How much to refurbish this stunning house?

[NotABeliever]

Asking for my brother who's chain free and recently moved to Oxford.
He's planning to redo all the wiring, plumbing, new boiler, new kitchen and bathrooms, all flooring, roof and decoration. He's asking me how much all this done to good standard would cost without an extension and not moving the plumbing unless absolutely necessary. I've recently refurbished a house but on a much smaller scale so I don't really know.
In particular, can you spot any extra structural work that may be needed from the video. It's in quite a state isn't it?
TIA

[Hugoslavia]

A bit of a guesstimate, having just had our house reconfigured, but I would have thought £175-£250k. It could be way more though, depending upon finish (new roof, re wiring, new window frames, plastering throughout, replacing lead piping, structural work/damp course, re pointing/ replacing sills and window supports etc. It could end up costing up to £400k. An indication would be to see what other properties in the area in good condition cost and then deduct around 7-10% as a developers fee. The auction value will most likely be determined that way.

[Sloth169]

@ketosavedmylife

This one is only £50,000 more.

This looks like a nursing home

[hansgrueber]

@MNnicknameforCVthreads

I am not qualified to give an opinion, but based on just watching property shows etc, I’d be surprised if you got much change from £150k.

I may be way off though (in either direction). Will be interested to see what others think.

How much did the refurbishment of your house cost?

I think that's way under, looking at the walls the house is going to need to be rebuilt from the ground up, I would be looking at a figure nearer £350K. In this price bracket only the highest spec kitchen bathrooms etc will do.

[absolutelyknackeredcow]

We did a house in a similar condition - in London - it cost 230k including the cost of us renting out a small place for six month.
Stripping back completely
Full insulation
We did main roof / side roof in slate both had significant leaks and we had to start from scratch
New sash Windows in five rooms /repair in others
Damp coursing in basement
Full rewire
Full plumbing - no central heating
Full decoration and floors
Restoring original features eg fireplaces
Outside decorating
Strengthening floor in some rooms and building rooms and minor moving of walls but nothing too structural. It's finished to a high standard but not top top spec.
Some of that work does look structural - what does the survey say?

[GrannyWeatherwaxsBroomstick]

We did a 3 bed detached house which also needed everything doing, new plumbing, heating, wiring, bathrooms, kitchen, windows. It was £110,000.

[absolutelyknackeredcow]

By decoration - every single wall needed replastering

Just to add ours is forever home - we never did it for a profit although we are probably there now - we won't be cashing in for many many years so for us it was worth it

[absolutelyknackeredcow]

Ours was 2450 sq foot and over four
Floors

[truetuesdays]

There's no such thing as rising damp

There must be some serious issues with the roof and water is getting in

I wouldn't touch this with a barge pole. Is he planning to live there whilst the works are done?

[NeedingCoffee]

Just to say that it will certainly sell for a lot more than the guide price at the actual auction if I know anything at all about that area of Oxford. £1.2 wouldn’t surprise me in the slightest.

[badpuma]

It's likely to be the upper estimates. There are not many builders in oxford who would be able to manage that sort of job and most of those are booked up way in advance for the universities and colleges.

Has your brother made any allowance for what it would cost to live elsewhere for a year or so while he works out what need to be done and gets the building work sorted.

[Bythemillpond]

I would say £130,000 for a basic ok renovation. If he wants a kitchen extension then another £50,000+ depending on the size. Any sort of luxury items etc another £30-50,000.
So anything between £130,000-£250,000

The one on the Woodstock Road you can’t compare because I think you are buying the plot not the house.

Knocked down and with £1million to rebuild a huge detached house with cinema room, pool and gym etc it is then going to be worth £3.5-£4million.

[RosesAndHellebores]

Up to 925k stamp duty is 5%; from 925k to 1500 it's 10%. There's your first answer op.

£900k + sd @ 45k or £950 + sd £90k.

£945,000 plus my Conservative estimate £400k
£400,000
£1,345,00 (then add furniture to dress it and curtains/blinds will be at least £20k)
£1,400,000 to make it livable and dress it.

