Take on doer-upper risk?

[PeachP]

Tldr- what should we factor in to whether to take on a doer-upper?

We're moving house to nearer family and have an offer on our house. We've viewed plenty of houses to buy and there's only one that we've both really liked and wanted to make work, and it's a doer upper.

We have done similar as our current Victorian terrace house was in a similar state - we've done a new kitchen, bathroom, downstairs loo, boiler, load bearing wall removal, fully redecorated every room (mixture of replaster/line and paint, carpets, ), new radiators throughout, new sockets, new fuse box, etc.

The new one we like would need similar work we think, plus we'd want to fit internal wall insulation. But the house itself is much bigger and it feels like there's a bigger risk of running out of money - and once finished it will be more costly to maintain too. We also now have a toddler to manage alongside doing it up, which we didn't have with our current house, and hope for #2 next year.

Location is great, schools are good, outside space works well, near to parks, so it ticks a lot of boxes.

Our families are saying quite reasonably that we should steer well clear as it's far too much work and risk!

Perhaps it's that we just haven't found the right one yet and should keep on looking...

What did you factor in before deciding to go for / not go for a doer upper? Any thoughts welcome :)

I think the main thing for me is that I can never imagine being happy with the way other people have ‘done’ a house. And while renovation is a massive pain, I do basically enjoy the process of making a house I love into a home which looks and works the way I want it to. And I love period houses.

it sounds like you are well acquainted with what doing work to a house is like so you are probably in a better place to judge than others (unless you are expecting them to find the work or carry out the work!). Can it be done in phases? Are there things you can live with for a while?

I think the other thing to think about is whether you are both into the project as a couple and are good at working with each other and making decisions together. My husband and I both like this kind of project and don’t argue much but if we found it harder to cope with stress as a couple or if one of us was much keener than the other then I’d be very hesitant as no house is worth ruining a relationship over!

How long ago did you do the last project, because even if it was two years ago, I think prices have gone up again. If it was pre-pandemic, then it's a completely different world! We did a massive project, and I completely love the results, but DH is a builder, so I had a v smooth ride! I can't imagine doing it otherwise. But totally agree with @OneDayIWillLearn in that now we have exactly what we want, down to door handles, and we would never have got that without doing it ourselves! I am really glad we did it.

@badgerboow OMG door handles are a particular passion of mine! I spent ages choosing the ones in our current house (some new, some reclaimed) and I appreciate them every day, sad to say 😂

Thanks so much for your replies - good to get us to think through things.

We did most of the building work during 2021 but the bathroom was in 2023. So I think you're absolutely right that things will be more expensive now! We did the work in London but we are moving up north, so that probably would reduce things a bit - but maybe not offsetting the inflation increases

Our next house is in Wales and we are finding it noticeably easier to get people to quote (and quotes coming in cheaper) compared to the south east where we are now. But not sure about the north….

Have you had a full structural survey yet? It would also be worth getting some expert tradespeople around beforehand just to give you a bit of further advice on what you are taking on. When I've sold in the past, my buyers have certainly done similar if they wanted to extend, put in another bathroom, etc.

After that, with your experience you should have a good idea if you have the energy, support and funds to do it again.

From personal experience I would say if you've just done up a house then renovation fatigue can be a very real thing, no matter how motivated you are at the beginning! Particularly if you're planning on doing some of the work yourself, and particularly as you say the house is bigger, meaning your progress is likely to be slower. Also factor in that materials are noticeably more expensive, even since 2021. Again the fact that this is a bigger house will play a factor here; you're probably going to need more kitchen cabinets, more worktops, more tiles, more flooring, etc, than you did last time. I was always really jealous of my friend's really large kitchen until she told me just how much it was going to cost to replace all those many, many dated 1980s cabinets!

I have never had a do upper but I would say go for it! You have done it before and can do it again. As you say you can do it all to your own taste.

We've done this twice now. We underestimated how much harder we'd find it second time round. There was a decade between our renovations so being ten years older, different working circumstances (it was a lot easier working out of the house FT and being able to access showers and hot meals at work) and having a child made it a lot harder. Also the costs had gone up immensely! We did use builders for almost all of it both times rather than doing it ourselves.

Having said that, in the long run it's been well worth it. Have the house that we want and that works for us in a good location. Have you had a thorough survey and do you have the budget to get a certain amount done initially?