AlunJ
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Registered: 3rd Apr 07
Location: Newport
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Seen a cheap 2 bed house, not enquired too much about it but advert said it needed work. So today I went for a look with my mum lol and as far as I can see it definitely requires new windows - probably go for double glazing, a new front door, and would probably need central heating... but I really am guessing. The property is 45k which is a bargain I suppose, and I would imagine certainly in my budget when I earn about 16k area seems nice enough. It's nothing special, but I'm thinking it's a cheap way into the market, and even if I didn't like it, I could make a profit on it.
But before I go looking into it further, just wondering if anyone could give me a rough idea on pricing of fitting it out with windows, door, heating and maybe even rewiring?
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John
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Registered: 30th Jun 03
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Windows a front door and heating isn't much work.
It sounds like you'd have to get people in to do the work though which gets very expensive very quickly.
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AlunJ
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Registered: 3rd Apr 07
Location: Newport
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Yeah, I mean looking at it, i'd possibly like to knock the living room wall out and make everything open plan. But it'd be a bit of a long term project - i've got friends who can help me decorate etc no problem
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John
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Registered: 30th Jun 03
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Heating can be done by a couple of guys in a weekend, if it needs piped and raditors fitted your looking at 4k anyway.
Windows fitted by a company probably at least 6k, a door will be another couple of grand.
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AlunJ
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Registered: 3rd Apr 07
Location: Newport
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hmmm, not too bad I suppose if I do it a bit at a time. I'd better try and get a viewing so I can see what really needs doing.
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andys sxi
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Registered: 19th Jan 06
Location: Chester Drives:Scirocco tdi bluemotion
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with the way things are at the moment in the building trade a lot are people are doing jobs really cheap, so if you want prices fone a few companys to get the best price.
April 08 feature car
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dannymccann
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Registered: 9th Aug 06
Location: Doddington, Lincolnshire
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quote:
Originally posted by andys sxi
with the way things are at the moment in the building trade a lot are people are doing jobs really cheap, so if you want prices fone a few companys to get the best price.
Just make sure you can see their work, dont take up the cheapest quote just because of the price. Need to get rid of cowboys not keep funding them 
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AlunJ
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Registered: 3rd Apr 07
Location: Newport
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hmmm, I have personal savings of just over 3k, and my mum can help me bring it up to 5k, I could possibly chuck another grand in. What sort of hidden fees am I going to need to factor in i.e. solicitor fees?
Things like building work I know people here and there who can help so could possibly get things done on the cheap
[Edited on 16-10-2009 by AlunJ]
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dannymccann
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Registered: 9th Aug 06
Location: Doddington, Lincolnshire
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Think fees like mortgage arrangement and solicitors will come to around £1500, they were going to for us but it may depend on where you are in the country 
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AlunJ
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Registered: 3rd Apr 07
Location: Newport
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That's not too bad then I guess, I don't earn a great deal but thing I could just about manage to buy this place, I'd love to get on the property ladder. It's not my ideal choice but it's not bad either - it's a start at the end of the day!
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AlunJ
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Registered: 3rd Apr 07
Location: Newport
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this is the place
http://www.darlows.co.uk/properties/theproperty.asp?propid=1069338&page=1&ref=/properties/search.asp&pdref=
The overgrown trees out the front have gone when I popped by earlier. And the property to the left was also for sale a few weeks ago, seems to have been a shop at some time.
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Colin
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Registered: 4th Apr 02
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Theres people advertise in the daily papers, fill heating packages for a couple grand & windows for a couple hundred quid a piece.
Just go in with cheaper stuff if you plan to do a quick turn round & generate a profit.
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Ojc
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Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
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45k 
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AlunJ
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Registered: 3rd Apr 07
Location: Newport
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well theres other houses in the street going for over 85k so could be a tidy profit...
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koolkorsa
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Registered: 15th Jun 03
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seems very cheap for the area. I'd suspect that it needs more work than meets the details suggest.
Definitely worth a look though, take a mate who's in the building game, to give you a better idea of what needs doing. Costs could easily mount up, rewiring, kitchen, bathroom, windows, doors etc.
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N16K
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Registered: 4th Oct 04
Location: Belfast, NI Drives: Corsa D SRi, Tuned Cooper S, B
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quote:
Originally posted by AlunJ
well theres other houses in the street going for over 85k so could be a tidy profit...
Sadly that is a dream, no easy money in property at the moment! Sad but true.
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AlunJ
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Registered: 3rd Apr 07
Location: Newport
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like I said it would be a long term project, do it up, live there for a bit. Not sure what to do now, might have a look anyhow, have a word with bank to see ultimately what they would lend me. Small new builds going for 75k up.
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AlunJ
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Registered: 3rd Apr 07
Location: Newport
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went to estate agents today, and said he'd had a lot of interest with offers well over the asking price. But thought I would be eligible for a shared equity scheme, so seeing a financial advisor on Monday.
[Edited on 17-10-2009 by AlunJ]
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Colin
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Registered: 4th Apr 02
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I thought shared equity was only on new builds?
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AlunJ
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Registered: 3rd Apr 07
Location: Newport
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I believe so fella, there's a fair few new builds around here. Some nice ones too.
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Colin
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Registered: 4th Apr 02
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Ah so your giving up on this one?
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Colin
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Registered: 4th Apr 02
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Just stick a cheeky offer in on it, you never know your luck!! Thats how I got my 1st place!!
Repossession - o/o £28k!!
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AlunJ
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Registered: 3rd Apr 07
Location: Newport
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yeah, what's the point in me paying in the region of maybe 60k, doing it up which would cost I estimate 10k minimum. When I could buy a brand new small place with everything done/kitchen etc for 80kish? Under 25% shared equity thats what 55-60k?
Going to see what this advisor says monday before I go looking any further I think rather than get my hopes up!
When I have a ballpark figure what I could get off the bank I could look at auctions maybe.
[Edited on 17-10-2009 by AlunJ]
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chloe16v
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Registered: 29th Nov 07
Location: Rotherham
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only thing with auctions is you have to have the money ready and you have to move fast after the auction otherwise you loose your deposit
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pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
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quote:
Originally posted by Ojc
45k
We're fucked aren't we
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