’s listed.

Outside it looks in ok condition.
So unless you have no floors inside or all the timber is rotten it’s all just internal cosmetic stuff.

Get a specialist surveyor who deals with old and listed buildings. Do not get a bog standard surveyor from the mortgage provider.
Make sure they look out for timber decay and infestation.

@Losingmyusername I've had a quick search on RM for houses within 3-5 miles of the village.

Anything roughly comparable, with outbuildings, all done up, is £2.75Million, to £2M.

I think this shows you what you'd need to invest to bring that one up to a livable standard.

No subsidence, stonework in good order, roof and rainwater goods all fine. Windows ok,( single glazed I think) but not surprising as it’s listed

There is no way you can deduce that from google pics.

I know right?? No subsidence based on google images? Arm chair experts are getting worse 😂

Looking at how close it is to the church - and whether it's on what was originally their land - I'm wondering if it's one of those places with Chancel Repair Liability?

Also... have you factored in the costs of heating an old house that big? It'll feel like a second mortgage...

To be honest, I totally get how you're feeling now. I always think that you fall in love with houses the way you fall in love with men - they're beautiful, imperfect but in an interesting way, and they have "potential". By the time you realise what they are really like, you're mortgaged to the hilt.

Don't trust those pretty walls...

@Losingmyusername as long as the refurb wont bankrupt you, I'd absolutely go for it. It's stunning. I live nearby so would happily come have a nosey with you!!! I've looked at the odd "fixer upper" here and there and have always regretted not just going for it, I hate the house we ended up buying.

It's a stunning house and as the annex is good to go with very little expenditure required, then you'll have that monthly income to help with the mortgage etc. As long as you're super organised with your spreadsheets for your financials and project management, then I'd definitely go for it. Really, you need to get the damp sorted first, followed by one bathroom and the kitchen, then one room where you can all camp out in whilst you do the rest up room by room. So it's the expensive stuff first but the remaining living and bedrooms will be much less expensive and can be done in your own time. Eeeek, totally excited about updates.

Follow Come Down to the Woods on Insta

They bought a lovely big old house to renovate having done up at least two other places and she's quite candid about how brutal it's been.

Personally it's a big fat no for me.

There are no interior photos. It’s beautiful, but I think you will need hundreds of thousands to get it in a liveable condition. It’s not the sort of thing you can max out the budget to buy.

If it wasn't listed - maybe

Listed - no

Price for everything will double

Listed, No

No.

First, I agree you don’t have the budgets- too many “and ifs” and “just about” and “DIY” in your OP.

Second, the house has too many downsides even once done. It’s right on a road at the front (not a busy road but still not ideal). The back garden is a weird shape and small. The view out the back is of modern houses. Those houses are very close, there’s not much privacy. The church will be noisy. The fields out front could be developed as a PP said.

It’s only worth taking this kind of risk and stress and immense expense and effort for something that will be almost perfect, IMO. And this won’t be.

Are you completely mad? Listed, fixer upper and you’d need a mortgage.

Put this one to the side. But you already know that.

Yes
I can spot these issues easily.

I am on my 3rd build and it’s much harder at the moment. The last one was just before covid and some things have doubled in price. Personally I would only do a new build, as you get VAT back and can get it exactly as you want it. My plot was 2m, should spend 1.3 on it and it will be worth 4.5 min if I were to sell it straight away but it’s much harder than last time. Personally, if you need people to move in etc to afford it, you can’t afford it. Also if there’s no working kitchen, I don’t believe you can get a mortgage. I’m a risk taker but I wouldn’t take that risk