Renovate or sell

[Moveornot2]

We have been in our house for two years only. We bought the house in an area we really love, but we bought a project. Now reality is hitting about how much renovation costs will be to achieve what we need to (over £100k) and that we’d need to rent with two young kids (primary school age)whilst we do that , and the logistics that go with that.

I think getting the square footage we need would be a house about £100k more than what we bought this for couple years ago, and probably we’d get like £50k over what we paid if we sold.

shohld we cut losses and move, or preserve with the project … what would you do ? Realise we haven’t been very wise

This makes sense and maybe need to rethink approach. Do keep us updated as to how it goes

Thank you all for the advice. It’s all sound, knowledgeable advice I’m getting and all with the same end answer / goal. This is my first post and I’m glad I posted

Some of your plans seem to not be efficient. Is extending 1 metre from a structurally sound original external wall really going to be worth the upheaval? I don't know the floor plan etc.

It sounds like a great area, and a solid house.

Tempting to write a list of "must have" (as in, you'd move house to get it), and a "really want" and an "ideal world", draw up an accurate plan and see what can fit where. You need to balance the hassle, stress, and cost against how much you want the end result.

I think you should stay and do the work. Many parts of London have been down valued rather than risen in the past 2 years. Combined, all the costs of moving won't be that far off half your reno budget anyway.

Thanks all, agree makes sense to stay. Think I was having a bit of a wobble. Some family making comments on state of house given how much we spent doesn’t help either , I guess they just see a ‘house’ not everything else.

@Saz12 yes that may well be the case. We haven’t done any detailed plans yet, this is just what was in plan for the proposed extension for owner that was passed to us. We need t assess of course.

good to know that doing it in one big shot might not be the best plan either

Hello OP,
Sounds like you have found a great family home and investment for the future !
Seeing all the different things you want to do to your house and all the walls you want to move, etc., you should use an architect who would be able to bring all the different parts together in a functional and aesthetically pleasing way and probably save you some time, headache and unnecessary expenses , ( and find the best builders).

Whether you consult just for ideas, or pay one to write up your plans, or even oversee all the work you'll be glad you did. I can't believe the number of people who think they don't need one and then encounter all kinds of problems ....

I agree, stay but do it in stages. I’d probably get the basics sorted and then work out the most logical way to do it- either upstairs bits first then kitchen in a couple of years or back first then front. This means you can stay on site (you might need to move out for a few weeks here and there) and also that you can keep an eye on builders and save on rent.

I did a side return and kitchen extension a few years back and we made a sort of mini apartment on the middle floor with a mini kitchen/ diner, 2 beds and a bathroom and it was actually fine. We went on holiday when they did the boiler but other than that it was fine and given that the work went on for 6 months in total we saved a fortune. Plus I was on hand to tell the builders when they were putting the tiles on the wrong way up and deal with neighbours etc.

Thanks all. Some very useful advice , will definitely take on board doing in stages etc. Good to know that we can grin and bear it and stay here potentially. Wish I had you all to touch base with ‘in real life ‘ 😆
Hopefully when I come back seeking advice when we actually start that some of you are still around on the board

Definitely agree with stay. If you bought 2 years ago, that was a market peak and prices have only dropped since then (plus 2 more years of deterioration in a dooer-upper), you'd almost certainly lose money by selling now.

Just on doing building work in stages - I think you need to decide what's best for you and your family,

We did all the work at once we had the builders here for 9 months. It was pretty awful....................however, after that relatively short period of time we had a beautiful finished house that we can live in and enjoy. Within 2 weeks of having a finished house, I had forgotten all the noise, dust and mess, living in 1 room etc.

I know people doing it in stages - it's a long slog, nothing is ever really finished and it just goes on and on and on. The main reason they are doing it this way is money. If you can afford it, I would recommend 'blitzing' the house, with the knowledge that it will be awful but hopefully for a shorter period and then enjoy your beautiful home.

I doubt you will be able to do all that for 100K or anything like it, unless you plan to do a huge amount yourselves. And extending at the front can be tricky to get permission for.
Even in this cheap part of the country, just a renovation is costing us more than that, and we do loads ourselves. Admittedly we needed rewiring, reslating, and drains etc. but a kitchen, bathrooms, 2 extensions, and a garage conversion...if you're in an expensive neck of the woods it's going to cost you a lot, I suspect.