Has anyone done up a wreck? Fallen in love with an 'at risk' Georgian house!!

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DH and I are wondering how mad it would be to stretch ourselves completely financially and with young children but we could do up an annexe (which has 3 bedrooms and kitchen and sitting room so all we need) then see whether we can look after the main house in years to come.
Are we mad? My parents did something similar without much money for a listed house too but they got a grant for the roof so I think were lucky (nearly 30 years ago).

I was so anti seeing this house as stretches our budget but I just fell for it and it felt so 'right'!!

We would also be very happy permanently just in the annexe which is already twice the size of our London flat. I guess we need to see how bad the survey is as my rational side knows it'll take someone with a lot of money to sort it out..

We would also be very happy permanently just in the annexe which is already twice the size of our London flat. Howevet my rational side knows it'll take someone with a lot of money to sort it out once it's on the at risk register ?

Question: have you infinite money and time?

My parents did this - but after I had left for university. Doing up a wreck with little children would be brave. The wreck will absorb all your time and money.

It is incredibly rewarding - but if your parents rescued a wreck then you already know that.

Are you sure that you want to dedicate so much of your family's time and money into a house whilst your children are little?

The wreck my parents bought was on the at risk register. Before buying they had a surveyor's report, an engineer's report and a historic building conservator's report done. The three reports only agreed about one thing - they said a garden wall would collapse (it's still standing strong). Their reports otherwise completely contradicted each other.

The biggest expence my parents had to go to (pinning the roof beams together) was not picked up in any of the reports.

Good luck.

Just remember the rule of three.

It will take three times as long as you plan.

It will be three times as expensive as you thought.

There will end up being three times the amount of work you first envisaged.

I've done it, several times & it was tough. I now live in a modern box with plastic windows & just love it!

Thank you all so much. I feel better it would have been so tough and ridiculous really as when I rang the agent with questions he'd had 4 offers and three were a third over the asking price . So I thanked him and told him no need to talk to us further!

never buy a new house you will be bored witless, do one room at a time, and take your time the house will then evolve around you and your growing family