Bought my first do it upper
Discussion
Mate does the energy surveys for houses coming on the market and called me on a house that is pure homes under the hammer, someone's died in it or gone to a home its terrible and needs everything apart from a roof and walls.
Ive put an offer in and have a builder on standby, I will update this thread as a guide for the inexperienced (me) and how it pans out and any pitfalls.
I cant and wont do any work on it its not my thing so all through the builder who will project manage it and will get a bonus if it comes in under budget or sells above guestimate to ensure good quality work.
Fist up can someone advise a flexible buildings insurer for the project please.
Ive put an offer in and have a builder on standby, I will update this thread as a guide for the inexperienced (me) and how it pans out and any pitfalls.
I cant and wont do any work on it its not my thing so all through the builder who will project manage it and will get a bonus if it comes in under budget or sells above guestimate to ensure good quality work.
Fist up can someone advise a flexible buildings insurer for the project please.
Offer of £80k accepted, off to agents with ID and utility bill, builder is arranging a basic survey, they say not needed but I have no experience and in my book you buy a house with a survey.
Basic maths are buy for £80k spend £25k max, sell for £130 to 140k in line with other houses sold and for sale on the street. Its a 3 bed semi with garage and off street parking.
Basic maths are buy for £80k spend £25k max, sell for £130 to 140k in line with other houses sold and for sale on the street. Its a 3 bed semi with garage and off street parking.
The Moose said:
DSLiverpool said:
Bromborough near my work (coincidence), perfect house for someone as its near a health centre, bookies and Tesco - a claimants dream.
Claimants won't be buying 
What's the long term plan, buy - do up - sell rinse and repeat?
Or buy - do up - keep in portfolio?!
Note the chap who found the house does the energy ratings of houses before they go on sale so is ideally placed to find good deals.
KTF said:
Out of interest, is there a mortgage on the property or did you buy it with cash?
If its a mortgage did you check the fine print about terminating it early as they may not like the idea of lending for only a few months.
For this purchase no mortgage, hence keeping the project small.If its a mortgage did you check the fine print about terminating it early as they may not like the idea of lending for only a few months.
Survey being done Tuesday, no drama expected.
Im selling this not living or renting it and it will go up for sale during the refurb (interesting hey) so the buyer can have a choice of kitchen etc and we can haggle a bit - Im hoping this strategy / method will result in a ultra fast sale ie deposit taken on day of completion or similar but Im a novice and It may be a stupid idea. (Im definitely doing it this way though)
Im selling this not living or renting it and it will go up for sale during the refurb (interesting hey) so the buyer can have a choice of kitchen etc and we can haggle a bit - Im hoping this strategy / method will result in a ultra fast sale ie deposit taken on day of completion or similar but Im a novice and It may be a stupid idea. (Im definitely doing it this way though)
paulwirral said:
DSLiverpool said:
Survey being done Tuesday, no drama expected.
Im selling this not living or renting it and it will go up for sale during the refurb (interesting hey) so the buyer can have a choice of kitchen etc and we can haggle a bit - Im hoping this strategy / method will result in a ultra fast sale ie deposit taken on day of completion or similar but Im a novice and It may be a stupid idea. (Im definitely doing it this way though)
good luck with this idea but take into consideration you will be presenting an unfinished house to a first time buyer or buy to letter most probably . I work in exactly the same agreement and much the same area and have always found its best to present a finished property and even then it has to be the best in the street for the least money , you wont believe what buyers expect these days , more so when they know your in it only for the profit . It sounds like you have bought well so my advice would be do a nice job and spend a little more on kitchen, bathroom and fittings and you should sell well , feel free to ignore me but your target market wont have much spare cash or the buy to let brigade will want it for buttons , finshed and ready to let the day after completion . Good luck again mate but it is quite an eye opener once your in this way of life !Im selling this not living or renting it and it will go up for sale during the refurb (interesting hey) so the buyer can have a choice of kitchen etc and we can haggle a bit - Im hoping this strategy / method will result in a ultra fast sale ie deposit taken on day of completion or similar but Im a novice and It may be a stupid idea. (Im definitely doing it this way though)
I think I've confused the issue, I'm not skimping on it on the contrary as long as we make £20k I'm happy.
Our house is exactly the same as this one, just mines a wreck and no extension otherwise exactly the same.
http://www.zoopla.co.uk/for-sale/details/28856610?...
Hoping to sell for £135k ish
Our house is exactly the same as this one, just mines a wreck and no extension otherwise exactly the same.
http://www.zoopla.co.uk/for-sale/details/28856610?...
