Feeling overwhelmed! Talk some sense in to me.

[2moveornot2move]

Our journey has already been long...
Sale of house - 14 months, 3 different buyers. We then moved 200 miles in to rented.

Whilst selling our property we had offers accepted on 3 properties, No 1 (edwardian semi) top of budget, survey found at least £100,000 worth of work. So reluctantly we withdrew. No 2 we walked in, fell in love and offered full asking price. Again this was top of our budget. When we told family (who live in surrounding area) they were horrified, they talked us round to seeing the area was all wrong and that we had majorly overpaid. So we withdrew. Then came No 3. This property was £75,000 under budget, was move in condition but we would want to do work. It seemed like the sensible choice. We could move in, get to know the area, add a bit of value and move on when we were ready. However, we discovered that part of the extension was refused planning permission and the vendors refused to get retrospective planning. So again we walked away.

Now we live in the area we can see all 3 of these properties would have been wrong for us. We have now found a 1930s semi, again £75,000 under budget. It needs modernising and extending. The survey has mentioned high damp readings in the bay window and standing water under manhole on the drive.

I am now worried that our £75,000 will be eaten up and that we won't get our money back if we need to sell on. The work to be done is:

Replace back boiler with combi and 2 fires(undecided if these will be gas or woodburners)

Loft conversion to create master and en suite. (Will probably go for skylights option)

Knock down wall in extension to create open kitchen to dining

Skim every wall and ceiling (3 bed semi)

New kitchen (galley)

New bathroom

Porch (I think this is pushing it though)

The property is in Swansea and we are used to London prices. I know things are cheaper here but I just don't know if it can be done or not.

Am I being unrealistic or am I just nervous because of previous housebuying experience!

Oh, I forgot windows!
New windows throughout including 3 bays

Get quotes. Have a contingency. Decide whether everything had to be done at once or can be in stages. E.g. would you be changing something because you need to or because you want to?

That sounds like a lot for £75,000. But Wales may have cheaper trade costs?
We once had an extension built - we were quoted £18k to get it to first fix. We would do the rest. The cost came in at £31,000. We finished it and sold up in order to remove the credit card and loan debt we’d accrued finishing it. We did make our money back plus £16k net (after selling costs) but money never goes as far as you’d want. Our new boiler was £3k to fit but it was oil fired and a top range Worcester Bosch one. We had 3 massive windows put in - each set £800 each £2400 in total so even before you’ve done the rest that £5.5k. Our new u shaped kitchen was £8k (but we went for oak tops and ceramic Belfast sink) £1k for a range. £2k in stone flooring.... planting my husband did but the materials was £200 even with his man power. Sorting the drains out was £2k and £2k to move the meter for the electric.

Plastering not planting!

@wowfudge I guess in reality it is all changing because we want to - except the windows upstairs 'unopenable, risk to life in the event of a fire'. Even changing the back boiler is personal preference.

I guess my battle with myself is the value that will be added vs the cost of doing it. Our last property - outer London - we spent around £40,000 and made £250,000 profit due to pot luck in a rising property market. This property we may make a loss in just getting it to how we want it but is that just short term thinking? It is the ideal location for us for the next 6 years. I want to be able to look at it as a family home, that will be loved and lived in, rather than just an investment. I am just feeling overwealmed because it's all looking it from a financial view.

Why six years and not longer? As you say it's not about finances if you plan to stay put for a longer time - it's a home.

@wowfudge we would love to live closer to the beach but that means further from the schools. This house is 5 mins walk from the secondary school but obviously we won't need to be that close forever. 6 years will be when the youngest will leave school and we will look to sell up and move closer to the beach.

How far from the beach is the house you're looking at and what's the impact on the journey to school if you buy closer to the beach now? If you're going to spend money you won't get back then consider moving to where you really want to be. Don't forget the costs of moving as well as the costs of doing up the house.

I get what you are saying @wowfudge. However, myself and Hubby both work full-time and the knowledge the children have a safe, easy journey, to and from school supersedes all else.

Have you done the maths of buying and renovating and selling again vs just renting for 6 years? Stamp duty and estate agent/solicitor fees are so high I'm not sure I'd bother for just 6 years!!

Depends on the market where you are but round here prices are dropping and I doubt they'll have bottomed out and completely recovered in the next 6 years.

@RNBrie9 we have yes but we will be mortgage free vs low return on savings. When all things add up we would be worse off staying in rental plus it really doesn't feel like home. The market here is still steadily rising, though there are a lot less properties coming to market this year.