First time buyer here, looking at putting in an offer (through a sealed bid process) on a 1970s house that needs a bit of work before it’s liveable.

Anyone got any advice, particularly on estimating the value of the property (once it’s done up), what I should offer in the sealed bid and how I estimate the amount of work to do?

Have had a look at similar houses that have sold in the area and found one on the same street, same age / build which went for £230k in the early part of 2015. Guide price of the house I’m looking at is £225k.

Looking at the house, I think it needs:
* Three new double glazed windows, new front door, new patio doors. Re-fitting / fixing existing windows.
* Carpets / flooring throughout (3 bed house)
* New kitchen
* New consumer unit. Noticed the plugs didn’t have switches on and looked original, so wonder if the house would need a rewire.
* Some replastering work (think there might have been a flood in an upstairs bathroom at some point) and a few other places.
* Painting throughout.

Think the boiler is ok – looks around 10 years old (my brother has the same model) and the central heating has been added relatively recently so I imagine it was done at the same time.

I think all that means that at the guide price, there’s probably not much profit in it for a builder / renovator who wants to sell it on quickly.

Hmmn… decisions!

I think your idea of liveable and mine may differ. Sounds like a live there and gradually sort it project to me.

You’ve just described my flat.

Which I live in.

I started peeling the wallpaper off in the extra bedroom and a lump of plaster fell on my foot. So i shut the door on that room 😀

Definitely sounds like a gradual job

Haha, ok – fair points, although if I have the option of a few months run at it without having to move furniture around, that’s no bad thing.

‘Liveable’ is probably exaggerating! 😀

For sure if you have the option but if you are renting for a coupleof months thats alot of cash that could be thrown at nice things like safe electrickery 🙂

Actually I probably would get the electrics done before moving in. Thats quite alot o f disruption if a rewire is required.

First time buyer here

First thing to consider – if thats the case – is how much mortgage you can get. If something is a fixer upper mortgage lenders won’t lend you the asking price of the house, they’ll only lend you the value of the mess you can make of it trying to fix it up – the value it would be worth if you cock it all up and run out of cash and have to give up with the place less liveable than when you started. So although a fixer-upper looks initially like an easier step onto the housing ladder you need both a fairly meaty deposit and the funds to finance that fix-up (on top of the commitment for mortgage payments) to be able to get on that step.

Really fixer uppers are for people on their third or forth rung with accrued capital from earlier properties.

Anyway. This is obviously a blatant paging thread for Bearnecessities. Prepare for a massive outpouring 🙂

[video]https://www.youtube.com/watch?v=Q5UG7ISJfP0[/video]

No profit there. At least 10k to spend and mortgage/buying costs. Put in a bid of 210k and if you don’t win, you win.
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Mr maccruisekeen has said it all far more succinctly than I could.

I have made the error of buying a fixer upper as a first time buyer.

Money. It takes so much money, which is ok if you have it.

There are many days where it genuinely makes me want to cry.

On topic, this is where I am right now. Inside’s worse 🙂

I have nothing more to add.

We looked at loads of fixer uppers when we bought our first. Some great houses but some needed a lot of work. We got out bid on 3 before finding a house that just needed a bit of paint and a few little jobs. 5 years later it still needs a bit of paint.

This one doesn’t seem that much of a bargain compared to what the neighbouring house sold for. Boxelder has it. Go in cheap and you might be lucky but don’t stretch yourself to get it.

There are many days where it genuinely makes me want to cry

Yup, been there – frequently. Nice when it goes right, though. on the figures given, mtbtom, looks like it’s overpriced. Bid low. real low. It takes more cash than you think to do stuff, especially if not DIYing it.

I’ve not read any of ^^^ that but all I can say is 13 years later I’m finally starting the patio on mine..

If 230 is the going price for a done up house 225 is a rubbish guide price. Think what materials and work you can get done for 5k. Then add hassel.

Buying a fixer upper is worth it if you are prepared to do the work and have a buffer for unforceen and are happy with the risk and are flexible so if you can knock a decent amount off go for it.

I.e sit down and work out costs to do the work see how that compares.

Actually I probably would get the electrics done before moving in. Thats quite alot o f disruption if a rewire is required.

I was going to post something contrary but then, for some reason, decided to rewire our bedroom this evening and so chased out all the new cables runs (as you do). What a f***Ing disaster. I now have about 1/2″ of victorian plaster dust over everything inc all the bed, all the wife’s clothes, plants, books, etc. Two vacuums are now asthmatic as the fine dust just blocks their filters and I have pissed off the wife as we now have to sleep in the spare room and I’ll be spending 8 hours tomorrow dusting and washing everything we own (after I actually finish the wiring).

Best rewire before you move in…..

+1 for rewire before you move in.

When you move in , get on it and get going straight away. Most folk once moved in and settled after about 6 months do no further diy…….

Work on a room at a time would be my advice.

