Buying a house which needs updating

[feejee]

The house has got lots of potential, and I think the price is ok. Im taking a general builder to 2nd view it tomorrow. Its a lovely 3 bed detached house with fab garden built in the 50's. We viewed it Saturday and the obvious things were a need for a partial re-wire, and there was 1 crack in the ceiling downstairs (under the stair landing) and cracked in lots of places upstairs. Needs a new bathroom and there's no cooker in the kitchen so I'd have to chop the work top up and remove a cabinet or two to fit one.

I like the idea of it, so long as the builder thinks its not structurally unsound and easy (ish) to fix the ceilings. BUT we've got a 3 year old who likes a lot of attention - am I being unrealistic in thinking we can update it and manage a large mature garden. Were in a rental at the minute so potentially we could get the ceiling/re-wire/kitchen done before we moved in. The bathroom would have to wait a while, but id install an electric shower asap, cant cope with washing my hair with a tap shower for more than a week.

Big adventure or Big mistake?

If you can get it at the right price it could be a great buy. Be aware that lack of a functioning bathroom and/or kitchen can render a place unmortgageable, but if it is just updating required, that shouldn't be an issue providing it isn't falling down.

Estimate the cost of the building work and add a bit. Work out your maximum offer from that and do not budge.

Get a full structural survey.

Then get more accurate estimates for all the work required, including all the things that the survey has discovered that you hadn't noticed.

Then work out your revised offer, and reduce it, detailing the reasons why to the estate agent and owner.

Do the big work before you move in.

Prepare for it to be a mess for 18 months plus.

If you're prepared for the total chaos, go for it - we have done the above 3 times, on 3 houses ranging from needing updating to near-wreck, with children aged from minus 7 months to 6 at the time of purchase. We ended up with lovely houses....eventually!