Am I Being Wilfully Optimistic

[SunnyDorset]

Hi

We are looking to move house. After a rocky period financially where we were stuck renting unable to afford a deposit, I am in the process of receiving a substantial inheritance.

A house has become available which is almost perfect: picture box thatched cottage, a stream running through the garden, an aga, gorgeous terracotta flooring, 4 bedrooms... an extension that could become an annexe where our autistic daughter could remain living with us into adulthood but have much more independence. It is within budget.

However, it flooded badly in 2016 as did the rest of the village - it seems water came down from the surrounding hills rather than the stream rising up - and 'water came in' again in 2024 but no insurance claim was necessary. It has flood barriers installed on all doors and significant work in the garden to increase drainage. There is also work planned in the village to prevent further flooding. How big a red flag is this? What further information would you need?

For clarity, with the inheritance, we would not need a mortgage and the property is currently fully insured - we have asked how much that costs.

I really wouldn’t touch this property personally. It sounds like a money pit :/

What are the alternative properties available for your budget?
If you have a low income then I would really go for something where you can move in and relax. It does sound idyllic but you don't want all that stress when you retire, and don't want your dd to inherit that stress. Owning a problematic house is very different to renting one.

There’s a thatched roof, listed building pub not far from us, which had a fire ten years ago and took about a year to rebuild. In February, it caught fire again and was decimated, shortly followed by another fire a couple of weeks ago. I would be very worried about fire and flood.

I am a builder by profession. The thatch? Meh, it’s costly to insure, needs maintenance (and someone to maintain it, finding that IS tricky) and I wouldn’t have any kind of log burner/open fire if I had a thatched roof. We’ve done a lot of insurance work for thatched houses that have burnt down.
The aga? Costly, but if you can afford it, lovely to have. Except in summer, when it’s dreadful and makes the house far too hot. Is there an alternative form of cooking for the summer?
The flooding? I honestly wouldn’t touch it. Water is insidious, it gets literally everywhere. I own a company that could repair any damage at cost price and I still wouldn’t do it. Water affects everything, but particularly footings, foundations, load bearing walls, it can literally wash those away. If I was you, I absolutely wouldn’t go near it.

Look somewhere else, sounds like you have plenty of funds. Whether it floods again soon or not it will be a constant worry. Being a cash buyer means the seller will be pretty desperate to get you to buy as getting a mortgage would be difficult. I would say don't do it, there will be other 'perfect' houses that don't get flooded.

There are other things than just maintenance cost to consider with a thatched roof - more insurance conditions and costly to insure; fewer and fewer qualified thatchers to maintain/fix (so going to get more and more expensive and greater waiting times); attracts mice etc. Of course the fire risks are much higher. They are lovely but you need to know what you’re getting into!

this blog has a good overview of the pros and cons: Here

We live in a 5 bed thatched house. It is not a cottage by any stretch! Our insurance quote for the coming year is +£4k.

But we can reduce this to £2900 by removing the wood burner.

The roof has never worried me.
But we do have vermin in the loft regularly. I don't think there are more spiders than in previous houses.

We had the thatch done when we moved in in 2015. It cost £24k. We are paying to have the ridge replaced next year at c£10k.

We knew what the costs would be and are very happy in our home.

Also I assume you will be on oil heating? That gets pricy.

I wouldn't touch it in a million years.
I was in a house once that flooded. It was hell.

Resale would be difficult ... look at how many people on here wouldn't buy a house that had flooded in the past (including me).

You should spend your inheritance wisely and this house doesn't sound like a good investment to me. Sure a house is mainly a home but you also want to protect the money you will have tied up in it, which your daughter could inherit one day.

There will be other great houses, I would continue looking.

Even if you are prepared to accept all the risks that have been highlighted above and have the funds to maintain it, I would never in a million years inflict a property like this on my child (as inheritance). Let alone one that can’t live independently long term.

We have a thatch and don’t light fires in the fireplaces and would never install a log burner so you live with the fire risk, as for flooding no way would I want to live in a house here it rains I worry about a flood.

We have 15 years left on our thatch so are saving for the full works approx £30k. That will hit just as we aim to retire.

This confirms how much insurance for thatched properties has risen since we sold ours in December 2014.

Ours was also 5 beds (2500 sq ft), a three storey house.

Our last insurance premium was £900 per year (with a wood burner and no mention of reduction if this was removed). We used a 'special risks' insurer as no ordinary insurance company would touch a thatch when we enquired.

Our vendor had replaced the thatch in 2007 at a cost of £20k (I imagine it would be closer to £35/40k now). I believe our buyers had the ridge redone in 2020, although I'm not aware of what they paid.

Op I have neighbours further down the road (much lower down to our property) and their old property floods every so often and only in the cellars; the water doesn’t even reach the ground floor floors, but nonetheless they have had terrible issues with damp. They even had a fungus mould develop in their sitting room.

The home of an ex colleague of my husband’s lost everything when his thatched roof went up in flames.

https://www.dailymail.co.uk/news/article-14625615/amp/Thatched-cottage-destroyed-just-eight-minutes-fire-rips-roof-weeks-17th-century-property-tiled-over.html

Sorry to be a doom-monger but honestly; it’s not worth the risk.

Here are some more headlines to try and convince you! I understand the pull and attraction of a beautiful period home but honestly the risks are so high it could impact you financially in a very serious way. Put it this way; I wouldn’t want my own daughters investing in a property with a thatched roof and a flood risk. The insurance issues alone would out me off!

https://www.salisburyjournal.co.uk/news/25086208.thatched-cottage-roof-destroyed-fire-durrington/

https://www.bbc.co.uk/news/articles/cpwdp77z7jyo.amp

Further information: https://www.mikebartlettmasterthatcher.co.uk/thatched-roof-fire-safety-in-uk/

Thank you all for your insights.

Think I needed the wake up call... will be looking elsewhere...

I feel bad now op! It’s disappointing when you have hope and then you have to prioritise common sense and practical matters over something that could be wonderful. Given time though, I think you will be pleased that you made this decision. I hope you find somewhere equally lovely, without the downsides, where your dd will feel comfortable. One of my dds has ASD and I know how important the right housing is for your family 💐

Also put off by vendor saying he would NOT take the house off the market, nor mark it as SSTC, even if we agreed a price... Risk of being coerced into a later renegotiation after investing time and money into surveys and searches.

Eek! You’ve swerved a bullet!

Good luck with your new search.

Agree with PP that you dodged a bullet.