Buying a doer upper!

[DevonshireDumpling1]

We have lived in our current house since 2007 and after 18 years we have decided it is time to move.

We were first time buyers back then and have completely transformed the place although it was a new build - we’ve decided we need more living space now though and there isn’t much scope for further expansion.

A property has come up for sale about a mile from where we live now - the owner had lived there since 1955 and passed away in 2021. For the last 4 years, the property has stood empty but the executors have now decided to sell.

property was last renovated in the 1970s and will literally need stripping back to brick, new roof, re-wire, re-plumb - the full works!!
Just wondered if anyone has any tips about doing extensive work like this? The property is being advertised at a steal price - £195k (neighbouring property sold in 2022 for £310k) but it’s been completely renovated and extended.

We have a budget of £250k to do the works, this will be our forever home so not bothered on resell values.

Any tips welcome.

If you aren’t extending it should be plenty to do what you’ve listed

Personally, I’d just avoid all the faff and spend that extra £250k on a property that doesn’t need extensive work.

It can be common especially for a property in such a poor state to cost even more - have you got a contingency budget?

Where would you be living when the building work is taking place - given the works you mention - you won’t be able to live there as such whilst the major building works are being completed. Renting is an added extortionate cost.

You will likely need planning permission and the faff that goes with that.

Finding reputable tradespeople who won’t rip you off and are decent at their craft.

I really wouldn’t consider this, you’ll get a much bigger property for your money elsewhere that you won’t need to completely gut.

Be careful. It’s not a steal price if you have to spend £200k on renovations to get it to the standard of the £310k house.

Nope.
We have done loads of renovations as DH is a builder, has his own team of skilled workers and it's still bloody hard work.
BUT he always says it would be cheaper and easier to pull down and start again. The reason we don't is we love period properties or ones that will at the minimum double our profit.

I would caution using 2022 as the benchmark for the price a property is likely to be worth. This is considered to be the peak pricing and property prices and houses are not selling at such dizzy heights. Some neighbours brought a house at £600K in 2022 - tried to sell at £650K - without doing anything to the house - now at £600K - reckon its real value is around £550K. If you are going to do a big renovation, you will need to stay in the house for some years in order for the houses value to increase and for you to recoup your costs. We did a big extension around 20 years ago - kitchen and bathrooms now need refreshing - at this stage in our lives we would'nt get back the costs and choosing to sell at a price which reflects this work

Why do you think that price is a steal if the fully renovated and extended one sold at peak market (2022) for 310K and you think you might need to spend up to 250k on it? I would have a really good think about the £££ here and the huge upheaval and stress of all the work involved.

Watch the film The Moneypit before you decide.

We viewed the property and it was in worst state then on the photos!! That said, despite it being advertised for £195k - a builder who is notorious in the area for buying and transforming properties had his offer of £170k accepted - think we made the right decision not pursuing it - we are still on the look out!

Lol at your 'notorious' builder. What does he do with them?!