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Should I sell this or take it on? Inherited house. link included.

53 replies

usernamenotaccepted · 18/02/2023 20:14

I have inherited it, probate is granted so I put it on the market; it has lots of interest and went under offer straight away but the buyers lost their buyer and after giving them 3 weeks and they still hadn't got another buyer for theirs, it's gone back on the market. 10 viewings have been booked in since it went back on the market on Thursday late afternoon.
I have my own home which is ok, and I've done quite alot to make it mine but there is a bit of me that knows it really needs a small extension so that I can make it more right than it is now.
So the other option would be to just sell my house and move into the house my DF has left me. But it needs alot of updating and would be more expensive to run than my current house. Also - I'm 63 and pretty much every house I've lived in has needed quite alot of work so I'm also a bit unsure as to whether I want that again. However, here is the link: House
I think it needs about £100,000 when you factor in how much things cost nowadays and that wouldn't include things like the drive, repairs to the garage, replacing the roof over the dormer extension windows etc.

Any thoughts would be very welcome. TY

OP posts:
BCBird · 18/02/2023 22:03

I have read that it is not a good idea to make major decisions so soon after bereavement. After the suicide of my partner I did a lot of readung this. U are not necessary thinkin straight. Hand hold. Take care

MakingTheVeganYorkshirePud · 18/02/2023 22:10

I can't even begin to imagine how you came to the conclusion that it needs 100k putting into it?

Bungalows are pretty desirable, and extremely practical for older people. I'd probably take it on, but only because I can't see it needing 100k of work.

MotherOfPuffling · 18/02/2023 22:31

Have you considered living in it for 6m to get it done up a bit, and negate the need for capital gains tax when selling? Then if you decided to sell both / either property you’d have a reduced tax liability, and more to spend on wherever you do chose to live? It’s been a while since I had to deal with this myself, so not sure what the rules are and CHT may not be applicable regardless. Might still be worth getting anything non cosmetic done, and living there for a few months to see if you like it?

MotherOfPuffling · 18/02/2023 22:31

CGT even

Floralnomad · 18/02/2023 22:39

It doesn’t look like it needs 100k spending on it and it certainly looks like you could live in it as is without too much discomfort . However if you don’t want to live in Whitstable it’s all a bit irrelevant really . WRT living somewhere where your father died only you can decide if that’s ok for you , my sister lives in the house where both my parents have died and it doesn’t bother us at all .

good96 · 18/02/2023 22:42

I don’t know Whitstable as an area but I’ve just had a brief look at Rightmove - there are properties that are around the same price bracket as yours but do not need any renovation?
I can see from the photos that the property is liveable but cosmetic refurbishments are required to modernise.

One thing I need to point out though is - why isn’t the conservatory on the floor plan?

Do you have the funds available now to have the refurbishment work completed and then sell it once done - to a high quality standard - you could probably achieve £475k - £500k sale price. I’d probably reconfigure the space? Get rid of the conservatory and extend the kitchen having doors overlooking the garden?

TreacleMcDoo · 18/02/2023 22:43

Firstly, sorry for your loss Flowers

I would sell it and then use that money and whatever you sell your property for and buy something you want, where you want.

evemillbank · 18/02/2023 22:49

I'd sell it

determinedtomakethiswork · 18/02/2023 22:51

Aquamarine1029 · 18/02/2023 20:41

Sell both of your properties and buy something you love.

I agree with this.

SnowAndFrostOutside · 18/02/2023 22:56

I was expecting a very run down house when you said you needed a £100k. It looks very well maintained. It looks totally liveable. If it was mine, I can move in and start with a new kitchen and then a new bathroom. A bungalow is great for retirement. I think the PP who said you shouldn’t make a big decision within 12 months or your father’s death is right. Is the rental market ok in Whitstable? Maybe rent it out first so you have time to think things over? You are unsure now so don’t make hasty decisions unless you have to.

StarbucksSmarterSister · 18/02/2023 23:02

Sell it if you're not desperate to live in Whitstable.

I'm sorry about your Dad.

SilentHedges · 18/02/2023 23:05

The older I get (53) the less I can be bothered with doing work to houses. The 30 year old me loved it. My current house I've done a reasonable amount to, but only if it really needs it and im not motivated like i used to be. Life's too short, especially when it comes to house renovations you don't even need to do.

Unless you have some incredibly deep rooted attachment to your DFs bungalow and the area, I'd simply sell it.

I'm sorry for your loss.

UsingChangeofName · 18/02/2023 23:26

It's going to take some money, time and work to get that up to scratch.

???? Are we looking at the same property ? Confused

It looks perfectly nice. How has anyone come to the conclusion you need to spend £100K on it either ? Confused

However, you don't want to move to where it is, so don't.

Sell it. Then decide if you are going to use some of the money to do work on your own home, or if you choose to sell your own home and buy something you really want.

Shitfather · 19/02/2023 00:00

magnifying · 18/02/2023 21:12

It looks to be a lovely, solid house and I think you could do some inexpensive light cosmetic updates and rent it out for a year. If you put in some new carpet and painted
the kitchen cupboards, it looks as though that would be ok for now.

That would give you some breathing space while you process the loss of your dad. I think it's wise to not make any decisions now that you might regret later.

Sorry for your loss OP.

I like this suggestion. Rental income would be great.

I like house - looks structurally solid and full of light.

