Active discussions

Meet the Other Phone. Protection built in.

Meet the Other Phone.
Protection built in.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Original poster

Fallen in love with a Reno but what would you pay?

56 replies

Artgalleryloner · 02/08/2023 18:42

Hello Mntters!

hoping for your wise property advice - we’re about to buy our first home.

I’ve fallen in love with a house that needs a lot of renovation, the seller is sticking to their offer price of 265k but I’m not sure it’s worth it, please have a read below…

the house is an Edwardian terrace in a nice location, near a park that’s sought after in our city, this elevates the price of property there. It’s on the market at 275k

upon a first viewing the house is in significant disrepair, the electrics are very old, no circuit breaker and will need replacing. Quote from an electrician for this is roughly 5k.

the hot water system is also very old - the type where the pipes would go down behind the coal fire to heat. There are radiators but are very old and will need replacing. Quote from a plumber for a new boiler system new rads and plumbing to kitchen and bathroom roughly 8k

I have a quote from a builder for 16k for the rest of the work- includes: demolishing extension that is leaking with no planning, demolishing inside wall that separates kitchen and dining room (kitchen too small with out this done) and moving an upstairs interior wall to increase bathroom size (extremely small as is)

the kitchen is not usable currently - has one cabinet and a sink nothing else, bathroom very tiny just smallest shower tray, smallest sink and toilet, also very dated and will all need replacing.

so I’ve budgeted a further 10k for new bathroom and kitchen, then another 4k for the builder- he explained that further problems could come to light as the work goes on.

the house has no flooring and all walls will need paint/paper re plastering possibly. Not sure what to budget for this.

garden is also just a paved mess, but not budgeted for this as can stay as is until we have the money

I love this house, and I can see what it could be .I originally offered 255k which was rejected, after doing some more sums and getting quotes ect I went back with 257.5k, seller will not move on the offer price of 265.

do you have any advice for me? it will cost circa 45k for me to do up.

for reference houses on this street with similar layouts/ interiors to what this one would be after work were selling at 320 - but this was slightly before the mortgage rates increasing and the news of the property price drop.

what would you offer? Please bear in mind Its not liveable atm

thanks

OP posts:
Witchinawell · 02/08/2023 18:46

The house is only worth what you are willing to pay for it. Is this within your budget ? Are you planning on staying there for a long time. If you really really love it then you offer the most you can afford to. It’s then up to the Seller to either accept or reject. Reno projects are a ball ache, will always take a few months longer than you expect and cost 20 % more than you’ve calculated !

Original poster
Artgalleryloner · 02/08/2023 19:21

Yes, would be my home until DS6 was a grown up

yes I can afford the 265 even the 275 but wouldn’t like to sit in a house and feel ripped off

OP posts:
Ihavekids · 02/08/2023 19:30

I dont think you'll be able to do all that for 45k and I think you'll find other problems, the house hasn't been cared for.

I'd want significant more budget than that and would probably only go ahead if I had at least 100k to spare.

I wouldn't worry about being ripped off. You just decide what you can comfortably afford, try to get that, if you can't, walk away.

hannahcolobus · 02/08/2023 19:31

This reply has been withdrawn

This has been withdrawn by MNHQ at the poster's request.

Geneticsbunny · 02/08/2023 19:31

Are the quote inc vat? I think you are probably looking at closer to £100,000 for a renovation on a house that size outside London/ south east at the moment.

However if you are prepared to do it bit by bit and live in a building site then it is worth doing for the long term. Can you do DIY? Are the windows and roof ok? You said it needs a full rewire, new kitchen and new central heating before it can be lived in? You say no flooring but I assume there are floor boards? Maybe you can make do with carpet offcuts and rugs and work round a room at a time?

Plastering is a few hundred quid a room we were paying about £500 for a big room pre COVID and are now paying £800. Painting I have no idea but I would think at least £300 per room.

If it is currently uninhabitable then it will be unmortgagable.

BigGreen · 02/08/2023 19:35

My tiny bathroom in London was almost £9k recently. Unless you're very north with trades etc. in the family it sounds like you're under-budgeting.

Roselilly36 · 02/08/2023 19:54

Are you relying on getting a mortgage OP? It’s a buyers market, so you could make an offer that is reasonable for you, but bear in mind renovation costs have increased so much, so make sure you have a very healthy contingency, on the plus side, it doesn’t seem quite as difficult as it was to hire trades. Good luck.

ValerieDoonican · 02/08/2023 20:01

Ihavekids · 02/08/2023 19:30

I dont think you'll be able to do all that for 45k and I think you'll find other problems, the house hasn't been cared for.

I'd want significant more budget than that and would probably only go ahead if I had at least 100k to spare.

I wouldn't worry about being ripped off. You just decide what you can comfortably afford, try to get that, if you can't, walk away.

Hard agree to this, it sounds like its in a right state and as Ihave says, you are bound to uncover more problems

It will suck more from you than money. It is vvvvstressful (speaking from bitter experience 😂 - I mean, we do have a lovely home now and it is almost finished. But we've been here 25 years, and raised two kids and built two careers and I look back and wonder.....)