Hoping to sell for £135k ish
Hmm
The main roof is pitched and finished in asbestos cement slate. Surfaces are moss grown
and some displaced tiles were noted. There is no lining to the roof. Such aged tiles can 3 produce air bourne asbestos fibres with long term and adverse health issues. The roof is
near to the end of its life and will require short term replacement. Specialist removal and construction costs should be investigated before exchange of contracts. Condition rating 3
Apart from that everything else was as expected - terrible - on the plus side no Japanese Knotweed
The main roof is pitched and finished in asbestos cement slate. Surfaces are moss grown
and some displaced tiles were noted. There is no lining to the roof. Such aged tiles can 3 produce air bourne asbestos fibres with long term and adverse health issues. The roof is
near to the end of its life and will require short term replacement. Specialist removal and construction costs should be investigated before exchange of contracts. Condition rating 3
Apart from that everything else was as expected - terrible - on the plus side no Japanese Knotweed
Well the search has been ages not sure why but Im paying for it next week and were ready to roll, since last posted I have seen a 3 bed semi on probate up for £110, houses generally go for £135 on the street but thats not enough headroom - we guess £10k for a kitchen and a make over I offered £85k they asked for proof of funds duly supplied and they are sitting on the offer - no sweat.
In a little fishing village called New Ferry I can get a kitted out sarnie shop for £48k + £5k for the ovens, fridge counter etc it has a 2 bed flat included and sounds like a project for someone but not for me.
In a little fishing village called New Ferry I can get a kitted out sarnie shop for £48k + £5k for the ovens, fridge counter etc it has a 2 bed flat included and sounds like a project for someone but not for me.
£10k for entire makeover, external tidy, new kitchen, decorate and remove clutter maybe less than £10k but they have my offer.
At my work we are getting into home automation so I might included a couple of automatic light products basic stuff, I just got the iPhone central heating kit to play with on friday, looking forward to that.
At my work we are getting into home automation so I might included a couple of automatic light products basic stuff, I just got the iPhone central heating kit to play with on friday, looking forward to that.
Finally got keys on Thursday, initial declutter started, work starts properly on Monday. Budget £20k max taking entire cost to £101k all houses for sale on the street when I bought mine have sold for £135k plus so I'm hopeful of maybe £140k
Question - gas, eleccy, council tax what do you do? We took readings on Thursday but do I tell them? What's the score? Also buildings insurance anyone recommend anyone? For 8 weeks.
Paid deposit on a 2 bed terrace in Tranmere at £30k needs £15k spending on it and will rent at £450 PCM as per next door both sides. I will keep this as part of my portfolio and look for others nearby.
Question - gas, eleccy, council tax what do you do? We took readings on Thursday but do I tell them? What's the score? Also buildings insurance anyone recommend anyone? For 8 weeks.
Paid deposit on a 2 bed terrace in Tranmere at £30k needs £15k spending on it and will rent at £450 PCM as per next door both sides. I will keep this as part of my portfolio and look for others nearby.
Right were we are.
Garage couldn't be saved we decided to scrap it and put a wooden super shed with double doors but not for a car in its peace.you couldn't drive anything bigger than a very narrow car into it anyway as it's at the back of the house.
Loads of rot all stripped and replaced, all new windows and doors, require, new ch entirely, roof clean down and painted tiles. Rear patio reduced in size and garden stripped and turfed, front getting golden gravel with place keepers.
Kitchen, bathroom plasma fire - putting it up for £139,950 subject to completed valuation cost will be £80k plus £25k worst case scenario.
Garage couldn't be saved we decided to scrap it and put a wooden super shed with double doors but not for a car in its peace.you couldn't drive anything bigger than a very narrow car into it anyway as it's at the back of the house.
Loads of rot all stripped and replaced, all new windows and doors, require, new ch entirely, roof clean down and painted tiles. Rear patio reduced in size and garden stripped and turfed, front getting golden gravel with place keepers.
Kitchen, bathroom plasma fire - putting it up for £139,950 subject to completed valuation cost will be £80k plus £25k worst case scenario.
House virtually finished, we've have spent £22k and it's had everything done,
Some rotten floorboards done, new damp course, new windows and doors and a few lintels, new bathroom and kitchen, rewire and all new central heating, garage demolished replaced with a triple size shed with double doors. Path gravelled and both gardens landscaped. Asbestos tiled roof sealed and painted like next door and other houses in the street.
Getting it valued on Friday and Saturday aiming for £139,900 but will go with middle agent probably.
GP £35k if all goes well, out of this I have a hefty sum to give to the property finder and project manager (I have not done anything but pay for stuff) but expect £20k
Pics in a few days
Some rotten floorboards done, new damp course, new windows and doors and a few lintels, new bathroom and kitchen, rewire and all new central heating, garage demolished replaced with a triple size shed with double doors. Path gravelled and both gardens landscaped. Asbestos tiled roof sealed and painted like next door and other houses in the street.
Getting it valued on Friday and Saturday aiming for £139,900 but will go with middle agent probably.
GP £35k if all goes well, out of this I have a hefty sum to give to the property finder and project manager (I have not done anything but pay for stuff) but expect £20k
Pics in a few days
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