1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.
  2. Hi Guest, welcome to the TES Community!

    Connect with like-minded professionals and have your say on the issues that matter to you.

    Don't forget to look at the how to guide.

    Dismiss Notice

just out of interest a cost (building) question

Discussion in 'Personal' started by grandelf, Apr 17, 2011.

  1. grandelf

    grandelf New commenter

    if you were looking at buying a shell of a house, were everything needed ripping out and replacing ie

    windows
    electrics
    gas
    flooring on ground floor in some rooms
    plastering
    kitchen needs replacing
    etc etc etc

    How much of the full selling price (110k based on the average for housing in the street) would you expect to pay?


     
  2. grandelf

    grandelf New commenter

    if you were looking at buying a shell of a house, were everything needed ripping out and replacing ie

    windows
    electrics
    gas
    flooring on ground floor in some rooms
    plastering
    kitchen needs replacing
    etc etc etc

    How much of the full selling price (110k based on the average for housing in the street) would you expect to pay?


     
  3. Same price as the house, as you will end up doing more than originally intended or needed.
     
  4. I thought he was asking how much he should pay for the house, rather than how much the refurbishing might cost
     
  5. bnm

    bnm

    Was browsing estate agents near me today.....those sort of houses were between 50 and 60 thousand (in not a very good area).
     
  6. grandelf

    grandelf New commenter

    you are right RF, looking at the initial cost. Long story but a nice chance if it comes about.

    Half would work in my favour, as the referb cost would be from a different pot of money.
     
  7. ah........I misunderstood.
    So half of asking price?
    No, I don't think that will work. 75%.
    Although your market in the UK if f.ucked - so if you have no chain, go for half.
     
  8. I would start at half

    depends, as CQ says ... on the sellability of properties in the arae
     
  9. grandelf

    grandelf New commenter

    its tricky one as the house is that of an older family friend/relative that might have to go into care if she makes it out of hospital, so really negotiation isn't something i wanna do for obvious reasons of 'he ripped us off' post drink convos!

    I have the advantage of I can pay cash, so would save on commission etc if they put it into an auction or sold it via an estate agent.

    Like I said a long story cut short. At the moment its a pie in the sky idea, until the family decide what they want to do
     
  10. gergil4

    gergil4 New commenter

    I'd put your offer to the famiy. realistic selling price based on work to be done will probably be around 80 - 85% of the asking price - depending on market in the area. take off agents' fees (1.5 - 2%), stress guaranteed cash purchase and let them decide, then they shouldn't quibble later as you've been upfront. I'd also research other sales locally and use those figures in your negotiation.
     
  11. I think 80-85% is too high

    But then it depends ... I assumed that "need" in the OP meant "need" ... now I am thinking perhaps it means "preferred for cosmetic reasons"


    If a house needed windows/electrics/kitchen/etc in order to make it habitable then I think 50% of the average would be reasonable

    If it is in fact habitable but very old fashioned and in some need of modernising ... perhaps 70-75% would be a more realistic offer
     
  12. grandelf

    grandelf New commenter

    nope that is NEED as in, if you look at the windows to hard they will fall out

    the electrics haven't been done in over 60 years, plumbing is shot due, flooring NEEDS to be done as if the carpet is pulled up, it will pull up the asphalt etc etc
     
  13. grandelf

    grandelf New commenter

    just to point out, the house hasn't been valued yet, I was comparing it to another house (which had a garage) to give you a guide to how much other houses are selling for
     
  14. So, as I said
    need = 50-60%
     
  15. grandelf

    grandelf New commenter

    thanks RF
     
  16. When my Nana died we had to sell her house

    My Aunt was obsessed with getting a "market value" but the house needed so much doing to it to modernise [​IMG]

    In the end we sold for about 75% but none of the work was really essential ... We looked into the cost of a new bathroom (needed) new Heating (not essential) new windows (they were ok but single glazed on a busy road) and new kitchen (cosmetic need really) oh yes and a drive (the garage was not accessible otherwise)

    This was at least 30% of the typical value so 75% and cash was a very good offer
     
  17. It sounds like my Grandma's house, elfie.
    Unless it is in a worse condition, 50% is unrealistic.
    I think you need to aim for between 65 and 75%.
    And very defintitely towards 75%.
     
  18. Another thought

    If the owner is a relative (or did you say family friend) and you are keen on the house as a project (to sell on)

    Why not offer them less up front but a share in the profits

    That way you get your project and some profit but you will not feel as though you could be taking advantage
     
  19. oldsomeman

    oldsomeman Lead commenter

    ok
    replumbed, new boiler rads....£4000
    new electrics(depending upon points and fuse gear)... £3-4000
    new floor......about £3-4000/depending on condition and whether joists have to be replaced
    new windows...£4-5000...id say fit them yourself only now the council needs to know they have a certain heat efficincy
    new roof ...£3000
    new doors 10....1500 buy your own and get the chippy to fit them/
    dampcourse £7-800 as you wil ned a garuntee you cant do it yourrself..although its easy.
    plaster.....1 big room .about £1200 including ripping down, boarded and skim coats.
    brickwork repointed.....£2000 depending on scaffolding etc.if doing roof use it for both
    allowe £10,000 for contingencies
    You might get it cheaper as up north....but i wouldnt want to pay more than that.However, you would need to schedule the workmen so they dont get in each others way,If you would be prepared to do the donkey work you could reduce costs considerably.
    or go to aution and big o somthing with less work


     

Share This Page