What does 'in need of modernisation' actually mean?

[mumarooni]

Hello. FTB here, looking at houses on Rightmove and wondering what sort of work is meant when adverts say in need of modernisation. Does this mean redecorating, or re-roofing?! Or what in between? Love to hear from anybody who bought a house that said this and what it involved (and a ballpark sense of costs would be so interesting if anyone feels able to share). As you guys probably like to see houses...here is the sort of thing I am looking at...www.rightmove.co.uk/properties/128235044#/?channel=RES_BUY

From my experience, it means stay the hell away unless you’ve got very deep pockets.

The house I bought that I thought needed a lick of paint and a new kitchen and a bathroom next year needed a new roof instantly, then the ceiling fell through so that’s a new kitchen and new bathroom immediately if not sooner none of which was worth doing unless I buy a new back and front door to make the house watertight and then we might as well get windows done whilst the disruptions occurring. So a house that I was going to paint has cost me £45 grand so far

I'd expect "in need of modernisation" to mean the property hasn't been touched in 50 years and needs everything doing; most likely it's a probate property.

Budget at least £50k to do the basics (rewiring, central heating and boiler, kitchen, bathroom, plastering, painting etc to), and you'll probably be nudging £100k by the end of the works.

for me, in need of modernisation means - pay the money for the higher level survey.

I would not buy that property unless I had a lot of local tradespeople in my contacts, a spare £100k and a lot of patience.

We've bought two like this. The previous one, about 15 years ago, we spent £40k before moving in (rewiring, CH, boiler, bathroom, part of roof replaced). Then another £60k over about eight years doing second bathroom, kitchen, outside etc.

The one we bought last year we're about £100k in now and haven't moved in yet.

That's an awful lot of money though for a lesss than 100sqm semi with a small garden. You'll easily spend another 60k plus just on the necessary renovations.

Unless you have a hefty deposit, I’m not sure the bank will give you a good mortgage on that, especially with the kitchen. I would say it needs about £60k for ‘invisible’ work (wiring, plumbing, roof, etc). Then about £80k at least to make it properly liveable (new bathroom, kitchen, floors etc.).

Wow, can't believe how helpful this thread has been, thanks everyone! We have lived on a narrow boat for a decade, so a bit of rough living isn't a problem. But we don't have infinitely deep pockets. The hard thing for us is finding something that feels as wild/open/free as living on the river (living aboard isn't possible in the area we need to move to for a job). We are all going to miss our river views and trying to make up for that on a budget of about 350k, the big houses with stunning views are out of reach. I think something dated or cooky is likely to be the solution...but your comments have been so helpful in thinking of what we can take on and other issues I wouldn't have noticed (like the access!)