To Buy Or Not

[jasper]

Just wanted your guys opinion on summink.

Went to view a house last night with the wife. The house is located on a row facing the park and probably one of the best areas in our town, it's a four bedroom and up for £250k and needs a hell of a lot of work doing. Basically every room needs attention i.e. new bathroom, kitchen and decoration in all rooms. The thing is that these never come up for sale and when done up fetch around £350k mark.

So the question is do I go for it?

My main concerns are that my wife is due to give birth in May so this could be a stressfull time anyway, also this would double my current morgage but I have £100k equity in my house atm.

The plus points are the size and location of the house, also I work from home so one of the bedrooms it taken up and this house has a large outbuilding that could be converted to an office and still leave four large bedrooms for habitation.

What do i do?

[deejaygee]

Just wanted your guys opinion on summink.

Went to view a house last night with the wife. The house is located on a row facing the park and probably one of the best areas in our town, it's a four bedroom and up for £250k and needs a hell of a lot of work doing. Basically every room needs attention i.e. new bathroom, kitchen and decoration in all rooms. The thing is that these never come up for sale and when done up fetch around £350k mark.

So the question is do I go for it?

My main concerns are that my wife is due to give birth in May so this could be a stressfull time anyway, also this would double my current morgage but I have £100k equity in my house atm.

The plus points are the size and location of the house, also I work from home so one of the bedrooms it taken up and this house has a large outbuilding that could be converted to an office and still leave four large bedrooms for habitation.

What do i do?

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Only thing I would say, is never use the words it could be worth this when the jobs finished............

The question should be do you want to live there? then can you realistically complete the works needed within a reasonable timeframe?

Do you have the money for the refurb now?

If you can answer a BIG yes to all the questions then go for it, if not then I would think again.

[Fidgits]

to be honest, buying a house is stressful enough - never mind one that needs a whole lot of refurbishment...

and just because it needs work, doesnt mean its a bargin...

All I will say is do your maths - work out how much its going to cost, both financially, as well as through stress...

[Fmrl]

it's a four bedroom and up for £250k and needs a hell of a lot of work doing. Basically every room needs attention i.e. new bathroom, kitchen and decoration in all rooms. The thing is that these never come up for sale and when done up fetch around £350k mark.

How good are you at diy? If you're like me and totally hopeless with it then try asking a builder/decorator to view the house with you and give you some ideas about how much it would cost to put everything right.

I'm guessing that to begin with there's only going to be you and your wife living there so you can do up one room while you're living in another so this might make things easier (sounds like your priority will be making the house "child friendly" anyway).

You could view it as a long term investment and take your time over the refurb in which case you'll have more money and time to get the house looking exactly how you want.

[jasper]

I will have enough money to do the habitable rooms for now, namely the carpets, kitchen, bathroom, our room and babys room. I have alot of friends who are tradesmen and can get the majority of stuff @ trade price. I am an ex-joiner by trade and can do the decorating myself (as I have done on my current house)

The rest of the jobs could be done over time.

p.s. thanks for the replies so far guys, other peoples input is always good

[grafter]

One other thing. If your looking at staying for a long time, overlooking the park and location would be a great deal less worry for keeping an eye on your child when he/she is old enuf to go play out there. Im looking at exactly the same situation a few months after xmas (allbeit a damn site cheaper lol) so good luck mate.

[Parthiban]

I will have enough money to do the habitable rooms for now, namely the carpets, kitchen, bathroom, our room and babys room. I have alot of friends who are tradesmen and can get the majority of stuff @ trade price. I am an ex-joiner by trade and can do the decorating myself (as I have done on my current house)

The rest of the jobs could be done over time.

p.s. thanks for the replies so far guys, other peoples input is always good

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If that's the case, then I'd say go for it. This is always the hardest part, so if you can afford it, and the house is good otherwise, then don't see any reason why not to buy it :)

The other thing would be tho that with a new baby on the way, would all the dust and mess of redecorating be ok? Or are you not planning on living there while the work is being done?

[jasper]

Im thinking of getting the work done prior to moving in m8

[Fidgits]

if your looking at it as a home - then i say go for it...

if your looking for a quick buck a'la property ladder - then no...

[Damer]

We bought our place as a wreck, with a 4 yr old and a 6mth old to get kids in a better school.

We did in 8 weeks.

* complete rewire

* complete new central heating

* complete new water system

* new bathroom

* temporary kitchen (there wasn't one at all)

* new floor in kitchen ie joists and all

* ripped out 5 1930's fire places replaced with Victorian or blocked up

* all carpets ripped up and all floors all sanded and polished

* laid slate floor in kitchen

hard work both worth it.

Had last room decorated a month or so ago. House doubled in value still got atticks and cellars to go.

You need to be willing to put up with mess for a long time. we lived with mother in law for 8 weeks that was hard.

[kam05]

You need to be willing to put up with mess for a long time. we lived with mother in law for 8 weeks that was hard.

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Living with the mother-in-law for 8 weeks- brave man!

[jasper]

Thanks for the replies chaps.

The house would definately be for keeps, as it would be a great house for my family (and also for generations)

The wiring is new in the house so that wont need touching, it has an oil fired boiler in the outbuilding (which I am unsure about keeping)

The house is occupied at present so could be lived in as it but we have been thinking (and have the cash) to replace the kitchen, bathroom, decorate the hallway, stairs, lounge and dining room (not including new fires yet) the baby's room, our room and the rest would have to wait.

[Maz]

Like Fidgits said, if you are buying it to live yes go ahead, and im sure it will be worth it, like me, i brought a 3 bedrooms detach house in march and it need alots of works (which im still trying to finish so my family can move in before christmas ;) ;) ;) ), but in the end it will be my new home for a very long times, so for a home then its a big YES...

but if you want to make money out of it, unless you can do everything nice and fast, then the answer is a big NO...

Regards

[jasper]

Thanks Maz, I tis definately to live in and not to make money; it's one of those houses you see when growing up etc thinking ''I would love to live in a house like that one day''

[Wosket]

i say go for it jasper, we bought a house that needed a complete refurb and we did it all ourselves - although the law has changed now and so you wont be able to do as much yourself unless you get it certified by the council or hav e proper tradesmen do it - you need to check this out though as im not completely sure how the land lies, bazza posted up the new regs a while back.

it is the most rewarding experience, stress and hard work but well worth it and like damer our house doubled in value as well. we're now renting whilst we wait for 3 years company accounts as we were not self employed when we got our first mortgage and boy i cant wait to get another house that needs some work doing to it!!!

if you can start the refurb immediately then go for it mate and the whole house doesnt need to be completely done in time for the littlun arriving, just the most important rooms.

if you and wifey are happy to go for it then i seriously would, nice big new family home to grow into, great stuff mate!

[jasper]

thanks wosket

[jasper]

Put an offer in on Saturday and it was accepted :) :) :)

Put a sign in the front garden of mine yesterday @ 4pm, have 2 people viewing it @ the weekend so far (so much for paying £2k for an estate agent to sell ur house, the sign was £25)

[Parthiban]

Put an offer in on Saturday and it was accepted :) :) :)

Put a sign in the front garden of mine yesterday @ 4pm, have 2 people viewing it @ the weekend so far (so much for paying £2k for an estate agent to sell ur house, the sign was £25)

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Congratulations, that's great news, good luck with the sale of your house :)