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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:
Lonelycrab · 02/08/2023 21:08

Quick glance at the photos and I don’t think 45k is feasible to do all this. I’ve done a similar place in a similar condition, that cost us 50k+ and that was 8 years ago. I did a lot of the easy, dirty work myself too.

If nice ones are going for 300 then that’s worth 240 tops imho. Seeing lots of dooer uppers not selling round here because the cost of trades/materials is now so high.

Has really good potential though. Just my 2p.

Sittingonasale · 02/08/2023 21:11

Also, I found when doing work in this area workmen were very sketchy about getting any building regs etc and that's why they often quote cheaper. I've had a few times when I've said I need Building Regs/ Fensa Certs, they've told me that's fine and would get them and they haven't so I've ended up getting retrospective and paying myself.

Unicorn2022 · 02/08/2023 21:16

I can't see you renovating that house for £45k in a million years. Prices of tradesmen and materials have skyrocketed in the last couple of years. I'd say £75k for renovations if you are lucky.

Original poster
Artgalleryloner · 02/08/2023 21:17

@Sittingonasale interesting thank you

OP posts:
AHugeTinyMistake · 02/08/2023 21:20

OP are the quotes you have got estimates or actual quotes committing to those prices? Are they fixed price or a quote based on the number of hours to do the job (which will increase if it takes longer than expected).

Agree with others that you are very likely underestimating costs

A friend has spent 16k very recently on rewiring, reboarding and plastering (his house was covered in artex much like this one). He did a lot of the grunt work himself. Decorating costs are on top of that.

Original poster
Artgalleryloner · 02/08/2023 21:20

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.

Prices here change dramatically with location, yes I could get a huge 3 bed semi in lovely condition for 250 only 1 mile away from this one

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

Is it Roath by any chance OP?
I lived there in my uni days. 🤓

Original poster
Artgalleryloner · 02/08/2023 21:22

AHugeTinyMistake · 02/08/2023 21:20

OP are the quotes you have got estimates or actual quotes committing to those prices? Are they fixed price or a quote based on the number of hours to do the job (which will increase if it takes longer than expected).

Agree with others that you are very likely underestimating costs

A friend has spent 16k very recently on rewiring, reboarding and plastering (his house was covered in artex much like this one). He did a lot of the grunt work himself. Decorating costs are on top of that.

Good question - builders one is an actual quote

electrician and plumber estimates

OP posts:
Original poster
Artgalleryloner · 02/08/2023 21:23

Sittingonasale · 02/08/2023 21:21

Is it Roath by any chance OP?
I lived there in my uni days. 🤓

Nope! I love that end of Cardiff but DH not so much! It’s near Victoria park in canton.

OP posts:
RyvitaBrevis · 02/08/2023 21:36

Cardiff prices for trades are high. Victoria Park is a bit overpriced these days, and you could very easily spend more than 45k.

But it is a good location.

boating32 · 02/08/2023 21:50

The kitchen is really too narrow to do anything useful with. I wouldn't buy that house unless I had budget/planning for a side extension.

Original poster
Artgalleryloner · 02/08/2023 21:56

@RyvitaBrevis if you are in Cardiff and have recently paid for work done I’d love to know what you had done and roughly how much it cost! 🤞🏻☺️

OP posts:
Original poster
Artgalleryloner · 02/08/2023 21:59

boating32 · 02/08/2023 21:50

The kitchen is really too narrow to do anything useful with. I wouldn't buy that house unless I had budget/planning for a side extension.

Yes I agree but you can’t get everything can you! Most important things on my list are location and number of beds

OP posts:
BrightBlueSea · 02/08/2023 22:02

I mean this in the kindest way possible, as if I was talking to my own daughter. Don't buy it. You can't afford it. It will cost way way more than you imagine.

The only way to not be ripped off is to do most of the work yourself and pay trades only where necessary. This house needs a significant refurbishment. Look at the damp patches on the walls. Look at the back garden shed door. Nothing has been looked after. Every time you fix something, you will spot something else to do. I'm experienced in this kind of refurbishment and it costs both significant money and time. You are unlikely to break even.

