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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

£60k ? Am I crazy ?! Or AIBU?

116 replies

Toomanyshillings · 25/12/2023 11:46

Please help give me some perspective as I’m driving myself crazy !

Maybe, subconsciously I don’t think I deserve nice things ? But a part of me thinks ‘this isn’t my forever home’ I may only be here for 5 years (mortgage term), but then maybe I’ll be here longer. ?

Our house needs a full renovation, kitchen is tiny and the rest of the house is very dated.

I am spending £60k on the work which includes:
small side extension
wall between kitchen and dining room knocked out to have kitchen/ diner. I will still have a separate lounge.
new (small) utility room and downstairs loo and shower
new bathroom
new kitchen with quartz / Neff appliances etc
loft board boarded up for storage

the AIBU is that I keep thinking am I spending too much ? I could just get a standard kitchen fit instead of going for what I really want ?

Will I be the money back when I sell ?

part of me wants to just spend as little as possible but I know I wont be happy with the finish

So confused 😐

OP posts:
Viviennemary · 26/12/2023 19:58

If it isn't going to leave you hard up and struggling then go for it. But I would be wary of spending lot on improvements unless the house was in a fairly good area.

coffeestrongblacknosugar · 26/12/2023 19:59

@Toomanyshillings can I have your builders details please? Xmas Grin Im in SW Scotland and trying to get a quote for a small extension with downstairs loo and small utility and getting quotes for 90K, cheapest was 70K.

Bloody ridiculous for it, so won't be happening, we will keep the small 1/2 brick conservatory we have and won't change it.

Alwayswonderedwhy · 26/12/2023 20:00

How are you getting all that for £60k?

heyheyheyy · 26/12/2023 20:00

Could you give more information?

what’s your income?
are you paying for this outright or using loans or credit?

those factors would influence my advice…

also I would then think, if you’re planning on selling in 5 years, to keep any changes quite neutral/crowd pleasing which might potentially be at odds eg with the decor choices or house layout you want

heyheyheyy · 26/12/2023 20:03

As someone in their mid 20s I’ll hopefully buy a house in the next 5 years and I think something recently renovated but not to my tastes is more off putting than something very dated and needs renovating. It’s like someone else’s design choices vs a blank canvas

QueenOfMOHO · 26/12/2023 20:05

heyheyheyy · 26/12/2023 20:03

As someone in their mid 20s I’ll hopefully buy a house in the next 5 years and I think something recently renovated but not to my tastes is more off putting than something very dated and needs renovating. It’s like someone else’s design choices vs a blank canvas

Totally agree with this, for a start, I can't stand quartz!
In your situation I would just tart it up a bit to make it presentable but I wouldn't invest any real money into something I was going to sell.

Pipsquiggle · 26/12/2023 20:06

In terms of will you get your money back when you sell, you can easily find out what the ceiling price of your area on Zoopla.

For £60k, sounds like you are getting loads done. We did similar and it was more like £130k.

Moveoverdarlin · 26/12/2023 20:08

It’ll look fantastic when it’s done and yes, you probably will get your money back. It seems like loads of work for only 60k. Do it.

Ruthdpl · 26/12/2023 20:32

As with everything, it’s a ‘cost v benefit’ analysis. If you do it, do it for your own enjoyment though, rather than any thoughts of whether or not you’ll get it back when you sell it. As others have said, you’ll get 5 years of benefit anyway and you can’t predict the housing market from one year to the next, let alone 5 years.
We did a big extension & ground floor refit a few years ago, to accommodate our 5 grandchildren. Many people our age are downsizing but this suited us and we have loved the modern look and extra space every day.

Buttercup176 · 26/12/2023 20:33

Wow! That’s a bargain for £60k!

Original poster
Toomanyshillings · 26/12/2023 20:36

Thank you for your input everyone !

Just to add a few points:

it is costing so little as my BIL is doing a lot do the work for us

I will get my kitchen from DIY kitchens

I will have a small saving pot left even after the Reno

I am planning to go very neutral with the decor

OP posts:
LittleMissSunshiner · 26/12/2023 20:51

It's your home and you can spend whatever you can afford and like to on it.

However, as any reputable estate agent will tell you, doing such work does not improve the value of a property and is never recouped with the possible exception of extensions or added spaces adding value.

