80k for 1st time deposit and renovation

32 replies

RuralMum2 · 09/09/2023 19:21

I'm a first time buyer thinking of buying a 350k probate property that needs updating. Wondering the best way to finance this.

I have a 80k to spend on everything related to the purchase and renovation. Then could invest about 1200 per month after that.

The house is in a good location and has the potential to appreciate quite well over the next couple of years. I would hope to sell at that point.

Wondering the smartest options for financing? A really small deposit then use the rest of my savings for the renovation? A home improvement loan? An interest only mortgage?

Thanks!

OP posts:

gloriawasright · 10/09/2023 13:18

Aha sorry .I forgot you are a first time buyer .so scrap the second home tax .

monpetitlapin · 10/09/2023 13:21

gloriawasright · 10/09/2023 13:16

Not sure where you are OP but in Scotland we would have to factor in a second home tax.
And watch out for early repayment fees on your mortgage .
Both could add on thousands to your costs

You have to pay second home tax as a first time buyer? How? 😱

monpetitlapin · 10/09/2023 13:22

gloriawasright · 10/09/2023 13:18

Aha sorry .I forgot you are a first time buyer .so scrap the second home tax .

Sorry X post!

sheeplikessleep · 10/09/2023 13:25

We are renovating our forever home in a small village we have already lived in for 15 years and love. It needs totally gutting.
We originally budgeted £150-£200k for full rewire, new ch, sizeable extension, kitchen / bathrooms etc … our cost is now coming close to £350k all in, including vat. Prices are insane and even for a property where we intend to stay for 20 years in a village with a small supply, I think we are bonkers when working out costing / payback. But such small supply of houses to buy that fit what we want.
It is cheaper to move now than it is to renovate. Unless you’re doing a lot of the work yourself.
No way would I do a flip it house in the current climate.

housethatbuiltme · 10/09/2023 14:36

for a standard size 3 bed house you are looking at needing at least 30k for a full referb (in the north probably more in the south). That covers things like central heating, rewiring, plastering, new kitchen (say DIY kitchens), new cheap bathroom and basic decor (painting) plus doing as much as you can yourself.

Referb can obviously cost more if you go for more expensive options or need things like damp proofing, new roof, extension etc...

Original poster

RuralMum2 · 10/09/2023 23:51

Have decided not to for it. Thanks for the comments. Hopefully will find something more suitable to my circumstances soon 🤞

OP posts:

JeresaLove · 11/09/2023 21:35

Good luck

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