Original poster
Artgalleryloner · 02/08/2023 20:12

I have the cash to buy so no mortgage. We’re in wales - so maybe prices of tradesmen is slightly less.

upstairs is all floorboards these just need sanding varnishing. All downstairs will need flooring, lounge just was boarding and the diner is very old laminate lifting at the edges

OP posts:
OP posts:
chilliplant634 · 02/08/2023 20:28

I think I would approach the agent and say look I'm a cash buyer, I can complete quickly. The house does need a lot of work for which I have received some quotes. I can't offer more than I have and stick to your guns and wait it out.

The house isn't really habitable as it doesn't have a working kitchen. That's a condition for most mortgage lenders. The house is only really suitable for a cash buyer. The market is going down too and most people are avoiding renovation projects. You're in a strong position OP. I would stick to your guns and wait it out. They might come back to you after a few weeks.

chilliplant634 · 02/08/2023 20:29

I would offer 260k max.

YoBeaches · 02/08/2023 20:35

It's only 7.5k more than where you were at already.

So I would go at the price they want. Get a full survey done and if it showed anything else then try to negotiate down once more.

Some of your items are cosmetic but the house being fit enough to live in for that price can be your focal point.

YoBeaches · 02/08/2023 20:36

It's a great house OP.

BrightLightTonight · 02/08/2023 20:36

If the house was done up - what would it be worth? I can’t imagine that it would be worth over £300k, therefore it is well overpriced. I probably woul offer £200k

Permanentlyfrazzled · 02/08/2023 20:40

I would normally say if you're that close to dealing a deal, it's the house you really want/your forever home and there's only 7K in it, just go for it.

BUT having renovated a few houses looking at this I think you're going to need more like a £100K budget. This is a significant project.

What are finished one the road going for?

The other issue would be unless you're a cash buyer you're unlikely to get a mortgage for this if it isn't habitable.

Best of luck OP x

Permanentlyfrazzled · 02/08/2023 20:44

You may have seen this but here's one finished down the road OP. Bear in mind it sold at the peak though!

www.zoopla.co.uk/property/uprn/100100072221/

Original poster
Artgalleryloner · 02/08/2023 20:48

The sellers know we are cash, they have no other offers and has been on the market for just over 2 months. But still won’t come down from 265k
Im just looking to see what others think - if I’m being unreasonable for going in at 257.5k
I love it, but I don’t want to be ripped off, if that make sense

OP posts:
Original poster
Artgalleryloner · 02/08/2023 20:53

Permanentlyfrazzled · 02/08/2023 20:44

You may have seen this but here's one finished down the road OP. Bear in mind it sold at the peak though!

www.zoopla.co.uk/property/uprn/100100072221/

ahh Yes sold at the peak - a lovely home finished to a very high standard

OP posts:
Permanentlyfrazzled · 02/08/2023 20:54

It may be that the sellers have a minimum price they need to achieve...for an onward purchase or similar. Or maybe they are just stubborn and looking a gifthorse in the mouth. Tbh I'm surprised they haven't ripped your arm off as a cash buyer having not had an offers for two months.

I don't think you're being unreasonable OP.

Ihavekids · 02/08/2023 20:58

Artgalleryloner · 02/08/2023 20:48

The sellers know we are cash, they have no other offers and has been on the market for just over 2 months. But still won’t come down from 265k
Im just looking to see what others think - if I’m being unreasonable for going in at 257.5k
I love it, but I don’t want to be ripped off, if that make sense

You're not getting ripped off. You decide how much you're prepared to pay, then you don't pay more. As long as you're happy with your price you're not getting ripped off. If you are happy to pay 257 and you can afford 100k reno then you're not getting ripped off, you're getting what you want.
Personally I'd go around 210, and not more, because 265 + 45 = 310, but I think you'll need closer to 100 to reno, so back to 210 for me.
It's a massive project, and forgive me but you don't have experience. You're underestimating the work involved.

ZeldaWillTellYourFortune · 02/08/2023 21:00

It does have nice possibilities.

GettingStuffed · 02/08/2023 21:01

I've looked at similar properties in the same are and £265k seems to be the asking price for the area, but given the state of the market I'd expect most of them to go for less than asking. There's one on Lansdown Rd which is half refurbished but it's only £250k .I accept that would be because of the road but it's not very far at all.

The owner is obviously in no rush to sell and he may have decided to wait until the market improves.

Original poster
Artgalleryloner · 02/08/2023 21:05

Ihavekids · 02/08/2023 20:58

You're not getting ripped off. You decide how much you're prepared to pay, then you don't pay more. As long as you're happy with your price you're not getting ripped off. If you are happy to pay 257 and you can afford 100k reno then you're not getting ripped off, you're getting what you want.
Personally I'd go around 210, and not more, because 265 + 45 = 310, but I think you'll need closer to 100 to reno, so back to 210 for me.
It's a massive project, and forgive me but you don't have experience. You're underestimating the work involved.

Show quote history

Thanks for your message - no I dont have experience. I’m pretty sure my quotes are solid though, from sources I trust. surely quotes from tradesmen vary around the country? Where are you based?

is there work you think that’ll be involved that I haven’t listed?

thanks

OP posts:
Sittingonasale · 02/08/2023 21:06

I've just sold my big 3 bed semi in Newport for 217K and it's a lot bigger than this. Converted garage and driveway etc. A few jobs to be done but nothing like this.
I know Cardiff is much more expensive but this terrace in this state IMO is a rip off even for Cardiff.