Having despaired at finding the right house we are now considering buying a property in need of modernisation and doing it up the way we want.
Whilst I may be tempted to do a Sarah Beeny, I am afraid we may bite off more than we can chew and end up hating the house (and each other). So, questions to the brave and wise who have done / are doing it at the moment:
We are thinking of a typical Edwardian or 1930s property ca. 170-190 sq. m which needs to be gutted and then rearranged as a 4-5 bedroom house with 2 bathrooms upstairs and a big kitchen / family room, a big reception, a utility room and a guest cloakroom downstairs. Assuming no loft or side return extension, no subsidence or leaky roof, what would be a realistic budget for it? I appreciate that all depends on the level of spec, but what is the minimum amount one should budget for internal structural works, rewiring, replumbing, flooring, plastering etc?
Ideally we would have the works done in discrete stages, e.g. phase 1 - core structural works, kitchen, 1 bedroom, 1 bathroom; then move in and continue decorating the rest of the house as the budget allows. Is it doable or a recipe for disaster and an eternal building site?
What should we expect timewise? E.g. if we complete, say, 1 May, how long does it normally take to find an architect, get the plans, find builders and do works? Would it be mad to expect moving in by August?
How far in advance should one book builders? Presumably, summer is the busiest season for them, will we have problems getting them start when we need it? We are in London by the way.
Would you recommend using one contractor with a project manager? How much does it increase the cost compared to hiring tradesmen for each job and managing the whole thing ourselves?
What are typical architect's fees?
Finally, if you've done such a project, do you regret going this route or it is perfectly manageable? If you were doing it again, what would you do differently?
Apologies for a long post, I'd really appreciate your advice.