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?

Rude!

Ridiculous remark, a professional doesn’t need to do a survey to spot subsidence, they do the survey to write a specification for the works.

Owners will be told they need a ‘survey’ for the above and to claim on insurance, cost the works etc

Not to spot whether it exists because anyone who is qualified can spot it very very easily.

Erm. I assume you’re in catchment for Stantonbury?

If so, spend your money on your kids education and save them from having to go to that absolute shit hole of a school.

6 months until you could move in. Lol what. With the amount of work it sounds more like 2 years. You're assuming the tradesmen you get are gonna do a good job, often they don't. And that the sale is smooth sailing, often its not. And also you don't have that kind of money either. It sounds like a lovely dream and maybe you should just make your mistake but I don't think it's worth it. Move further north and you could get a lovely place for half that price with no work required.

Haven’t read the full thread, just OP posts.

I would make sure you know exactly what is entailed re doing work on a listed building. Costs will be higher and restrictions may well prevent what you want to achieve.

Make absolutely sure re any covenants re annex. They are often built with a clause that means you can never rent them out - ie they are great if you have family you want to move in, but don’t rely on them generating funds/rent at a later date.

I don't really understand it either, it sounds like a massive pain in the arse to me! I absolutely would not like to live in a huge house with inadequate heating and spending all my cash on repairs and maintenance! It sounds like a miserable existence to me. Although I wouldn't fancy a stately home even if I was minted to be honest, I'm more of a beach house kind of person.

I haven't read the full thread but the house looks lovely and certainly sounds to have lots of potential.

My advice would be that whatever you estimate the renovation costs to be, they will invariably be far higher! If you can cost up the essentials and afford those, and are happy to live in it as is and do everything else slowly then go for it :)

We bought an old farmhouse which we renovated. It's beautiful now but the costs were much higher than expected largely because old houses are money pits! Whatever work you have done invariably leads to discovering more needs doing / rectifying which increases the cost of the carefully budgeted work you are currently doing!

Surveys absolutely do not give you the full picture! They only tell you what is visible - we had a full structural (what a waste of money 🤣🤣)

I would also add, does it have much land? There is a cost associated with the upkeep! We have large gardens and subsequently have a gardener one day each week (we are not green fingered and with working and 3 children we just don't have the time). We also have some fields which need fencing replaced regularly, topping, brush cutting etc.

Also factor in the running costs, heating etc when oil was cheap, 1200 litres every 6 weeks (in the winter) was OK! We also get through a huge amount of electricity.

The house was bought as a house for life and is a great family home, in hindsite I can't see us staying in old age given the size and running costs!

Relying on a relative to move in and pay rent is going to be very stressful. I wouldn't do it but I'm a low risk person generally.

Do it, life's too short not to

Or alternatively, life’s too short to take on a labour intensive money pit that will basically take up your entire life for years. It depends on how you look at it.

@Rinkydinkydink

You really are being silly.

Because absolutely, 100% you can't tell if the rainwater goods, roof or structure of the property is fine from the photos! You can make a guess I suppose...? Might be right or wrong.

How can you tell if the rainwater drains well and where to?
On first inspections (from the ground) by roofers and construction companies no one could tell that the gutters were back-flowing into our house. From the outside even the original wooden fascia board was in top nick and so was the wooden gutter.

The roof looked fine at first and no visible water damage inside. Well, that's until it was found (months later) that there's a rare cavity wall in our Victorian terrace between the houses. All the water running through a faulty join between us and the neighbour, was disappearing into that cavity, running all the way down to the ground floor and harboring dry rot there. Unfortunately, the staircase was affected and will be expensive to fix.

I've also had an architect and a builder stood in my Victorian kitchen extension unable to tell if it needs underpinning without a test dig to see what the walls are stood on.

The substandard concrete floors throughout the ground floor need to be dug up...

Another massive obstacle and ££££ is a concrete in-filled bomb shelter by the back wall. Great.

None, absolutely none of the above would have been evident from a few photos.

My partner is doing a big project at the moment, it's his 4th and we are looking for another now. There is absolutely no way we would take on a listed building.

Goodness me your highness
Luckily I don’t need to put so much effort into proving myself these days

As an architect, historic building surveyor and currently doing 5 Quinquennials with over 30 years experience under my belt I think I know exactly what I can do.

I just did a very small extension on my 4 bed house which is in excellent condition and it cost me over £100,000. You can multilply that by at least 10 if you have a house that is falling to bits so your 1.2 million will end up being 2.5 million easily. Are you mad or rich?

If the sums add up, go for it. You only live once.
Good luck 🍀🍀🍀