It will not be possible to live there for at least 9 months so at £18k min for an acceptable rental - costs now at £445k.

Property likely to contract by 15% over the next 1w months so it won't be worth £2m - it will be worth £1.7m tops in two years.

Providing all goes to budget: £1.7 x 5% selling costs so £1.6ish, less any interest costs - takes the margin to about £200k if there are no major unanticipated costs and if he's very very lucky.

Unless he is experienced and can potentially take a pitential loss of £150k to £300k on the chin I wouldn't touch it with a bargepole and my top price would be £750k in what is likely to be a volatile market with a lit of bankruptcies over the next 2 to 3 years.

I have only done it in an amateurish way in SW London op. I wouldn't touch this project. I made £250k on a structurally sound house and increased the sale price on another by £1m, spending respectively £220k and £350k. Nothing like the project this would be. Once a house is more than £1.5m they need top end kitchens and bathrooms and floors and curtains to achieve top end prices.

[NotABeliever]

They're in rented and would stay there while the building work is going on. I'm worried it might be unmortgageable though. If so, they couldn't buy it. I think this may be the reason why it wasn't sold at auction in December.

[tara66]

Can one still get a Polish builder these days? Asking for a friend.

[May09Bump]

250k - less if your a builder. That would include a decent spec kitchen. Plus at least 8 months rental / storage costs to cover the renovation, incl double utilities.

[mountains76]

This sold on the same street for 1.3, already done up to a high standard is arguably in a better position being end terrace:
www.rightmove.co.uk/house-prices/detailMatching.html?prop=64052322&sale=56731106&country=england

I would suspect your bro may struggle to get his money back unless he does some stuff on the cheap. I wouldn't pay any more then 900 given the state it's in.

Is he 100% set on summertown? It's a nice area, but there are other areas which are just a nice and not as expensive (cumnor hill & boars hill for example)

[mimblefish]

Only in Oxford could they try and sell something in this state for nearly a million quid!

[RosesAndHellebores]

I do not believe it is mortgageable unless they have at least 50% equity. If they can't do it as a speculative investment they can't and shouldn't it.

[Wherrsmaclickypen]

Full structural survey needed, everything above is total guesswork, some more realistic than others but all assume it isn't actually structurally disastrous and close to being condemned. Just because the auction price is ambitious and implies it just needs a total refurb, doesnt mean this is so. it would have ben snapped up by a developer otherwise. Personally I would avoid like the plague.

[lemonsandlimes123]

Roses - your stamp duty figures are completely wrong.

400k would be a possibility but unless it needs serious structural work you are unlikely to spend that unless you really want to.

70k on a kitchen is an absolute nonsense. There are plenty of houses in the 1-2 million bracket that have kitchens that don’t cost anything like that!

It’s not a project for a developer as the margins aren’t there but for someone to live in it could definitely work out.

Also 15% drop in prices is total guesswork on your part!

[NotABeliever]

It's not an investment. It'd be their "forever" home

[Rosehip10]

Many of the people in Summertown are surly and up themselves too.

[VinylDetective]

What a potentially gorgeous house and what a brave person would be needed to take it on. I think you probably need a bottomless budget.

[absolutelyknackeredcow]

I would add that they really need to get a builder and a surveyor round before they bid - even if they pay for them it could be worth it if they end up buying it.

Would also say that if they go in with their eyes open it could be worth it. They need to realise that a house in that condition will need stripping back and fully putting back together again . None of this 'keeping plumbing in same place' .. it will need new plumbing.

We were complete amateurs - done minor work in previous homes - and many many people wouldn't have bought our home in the condition we bought it but it was the right decision for us

[namechangealerttt]

@NotABeliever

They're in rented and would stay there while the building work is going on. I'm worried it might be unmortgageable though. If so, they couldn't buy it. I think this may be the reason why it wasn't sold at auction in December.

I came on to ask this very question, do they need a mortgage, because it looks unmortgageable...if that is the case all speculations on build cost are redundant.