Most people want to buy a property as cheaply as possible to do up themselves from scratch and especially if they don't like the fixtures and fittings and they look expensive, they'll feel as if the price is inflated to reflect things they don't even like. Plus if the fixtures and fittings look high end and well done, they know it's going to cost a fortune to have them ripped out.

WhatWouldTheDoctorDo · 26/12/2023 21:03

If you can afford it and don't plan to move soon, and you will enjoy the changes then you are making then I would go for it. Whether or not you will get the money back depends on your local market, but tbh, if you're not adding an extra bedroom or reception room, maybe not.

We did a garage conversion a couple of years ago, we didn't do everything we wanted to do, because a more basic conversion was adding a decent amount of value, while what we originally wanted to do would have been much more expensive and wouldn't add more on to the value, and we didn't think we'd stay here for more than 5-7 years. I regret it now, my desire to move in a couple of years is considerably less than I expected. Financially, it was still the right thing to do, but I wish we'd stuck with our original plans.

Rainbowshit · 26/12/2023 21:15

That sounds like a huge amount to get done for £60k. Seems money well spent to me. Bound to have added value.

Pipsquiggle · 26/12/2023 21:16

@LittleMissSunshiner - some buyers want a doer-upper, others want a turn-key property. It usually depends on what you can afford in the area.

As Phil & Kirstie say, 'it's bathrooms and kitchens that sell properties'

MyLibrarywasdukedomlargeenough · 26/12/2023 21:21

That seems suspiciously cheap for that amount of work.

14Q · 26/12/2023 21:23

Not read all the responses so sorry if this has already been said but ask a local estate agent.

On the face of it I'd jump at that price. We've just had a quote for an extension of about 3mx6m for 60k

Magnoliafarm · 26/12/2023 21:30

Befire you commit you could get an estate agent round to do a valuation, as they are really good at giving advice on what is worth doing that will add value. For example i did loads of work to my flat but the safety glass on the balcony is that nasty 60s safety wire glass stuff and it has cracks on and layers of paint on rust. The estate agent advised that's the only other thing he'd recommend doing but when I said I'd had quotes of £4-6k to replace he suggested some strategic pot plants... I didn't sell in the end, it is now rented and they have a lovely garden on the balcony which they love. If it had been my forever home I definitely would have got it done.
If an estate agent advises against high end works, Is there a cheaper way to get a similarly high end look such as oak worktops with a quartz island instead of all quartz? Or installing the kitchen yourself (it's just flatpacks and a lot of patience in levelling them)

Twattergy · 26/12/2023 21:38

I cant see anyone asking what the value of your house is yet?
Spending 60k on a house worth 100k could be excessive. If the house is worth 500k, different consideration. The value you add (and can recoup through sale) will differ based on house value and typical local values.

Flatandhappy · 26/12/2023 21:41

Sounds like a bargain to me. Go for it and enjoy the results.

WineIsMyMainVice · 26/12/2023 21:44

Get an Estate Agent round to value the house and ask them how much the house would be worth if the work was done. Then also look at what other properties on your street have sold for recently and how they compare. That may help put your mind at rest about what you’ll sell for…
good luck op

Calmdown14 · 26/12/2023 21:50

What is the value of your house now?

Lots of people saying bargain but not all house prices are equal. My 3 bed is worth about £150k so I would never see a 60k spend back. Doesn't mean it wouldn't be worth it but you wouldn't do it to sell.

You need to look in detail at the sold prices for your street (and be realistic that things are not quite so buoyant now) and see where your spend takes you on the ceiling for your street.

While this could be a great investment in some houses, it's not universal.

determinedtomakethiswork · 26/12/2023 21:53

But will it add £60,000 worth to the value of the house?

Gummybear23 · 26/12/2023 22:02

Sounds a good deal.
Do it.
Noone knows what is around the corner.
Noone knows which will be their forever home.

BillyNotQuiteNoMates · 26/12/2023 22:02

If you’re intending selling soon, don’t do the work, because you won’t get it back. If you intend staying for a prolonged period of time, and the work will improve your life, then absolutely do it.
We spent £60k 20 years ago, and only in the last couple of years has that been financially worthwhile, but it’s been worth it for the extra space it’s given us while our children grew up here.