cost of finishing a house?

[arfur sleep]

Seen a new* build house for sale which could be of interest - reasonable location with a large footprint and good sized rooms.

However the property is listed as “unfinished” with phrases like “provision for spotlights to the ceiling, provision for counter level power points, plumbing provision for bathroom suite” popping up throughout the description. The outside certainly needs some rendering and a few bits too.

This to me says that they’ve done first fix and left it. *It has been on the market for about 12 months so I assume developer got so far then abandoned due to lack of cash etc.

So PH’ers of knowledge, what’d you reckon for a reasonable 2nd fix (not B&Q budget stuff but not a bespoke kitchen with Siemens gear in it either), flooring (rough total of 250m sq) and decorate on the following;

1 family bathroom
2 en-suite bathrooms
1 downstairs WC
5 bedrooms
kitchen
Lounge
Study / Dining

I think the house could be had for £25k below the current asking price given the condition and length of time it’s been on sale. That would give us a fighting fund to get it liveable but how much more (piece of string excepted) do you think a nice level of finish could be achieved for?

As an aside, I think it’ll be worth a lot more when completed but I’m thinking of it as a home not as an investment.

[russ_a]

We have just spent 6k just on a kitchen (Units / Worktop / Sink) that was a mixture of B&Q units and solid wood worktops. Kitchen is around 6.5m x 3.5m. I think the floor was around 1k on top! Then £300 for a radiator! And it goes on and on....

You will spend all of your budget and still not get everything

[98elise]

Is it you finishing, or are you going to use trades?

I'd say 20-25k for trades doing it, 10-12k for you doing it to a reasonable finish. 4-6k for you doing it with the cheapest possible materials.

You probably beed to be a bit more specific, like how big is the kitchen etc

[Blakeatron]

An 'average' sized kitchen to a decent spec will start at £15k +vat installed

I have just spent £2k on our ensuite and £3k on the family bathroom

Decorating maybe £400 per room

But it is very much how long is a piece of string. The wife found some lovely downlights for £200 each...!

Last year I stripped a 3 bed house to a shell and started from scratch - full electrics, plumbing, windows, plastering, bathroom, kitchen, carpets and driveway for £20k all in. It was not easy or much fun but can be done, quality was ok - not what i would want for my own home though.

[arfur sleep]

Attached the floorplan which might help discussions.

Plan would be to use a mix of trades for the big stuff (kitchen / bathrooms) and able-handed mates (FIL is a sparks, mate a plasterer/tiler for example) to complete the work which should keep some labour costs down to beers and curries.

I might see if i can get in and view next week just to see the current condition as Tonker is right, it could be a complete mess.

ETA - tidy up

Edited by arfur sleep on Friday 14th October 13:16

[98elise]

Now that I've seen the size of the place, ignore my esimates. Thats got decent sized rooms, as opposed to most new builds.

[Blakeatron]

if its cheap enough just buy it - looks to be a sensible, nice sized layout. Get the important rooms finished and do the rest over time!

[arfur sleep]

98elise said:

Now that I've seen the size of the place, ignore my esimates. Thats got decent sized rooms, as opposed to most new builds.

Yep, it's not average sized which is the attraction.

[arfur sleep]

anonymous said:

[redacted]

Couldn't agree more and my plan (if we progress) is for a full structural survey etc but at the moment I haven't even spoken to the agent yet.

I just wanted to get some rough costs for completing the work from the stage I think the finish is at and if that came in as expected then I'd talk to the agent to have a look around inside to confirm exactly where the finish is.

I know the double glazing is in and I expect floorboards, stairs and walls to be finished and sound but I don't expect pattress boxes to fitted, I'm not expecting skirting or doors and plenty of bare plasterboard.

If the finish is as expected then I'd want a good deal on the price before I seriously contemplate buying.

[arfur sleep]

Update.

Spoke briefly to an agent on Saturday re the house after i'd been for a quick nose around.

First fix is mainly complete - some exterior needs rendering, ground floor bay windows need capping, downstairs WC needs a window installing and "a few little bits inside".

She forgot to mention that it needs a front door, the garage needs two single doors fitting and the kerb needs to be dropped at the front (which happens to be on a reasonably busy & narrow main road) to allow vehicle access to the property. Also needs a decent fence round the front of the house, exterior lighting etc etc. TO be fair she did say 'its perfect if you want a project'

House was re-possessed from developer by the bank but she didn't know anything further, not even how long its been empty.

