Am I mad for looking at this?

[LaDiDaDi]

Bought the local paper yesterday as all that was on offer at the hospital shop. The property supplement has this

It's in a popular area but set back by the length of the garden from a busy road. I don't know how much it would cost to renovate but it would probably be worth at least £270k if done nicely. In theory we could sell our house andrent a flat whilst doing the work though that would be a financial stretch.

Would anyone take on a project like this in the current housing market?

On the contrary I think that the only properties to take on in this economic climate are doer-uppers as long as you don't pay too much for them.
Do you think you would get it for 150?

How much do you like the area?

I would take it on if it was in an area I wanted to move to, but thats easy for me to say as DH is a property developer so I'm used to living in half finished houses!

Hi,

I went for a similar project a few years ago. I am just selling my nice big house as I am sick to death of it draining us of all resources. However, we have done well on it because of the market rising so well...

The house in Gosforth looks gorgeous, but I wouldn't think about it until you have the chance to go around with a builder/architect. I live in the NE too and a friend was given a quote for a 'simple' two bed extension of 90 grand recently!

How about asking local estate agents how much the house would be worth done up before taking the plunge?

Good luck.

Patsy x

Not sure, Carmenere. Dp thinks that loads of people will be after it and that it will go for more than £170k. Open day is on Friday and I'm really tempted to go...

The area is more sought after than where we live currently BUT I don't desperately rate it more. Commute to work would be same for me and longer for dp. Nearest high st nicer than mine. I currently live on a moderately busy road but that st gets double decker buses going down and much more traffic in general.

I think it would only be worth doing if I knew it would make us a financial profit but I think that might be too much of a risk at the moment.

90k?

Well 100k would be my whole budget!

If you are serious about it you've got to do a whole load of research before buying (going round estate agents looking for similar priced houses in a finished state, talking to Estate Agents, getting realisitic quotes for the work etc).

If its really worth an investment then builders/developers will be crawling all over it. If its on the market a while then its probably a no-go.

looks fab

I think it looks great - am deeply : #170k wouldn't buy a one-bedroom flat around here.

Thanks for your comments.

I think thatit's probably not for us right now but a house like this will be our only way of moving to something above the 250k stamp duty limit (currently live in 4 bed semi worth about 230k) but for the moment the hassle factor outweighs our desire to move.

It looks like a great investment if you have the money and time to do it up properly.

£170k would buy a studio flat in my area