TizerorFizz · 19/02/2023 00:02

In my view it could be a lot better. It all adds up and the conservatory area isn’t great. It’s not worth spending the money though. A builder might knock it down and build a house!

Tigertigertigertiger · 19/02/2023 00:18

I love it !
Sorry not helpful

LadyJ2023 · 19/02/2023 01:12

I guess you have a few options. Clean and rent it out for a while while you make a decision on what to do. Sell and save the money. Do it up and move in. Sell both and purchase something more suited to your needs. But tbh even as a younger family I would live there as it is without a 100k spent on it just a few tweeks

Twillow · 19/02/2023 01:18

Sell both is great advice. Don't be tied to the past x

Beeswood · 19/02/2023 01:25

I think in your shoes I would sell up.
You aren't sure about the area, and it does upset you that it is where your Dad passed away.
I would buy a detached, two bedroomed bungalow somewhere you really want to live when you retire, a forever home.

Radi04 · 19/02/2023 05:07

Sell both and buy the house of your dreams

EyesOnThePies · 19/02/2023 05:24

Sorry for the loss of your Dad, OP.

Spending a lot of money on a project, to live in a town that you don’t like as much as your current town, just because you would prefer your current home to be a bit bigger doesn’t really look like the ideal solution.

You found a buyer quickly before. You have 10 viewings booked quickly, plus the original buyers might get lucky and pop back up….

If I were you I would sell, and once that is done give yourself some breathing space and decide whether to extend your current house or move to a home that gives you everything you need.

EdgeOfACoin · 19/02/2023 06:27

There is some evidence to suggest that moving to a bungalow before you have mobility issues can accelerate the ageing process. It's called 'bungalow legs':

www.sciencetimes.com/articles/30994/20210504/bungalow-houses-stairless-homes-hasten-decline-associated-aging.htm

Just something else to factor in if you're not 100% sold on moving into the house.

usernamenotaccepted · 19/02/2023 09:01

Gosh so many responses and they all pretty much reflect my dilemma's really.

So @SilentHedges @UsingChangeofName @Floralnomad @SilentHedges and others who've taken the time to respond with your ideas (thank you)

So - to clarify. I guestimated the sum of £100,000 to modernise partly from experience of buying and having work on houses but also based on the soaring costs of materials and labour. DS works in the building trade and we've talked about this at some length, he didn't think £100,000 either but OTOH said they are all constantly being told to be very careful to get their measurements/cuts etc right first time so as not to waste materials which are rising in costs very rapidly.

As examples, when DF was alive last year I had some reparative work to a bit of the plaster in the small bedroom (which can be seen in the picture), a curtain rail replaced, a deep clean and a couple of other bits done - cost, £2,200. I had part of the purlin in DF's roof replaced as it was split and that, together with repointing some of the ridge tiles, cost over £1,000. I also have the mindset that modernising would be to a quality/style which I'd want so I'd feel like it's my home. However, these are the things I know need doing:

The felt roof on the upstairs windows is long overdue replacing (hasn't been replaced since the extension was put on) so scaffolding plus materials plus labour to keep it waterproof and insulated. I have no idea what that would be so probably plucked a sum out of my head.

The windows are all really old and some of them don't open anymore, there is only one key for all of them anyway. Ditto the front porch door and inner front door. In my tiny house new windows and doors cost me about £7,500 just before the pandemic.
The bathrooms are actually ok, just need updating and both showers are really very good quality - but to update (according to things I've seen on MN) pretty expensive, I reckoned in the region of £15 - 20,000 as they're both very big rooms by today's standards.
Kitchen, everything works it has gas and electric but to put a new kitchen in, god knows how much, with all appliances I'd have thought about £15,000 +. However, not essential.
Ceilings skimming over the artex which is on every ceiling. Not sure how much plasterers charge for that kind of work, I thought maybe around £1,500
Some of the electrics don't make sense and sockets etc need adding or moving plus other more cosmetic things. The last time I had an electrician out it was very expensive!
The outside of the house has some asbestos tiles which will either need removing (they're ugly even if it's the less harmful asbestos) or cladding over.
THEN:
The garage needs some repair and making good to the roof (also asbestos) and the car port is rickety. I wouldn't use the garage.
All the concrete drive is uneven, patchy and really ugly. I hadn't factored in the costs of making it good or replacing it but it's awful. It doesn't NEED replacing though but to do so would be very expensive I'd imagine.

Then there's the cosmetic stuff of decor and other fixtures, flooring, new internal doors, all the bedrooms have built in wardrobes along entire walls which is great (I mean acres of storage space) but they are probably from the days of MFI.

I worry about renting the house out as you hear so many awful stories about bad tenants.
Then there's the reality that I'm grieving and I actually just retired from the NHS because what with how things are I was beyond burned out and I had nothing else to give. I can carry on working privately as I'm a young 63 but I'm literally just in the first couple of weeks of leaving.

OP posts:
EyesOnThePies · 19/02/2023 10:18

You have a lot on your plate OP.

I would get the house sold, give yourself some time off to decompress and think how you would like your life to be, and then start decision making as to whether to extend your own house or move somewhere that gives you everything you need and lifts your heart.

JustGotToKeepOnKeepingOn · 19/02/2023 10:33

Sell it OP - in the kindest way, what you think the house needs is most likely not what the person who buys it wants.

Let it go... and enjoy the money you get for the house. You father's last gift to you.

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