I have arranged to talk to someone more enlightened about the property later today to find out when and why it was abandoned, issues and possibly about an internal viewing....

[FlashmanChop]

It may be, by many lenders criteria be classed as un mortgageable, as no kitchen and bathroom.

[FlashmanChop]

Now you have got my mind wandering, and whilst I await the return of my B’Iatch with my afternoon Tea and a cake, ill carry on..

If I were you id already be thinking about finance – bridging perhaps should a mortgage company find it un-mortgageable – I would also ask a local RICS surveyor the question – he should be able to give you some sound advice as to value now, and when competed etc. This will help when discussing finance etc.

I would also check (by the statement that a kerb needs lowering) if ALL of the Pre Commencement, Pre Occupation and General Planning Conditions have been discharged? Are there any section agreements which need paying (S.106 Green Space etc?)

Have any NHBC inspections been carried out - -and signed off in stages etc? a Lender will want this I am 99% certain. If not NHBC maybe premier or zurich.

Just a few thoughts.

Oooh, tes is here….

As you were.

Ps Good Luck.

[LeighW]

FlashmanChop said:

Have any NHBC inspections been carried out - -and signed off in stages etc? a Lender will want this I am 99% certain. If not NHBC maybe premier or zurich.

Yep. You'll definitely need a building warranty and for it to be in a 'liveable' state to get a regular mortgage. If you can finance it some other way to get it liveable, there are completed house warranties available which can be done afterwards, companies such as LABC or Premier.

[arfur sleep]

Screw it, it's now way over my budget.

Spoke to the agent and they currently have a number of offers all over the listed asking price with more offers expected in the next few days as there are more people to view. Current top offer is something like £60k over the asking....(if I believe the agent and they're not saving it for a friend / friendly developer)

On the plus side - the agent was showing quotes from three local building firms (one of whom I know of and are very reputable) to finish it to "a good standard" for between £40-45k - I'd finally priced the finish at about £42k. Pleased that I got at least one bit right.....

back to the drawing board

ETA - cynical comments about EAs

Edited by arfur sleep on Wednesday 19th October 17:11

[arfur sleep]

anonymous said:

[redacted]

I was editing my post to add cynical comments when you posted above.

Can't afford the higher price that's the problem. Would have been a struggle to get the finance to buy and finish it even at the asking - was hoping to do a deal given length of time on the market.

I do find it odd though that it's been on the market for a long time at a fixed asking price and yet when I enquire it's under several, larger offers...

[FlashmanChop]

The waiting game my friend.... they may come back to you..

[anonymous-user]

Out of interest what is the top price being offered? Ignore what any agent says, they are full of st. Put your offer in and forget........

[hairyben]

arfur sleep said:

Screw it, it's now way over my budget.

Spoke to the agent and they currently have a number of offers all over the listed asking price with more offers expected in the next few days as there are more people to view. Current top offer is something like £60k over the asking....(if I believe the agent and they're not saving it for a friend / friendly developer)

On the plus side - the agent was showing quotes from three local building firms (one of whom I know of and are very reputable) to finish it to "a good standard" for between £40-45k - I'd finally priced the finish at about £42k. Pleased that I got at least one bit right.....

back to the drawing board

ETA - cynical comments about EAs

Edited by arfur sleep on Wednesday 19th October 17:11

Are those fixed quotes or estimates that could easily double with all the extras and unplanned expenses that I'll guarantee will pop up when taking on such an unknown quantity?

[Kneetrembler]

98elise said:

Is it you finishing, or are you going to use trades?

I'd say 20-25k for trades doing it, 10-12k for you doing it to a reasonable finish. 4-6k for you doing it with the cheapest possible materials.

You probably beed to be a bit more specific, like how big is the kitchen etc

+1 have had trades doing the kitchen for the last 6 houses that we have done over the last 15yrs and this last one was 25k excluding tiling of floors or walls, and all electrics were done prior.

[Brite spark]

Keep an eye on the local property pages, there may be an advert stating "an offer of xxx has been made on property xxx, anyone wishing to make a higher offer must do so before..."

There may also be issues with getting partially completed work signed off, especially the electrics.