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First time - big project

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  • First time - big project

    Hi all,

    I have seen a house which I really love, but it needs alot of work. The previous owner lived there 40 years and passed away last year. It's a 2 bed terraced and needs gutting. It's a wreck basically, but it is the mythical "worst house in the best street" and I know it has alot of potential. Luckily, I have savings of about £50K and I think I could just about pay for all the work.
    Here is what I'd like to do :
    - build on top of the existing extension at the back of the property (currently a bathroom) to create an bedroom
    - the existing extension on the ground floor becomes the kitchen
    - turn one of existing bedrooms into a bathroom with no windows and a corridor leading to the upstairs ext
    - also need to install central heating. Probably re-wiring and water pipes too.
    -plastering throughout and add insulation
    - tasteful decor throughout (cornicing, marble fireplaces, original doors, etc)

    I will still have only 2 bedrooms but I will have created an upstairs bathroom and a dining room. Im hoping this will appear to older professionals or downsizers.

    Does this sound reasonable ?

    Thanks for your comments !

  • #2
    Re: First time - big project

    I am not a property developer but everything that I've seen on television or read in the property sections of newspapers suggests that moving a bathroom from downstairs to upstairs is one of the smartest things you can do to improve the appeal of an older property. Would there be enough space in the bedroom-to-bathroom conversion to allow an additional en suite to be created? For older professionals or downsizers, you can never have too many bathrooms!

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    • #3
      Re: First time - big project

      Have you had a builder to take a look round the place and quote you some prices?
      Free Guides For First Time Buyers!

      www.FirstTimeBuyerGuru.com

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      • #4
        Re: First time - big project

        sorry for the late reply. Yes, I've found a builder and other trades ppl and they have given me a quote. I put in a very low offer on the house. It was rejected, but Im hoping something may happen to make the vendors change their minds. Property has been on the market for a year and half afterall...

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        • #5
          Re: First time - big project

          How low did you go?
          Free Guides For First Time Buyers!

          www.FirstTimeBuyerGuru.com

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          • #6
            Re: First time - big project

            On the market for offers over £145K, I offered £110K

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            • #7
              Re: First time - big project

              Hi there,
              Your project cost of 50k may be a little tight given the marble fireplace's, rewire, replaster and first floor extension ontop of an existing ground floor extension. Have you considered planning permissions and building control submission, party wall etc. Given that you said that the current sale price is £145k does this level of property really require marble fireplaces and platerwork? Only put in what is necessary, don't personalise it to much.

              Best of Luck
              Peter Hall M.Sc. B.Sc. (Hons) MRICS
              www.agrarian-uk.com

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              • #8
                Re: First time - big project

                Ultimately the cost will come down to the actual size and quality of finish. Moving the bathroom upstairs is always a great idea, a downstairs bathrooms can often be a deal breaker, more so with women than men. Two must have features these in any bathroom these days are a heated towel rail and underfloor heating. If you are happy to do some of the work yourself, you could bring it in on budget.

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