* 1950s semi that needed gutting when we bought it

ootflaps – Member
Actually I probably would get the electrics done before moving in. Thats quite alot o f disruption if a rewire is required.
I was going to post something contrary but then, for some reason, decided to rewire our bedroom this evening and so chased out all the new cables runs (as you do). What a f***Ing disaster. I now have about 1/2″ of victorian plaster dust over everything inc all the bed, all the wife’s clothes, plants, books, etc. Two vacuums are now asthmatic as the fine dust just blocks their filters and I have pissed off the wife as we now have to sleep in the spare room and I’ll be spending 8 hours tomorrow dusting and washing everything we own (after I actually finish the wiring).
Best rewire before you move in…..

Its a special of filth right?!

Double the amount of money you think you will need, as the list of unforeseen jobs increases.

I’m not sure what you are proposing will add a great deal more than the cost of materials and labour?

Can you bring the layout up to date, ie open out living space and add bathrooms / bedrooms. That’s how you would increase the value.

Footflaps – I genuinely laughed at that having followed your ‘garden workshop’ build thread. Sorry and hope the wife wants up realising she should do the washing 🙄

Beware of a simple job spiralling.
We bought a 2 bed cottage as our first house after we’d rented it for a year or so and so knew any problems it had.
Anyway the Mrs wanted a cast iron bath, when I pulled the floorboards to check the joists for condition – they were rotten. Cue pulling down kitchen ceiling to put some steel beams. Boiler gas supply needed re-routing (boiler died big style at pretty much the same time) so decided to fit new boiler, rads and new piping throughout. Whilst at it might as well rip the old wiring out and rewire! Also dropped all the ceilings as the horror couldn’t get much worse. Moved into parent in laws at this point!
There was one point where you could see sky from the kitchen as all the ceilings were missing and we had the stone roof off being redone.
Stripped and exposed two stone fireplaces and the full wall in the bathroom. New windows and doors, sandblasted exterior, repointed….
Hired a mini digger and dug 12 skips of crap from the back yard before laying stone.

I did everything apart from plastering (just cant do it), roof (not good with heights) and gas work. Gets expensive if you start paying for trades.

Have just bought a 4000 square foot Victorian dyeing and tanning mill that needs a full rebuild/conversion. I must be mental

“Think the boiler is OK”

Assume it’s not. We bought an old dears place. At the end she had no working hearing, a leaking bath (that leaked into the kitchen), etc. In the sealed bids someone will assume all good and bid to ein. Don’t overbid.

On a wider note it appalled me the quality of life the last owner had at the end 🙁 the boiler/all radiators etc had to be replaced.

At the end she had no working hearing

pardon?

Ha literally.

She’d also paid £15,000 for a house alarm over the course of a year to a company and its salesmen.

I sincerely doubt that a 70s build would need a complete rewire, my 60s terrace was absolutely fine in that respect, just a new consumer unit to consolidate the various addins from over the years and DP supply switch to make life easier further down the line. Simply replaced the old plugs with new ones.

Plastering was about £400 for a complete skim of the back room (4×4 approx) plus painting which needed to wait a few weeks for the plaster to cure. Do the rest of the house whilst you’re waiting getting all the invasive work done first before making good and getting carpets down. Budget for all that and then decide if it’s worth it. FWIW I wouldn’t describe yours as a fixer upper, more a polish round the edges, if theres nothing structural needing done its a piece of cake.

But again, all the invasive stuff first, if you need to be ripping up floors to insulate now is the time.

When i was ten my parents bought a fixer upper, so maybe i can add a slightly different perspective. Basically, if you have kids, don’t do it. If your partner gets annoyed easily, don’t do it.

The house my parent bought needed new floors downstairs, a complete re-wire, new central heating and redecorating throughout – probably more than OP’s. The big stuff was done before we moved in, but for over a year the house was cold, undecorated, we were poor, my friends didn’t want to come around, various rooms were out of action at various times (washing up in the bath, cooking in the lounge etc.).

Make sure you have lots more time and money than you need.

Thanks for the replies guys. Am cooling to the idea in the face of some cold, hard realism.

Think you’re all right about it being overpriced. Call it over-excitement, could be a really nice house when completed.

I almost bought a fixer upper this year. I am sooooooooooo glad I didn’t. I’ve bought a new build (3 years old and had someone in it who wanted to downsize). I’m glad I went this route, as with a young family I reckon I would have ended up in the loony bin 😆

When i was ten my parents bought a fixer upper, so maybe i can add a slightly different perspective. Basically, if you have kids, don’t do it. If your partner gets annoyed easily, don’t do it.

The house my parent bought needed new floors downstairs, a complete re-wire, new central heating and redecorating throughout – probably more than OP’s. The big stuff was done before we moved in, but for over a year the house was cold, undecorated, we were poor, my friends didn’t want to come around, various rooms were out of action at various times (washing up in the bath, cooking in the lounge etc.).

Make sure you have lots more time and money than you need.
My folks finished their place by the time I was 30. And when I say finished, they’ve brought it up to a solid mid1900s standard.

could be a really nice house when completed.

That’s the only thing that keeps me going. Location & size (for my means) is great – that is worth a lot in my eyes for keeping going, so may be worth it to you too – just heed the financial warnings above!