Thoughts on mid renovated property

[Rakip123]

Although my house hunt is on hold at the moment, just out of curiousity I had a look on Rightmove to see what direction property prices are moving in and interestingly came across a property which appears to have been a bank repossession as the property appears to be partially plastered and kitchen extension is both partially plastered / damp proofed / wired / plumbed.

What's the general consensus on whether this is a good or
bad thing? At first I thought ah well half of the work has already been done potentially saving someone money, but then the more I looked at the pictures the more I wondered whether the work had been done properly and if it would need to be redone costing more money than simply doing it from scratch in the first place.

Like for like this property is commanding a 40k premium compared to others on the same location room size etc

Edited by Rakip123 on Tuesday 24th January 18:19

[LooneyTunes]

A premium?

Should be a discount.

Picked up a semi-finished one a couple of years ago and it was well worth the time to complete it.

[bobtail4x4]

re po houses often have major problems, lack of permission etc

[Little Lofty]

I half finished repo should be cheaper not more expensive. If it hasn't got a working kitchen sink or bathroom it won’t be mortgageable.

[OutInTheShed]

Often worth viewing properties which are in any way out of the rut, you might learn something.

A lot of 'renovations' don't add much real value when they are finished, let alone half done.

[Catastrophic Poo]

If it’s a proper repossession you’ll have to keep an eye out for ‘boobytraps’.

Rare, but people can be bds.

Also assume no work done is ‘good’.

[Bezerk]

Extreme caution. You've no idea if the work done is safe let alone done correctly.

Here's a fine example although in Ireland. See picture 4.
What the hell is that? An outdoor tap inside the hall?

https://www.daft.ie/for-sale/semi-detached-house-1...

[Jakg]

Bezerk said:

Here's a fine example although in Ireland. See picture 4.
What the hell is that? An outdoor tap inside the hall?

https://www.daft.ie/for-sale/semi-detached-house-1...

Temporary supply during renovations maybe?

[monkfish1]

Id rather buy one thats not been touched. At least what you see is what you get.

Something like you describe has probably had a bunch of shortcuts

Damp proofing shouts inappropiate repairs and materials to an old house. Tread very carefully. Builders LOVE covering up damp, not fixing it,

[bennno]

Couples fall out during renovations, solicitors my advise to stope expenditure, one near us for same in exactly that circumstance.

[Rakip123]

Little Lofty said:

I half finished repo should be cheaper not more expensive. If it hasn't got a working kitchen sink or bathroom it won’t be mortgageable.

I think the bathroom appears functional so perhaps they e thought of that, it's mainly plastering that appears to be midway, that with the complete damp proofing and incomplete wiring hanging down from the ceiling

Glad others also think the consensus is the premium isn't justified it's neigh on 50k over another property ina similar condition on the same road I've assumed the additional 10k went towards a one car driveway

[Rakip123]

Bezerk said:

Extreme caution. You've no idea if the work done is safe let alone done correctly.

Here's a fine example although in Ireland. See picture 4.
What the hell is that? An outdoor tap inside the hall?

https://www.daft.ie/for-sale/semi-detached-house-1...

Had to do a double take when I saw that LOL I suspect others maybe right perhaps to assist with refurb work but then what would have been wrong with a hose.

Thought the exterior looked reasonably presentable