New build to Renovation Project... should i take the risk?

last year

last modified: last year

Hello,

I'm looking for some guidance regarding my property situation.

We are a young family and we've owned a new build from new for several years but we are ready to move to something slightly bigger and something that has the potential to be our 'forever' home. We are looking for scope.

Whilst 'window shopping' on property listing websites we came across something of interest so we decided to book a viewing and get the ball rolling with putting our house on the market. Whilst preparing our house to be placed on the market we have actually received a private bid we are in the region of what we are looking for. At this point, we know there is enough interest in our new build to make a sale quickly and use the equity for the next house.

From snooping around the empty property we could clearly see that it needs a good amount of work to bring it to a standard where we feel it would be livable for the family. From the outside, we identified things such as new windows, and doors (all rotten wood and single glazed) and I could see what looks like the overflow pipe and another which looks like the boiler flue both dripping away! To be fair the overflow pipe is vertically above the boiler flue so this could be the only issue and nothing wrong with the flue. It just looks like they are both dripping at a quick glance. Despite some noticeable issues on the exterior, the location is absolutely perfect with amazing views. The property's garden is big which is another huge selling point of this house, two reasons why we are looking to move is our current location and the desire for a bigger garden.

Today, we got to view the inside of the property and it was clear that this is a large renovation project even for someone like myself who can DIY but has no knowledge of what would be required to renovate a house which is 1900-1930 I would say. Inside the property the floorboards are weak and definitely need lifting up, I would guess there isn't much below the ground floor ones either! There were a couple of rooms carpeted on the first floor so I can't be sure of the state of those floorboards. Although there were signs of some cracks on the walls I felt like these were just signs of neglect as opposed to anything seriously wrong structurally. All skirting boards and door frames would need ripping out and doorways were low so for someone tall like myself my preference would be to get them raised if possible. Room heights were absolutely fine! This house was described as livable but the reality is, it needs gutting!

Obviously, a home buyer's report would highlight more serious 'hidden' things such as electrical, plumbing, roof (new in 2015 apparently), the structure issues etc. but I was wondering if anyone could give a ballpark on things such as (short term goals)

- knocking walls through to make rooms bigger

- plastering/skimming (most rooms) (walls were probably the best thing tbh)

- ripping up floors and replacing (concreting if required)

- Replacing skirts, doors and door frames

- installing new double glazed windows

- installing new front / back doors (the porch is in dyer condition too)

- new kitchen

- new bathroom

- new en suite

- replace a utility room (connected water) with a downstairs toilet

There is a lot of interest in the house and despite its current condition, there is likely to be a bidding war at its listed price. Having said that, after viewing today, unless it's a builder or cash buyer I think many will leave feeling the same as us. A big job ahead.

I have lots of contacts in the trade and also very good friends with a builder who will take care of everything that is required (hopefully at a good rate of labour) but I was wondering if anyone can advise of giving examples of what they achieved within a specified budget? I'm struggling to gauge how much I need to get this house livable! There is so much I would want to do such as look into planning for extensions etc. but I would need to save more pennies and would be happy living in the house until it can be realistic.

In a nutshell, the house clearly has a number of things that need renovating but we feel it has the potential to be our home forever! Having said that we are a young family, am I crazy to move from a new building into a property that needs so much work. I have the option to put all my belongings into storage and move in with a family member for 4/5 months whilst building work takes place.

I am under no illusions that should I have a bid accepted there are stressful times ahead but I keep telling myself it will probably all be worth it even if it's 10 years down the line.

I've probably missed a load of things so any advice is much appreciated, my head is spinning here.

Thanks

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New build to Renovation Project... should i take the risk?

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