Buying a run down
Hello everyone, I’m thinking of buying my first house £220,000 asking with auction, that’s a bit rundown. I’m thinking of either renting it out or selling it. It’s a 3 bedroom with full bathroom upstairs and a toilet downstairs. It’s just under a 100 year old, structurally it looks sound but I’ll obvs get a survey done. I’ve attached the rough guess cost to the project. All the indoors need doing, a new boiler, plumbing, central heating, garden, new kitchen and bathroom. I’ll be doing most of the work myself with some help but obviously get a plumber, gas worker and electrician. The houses around are selling for £270,000 to £320,000 mark. My questions are as follows;
- What type of survey should I do considering I know most of the work needs to be done anyway.
- Is this a good idea to do up and maybe sell?
- Is my guess cost correct?
- What’s the maximum worth paying for this?
https://postimg.cc/gallery/yRt9GGb
1 Garden - £500-£1k
2 Boiler 4-6K
3 New flooring £4-5k
4 Removing chimneys £2-3k
5 Radiators £2-3k
6 Bathroom £7-10k
7 Kitchen £8-10k
8 Paint £1-2K
9 Beauty £2-3k
10 windows £4-6k
11 Doors £500-1k
12 miscellaneous £5k
Total £40k - 53k