People selling these doer uppers are smart. They know that sooner or later someone will come along with an unreasonably low renovation budget and will buy it for more than it's worth. Don't be that mug!

Again, sorry to be so negative. If you do decide to go ahead, do the hidden work first - electrics, plumbing, roof. Best of luck.

RyvitaBrevis · 02/08/2023 22:07

Artgalleryloner · 02/08/2023 21:56

@RyvitaBrevis if you are in Cardiff and have recently paid for work done I’d love to know what you had done and roughly how much it cost! 🤞🏻☺️

Around 6k for a complete reno of kitchen including replastering and tiling using a very cheap B&Q kitchen, 4k to paint whole house including doors, radiators, etc, £1.5k on electrics (not as bad as yours but some new wiring), 3k for damp proof injections in a number of walls, £450-650 to replaster walls in some larger rooms, c. £850 per room lay laminate or LVT inc materials

DrySherry · 02/08/2023 22:10

So as many have pointed out you have already over offered.
However - if you really love the house, and the area will suit you for a decade or so, then overpaying isn't the worst thing in the world to get exactly what suits you. I agree with others though that you are underestimating the cost of refurbishment quite considerably. If you really want it, go for it, but adjust your refurb budget and be aware that it might be worth less than you spend for a good number of years.

Songbird54321 · 02/08/2023 22:15

I agree that you won't get the work completed under £50k. A budget of £10k is unlikely to cover the kitchen given you're basically starting from scratch with it, never mind kitchen & bathroom. We paid £4.5k for a new bathroom (it's small) pre covid and prices hikes so we'd probably be looking at about £7k now and it's nothing fancy.
I'm in the north so house prices are much lower here, but I think they're being completely unrealistic.
I'd be inclined to leave a final offer of whatever you're comfortable with on the table and walk away.
I doubt they'll get anyone to pay what they're asking.

RyvitaBrevis · 02/08/2023 22:19

I agree with the PP about not underestimating damp problems. You will keep finding new issues. My survey was the most through one and underestimated the scale of the issue.

Filament · 02/08/2023 22:21

The kitchen would concern me with the end with the plastic roof.

ValerieDoonican · 02/08/2023 22:26

It's not really a 3-bed is it? They don't even give dimensions for the tiny one over the hall. And I assume the lean-to kitchen extension is the bit you plan to demolish? So current kitchen = utility, back room becomes kitchen diner?

Have you costed for an architectural technician or similar to draw it all up and ensure it is done right re rainwater, structures, regs etc?

Original poster
Artgalleryloner · 02/08/2023 22:32

RyvitaBrevis · 02/08/2023 22:07

Around 6k for a complete reno of kitchen including replastering and tiling using a very cheap B&Q kitchen, 4k to paint whole house including doors, radiators, etc, £1.5k on electrics (not as bad as yours but some new wiring), 3k for damp proof injections in a number of walls, £450-650 to replaster walls in some larger rooms, c. £850 per room lay laminate or LVT inc materials

Show quote history

Very useful thanks

OP posts:
Sittingonasale · 02/08/2023 22:32

Not to mention if there is asbestos in there. If there is, then that will significantly increase your costs.

ValerieDoonican · 02/08/2023 22:35

If you are removing or even making penetration in inside walls you can't be sure they aren't load-bearing (the floorboards in the upstairs back room run front to back which implies the joist run side to side, so may be resting on the kitchen/dining room partition)

If this is the case you will need acro props to hold the joists up pro tem while you put in a steel to replace the wall.

Original poster
Artgalleryloner · 02/08/2023 22:36

DrySherry · 02/08/2023 22:10

So as many have pointed out you have already over offered.
However - if you really love the house, and the area will suit you for a decade or so, then overpaying isn't the worst thing in the world to get exactly what suits you. I agree with others though that you are underestimating the cost of refurbishment quite considerably. If you really want it, go for it, but adjust your refurb budget and be aware that it might be worth less than you spend for a good number of years.

Food for thought - thank you

OP posts:
Original poster
Artgalleryloner · 02/08/2023 22:37

Sittingonasale · 02/08/2023 22:32

Not to mention if there is asbestos in there. If there is, then that will significantly increase your costs.

None the builder saw on his visit

OP posts: