Doer-upper as a FTB. Crazy?

[Forgottenmypassword]

I've not even looked at the property yet, but mum has been and peeked through the windows today and says it looks like heaps and heaps to be done.

They are asking quite a sum for it, so would be hoping to sit tight and get it for much less but we'll cross that bridge when we come to it. It has double glazing and the EA notes say a new boiler last year. Mum says the kitchen is barely a kitchen, so I'm imagining the bathroom isn't too pretty.

We'd have to live in it whilst the work went on, we'd be on a budget and it would have to be done over quite a few years. I'd think we'd put in a cheap but liveable kitchen and bathroom and then a lick of paint and carpets to keep us going.... Presuming the whole place doesn't need rewiring etc.

Is it a mad idea? This is all pie in the sky right now but just mulling over whether it would be the way to go as property is so expensive here and it would get us a place in the area we want to be in, but obviously at a cost longer term.

Anyone lived in a doer upper for a long period of time? I'd go raving mad wouldn't I, after a while?

We bought a real doer upper in 2009. It was horrid, gaps between windows and the wall, no proper heating, lots of random wiring and plaster falling off walls. It was however in our dream location, it wasn't super cheap (national park in SE) but is a lovely period cottage and fully done up ones were over double our budget. We have over the last 9 years gradually renovated, we did essential things first, windows mainly but lived with a 40 year old kitchen and bathroom till last year. My husband has lots of tradespeople in his family so they have helped out. We haven't finished, as we are saving up for an extension but I love it. We had it valued last year as we converted the loft and remortgaged and it has made us a lot of money. However we plan to stay here till its time to move into a retirement flat!

Well, been, seen and made an offer! It was rejected and we made a higher one but they also turned this down. It is around 25k below asking, but in all honesty we feel what we have offered is fair, taking other local properties, recent sale prices and the work that is required. They only had one other offer out of 15 viewings on the open day.

Shame, as it would be perfect for us. I really feel like it should be our house :(

We've left the offer on the table, but I guess it's unlikely they'd ever change their minds and come back to us.

Onwards and upwards.

Thanks for all of your advice on this thread.