Total renovation project... are we mad?

[Reamhar]

We?ve recently sold our house and are living in a rental house while looking for something to buy. Finding something that we want is proving to be a bit harder than we thought it would be, so are exploring self building or renovating something.

A very wrecked house on the edge of a village that we like has recently come up for sale with the option to either renovate or demolish it, as it comes with planning permission for a new build on the site. Not so keen on the demolition/new build because it is far bigger than we want, or need, and would mean going backwards to revised planning permission, etc. Also not sure about taking on a complete wreck of a house and need some wisdom from Mumsnetters please.

I understand from the owner that the house is wind and water tight, with the roof renewed approx. 10 years ago, but everything else would need to be done. Full strip out, electrics, plumbing and heating, plastering, windows, doors and garden would need to be landscaped and fenced. It?s a 5 bed house at the moment without being extended, which is more than large enough for us, on a nice sized plot of about half an acre. It was apparently inhabited up until 2 years ago. We?d want a nice standard of finish but not particular super high-end, if you see what I mean and would want to include a greener heating option (ground source or air source) as it is fairly rural.

Can anyone point me in the direction of how to begin calculating a reasonable budget for this please? We?d contract out the work mostly. I?d guessed maybe £100K, but that is a complete a finger-in-the-wind figure.
Have any of you done this with a successful ending, or could anyone suggest any websites for checklist, hints and tips, etc.

The more I think about this, the more I think we are slightly nuts and clueless to be considering it, but it?s very seductive to think about having a house finished exactly to your taste without starting completely from scratch.

Lay it on me - are we insane?

How much do you know about building work, DIY etc? Have you done projects on other houses before? If not much, tbh I would say don't consider it (unless you have a family member who knows a lot and can help).

I also suspect £100k is not nearly enough (I'd say double that at least). But am not an expert... You could always ask to go round with a builder and get their view?

Also, you'd probably have to carry on renting while the worst of the work is done - so that's an extra cost.

I think there is are some threads on Moneysavingexpert's property forum which talk about total renovations, it might be worth a look there?

We have done some re-modelling work before, and DH is very handy but to the extent of redecorating, bit of plumbing, fencing and a new kitchen. Nothing on the scale of this house.

We also have a couple of electricians in the family and a heating engineer, so there are a reasonable number of contacts and expertise on certain aspects available.

New bathrooms - how many, kitchen? Each window at least £1k so if you have lots thats a big amount. Do you have plenty of time as well as cash as it takes so long choosing stuff.

I have bought a doer upper, although we pulled out of transaction for a house in a similar state as yours. the one we bought needs alot of cosmetic work and we will extend when we have money although big enough as it is.

You need to factor in living in rented for at least 6 months, probably longer.

Get a roofer to have a look at the roof don't trust the owner.

Have a builder look round with you before offering.

Well, that sounds less mad if you know the basics. I'd still say, get a builder or two to go round and quote before offering - and get the best surveyor you can find...