Need Advice on Hefty Home Repair Bill

[cookerz]

Hi,
My wife has recently inherited an old family home, unfortunately it is in a great deal of disrepair.
I have asked some local builders for some quotes, the average total reparation cost comes to around £60-70k.
I just wanted to run the quote past someone and see if these figures sound about right.

Heres a quick overview:

Its a 3 bedroom semi 1930s home. Its in poor structural and cosmetic condition, furthermore it requires full modernisation including: windows, drainage, plumbing, & electrics & removal of asbestos in ceilings.
There seems to be a great deal of rot and water damage that was visible after we removed the wall paper and carpets.

Furthermore the extension is in disrepair. The flat roof is leaking and ivy has penetrated the walls.

I don’t know too much about these types of houses but from what I understand many were built in the UK between the wars.


My concerns:
The total seems like a lot, but at the same time it has not been looked after or lived in for many years.
Do the quotes sound excessive?
Its it even worth doing all the work?
Shall I just sell the property as is?

I would really appreciate any advice.

 

[noseall]

Electrics...........................£4-6K

Plumbing & heating............£6K

New bathroom...................£3.5K

New kitchen.......................£7K

Renovations per room.........£3k

Roof...................................£6.5k

External repairs...................£10k

Other fees...........................£10k

You would expect to be spending an average of say £3k per year on maintenance and improvements over the later stages of a buildings' life. So if nothing has been done for 20 years then you are going to cop for £60k.

That's the way i look at it.

 

[Nige F]

" removal of asbestos in ceilings " sounds to me like a bit of Bull and would probably be the dearest item pro-rata . Noseall is usually very accurate, but has he added London Prices . Our family sold a 3 storey victorian derilict property that was left to a number of us -in The Medway Towns . It did blindingly well @ auction . Was bought by a builder and refurbed nicely. He also did well out of it and a Banker from the City bought it . THEN came the credit crunch . SO it`s all down to Location and timing . Save yourself the sleepless nights . Get it to auction . I`m from a Building background and know several trades etc. But the distance from our Sussex home was the deciding factor .

 

[lostinfens]

Built a very nice 3 bed bungalow inc fixtures, plumbing & heating for less than 70K last year. So it does seem a little top heavy to me. But I do live in Lincs & having lived in London for several years, I can see it heading that way.
Probably worth getting a reasonable surveyor/architect to draw up a specification if you're thinking of spending anything like that.
What part of London is it? Is it just a question of whether improvement or selling for development is the more viable.

 

[pauly113]

Cookerz

Figures do sound a tad high.
Depending on where you are in london I can put you in contact with a good builder although he prefers to work in SE London and Kent.

It would be worth while getting an independant inspection on the extent of work needed.

I am not touting forwork but Im an independant chartered surveyor and can provide a comprehensive report listing the work needed in addition to approximate costs for the work.

Surveyors would have no vested interest in 'finding' work that needs doing so you would be told its condition good or bad.

You could use this report to get builders to quote on the same basis. This would cost around £500-£600.

Hope this is of help.

 

[jeds]

A 70/80 yr old house that has not had any previous modernisation will cost about £600/m² to upgrade to current standards. Assuming the house is about 45m² (x2) this gives you an estimate of about £54,000.

To that you have to add any specified extras, (i.e. the obligatory bi-fold doors) any extra-over costs for higher spec items (e.g. a nice kitchen rather than a basic kitchen) plus regional variation (for london add about 10%) and finally any fees and professional costs. (if required)

Around £60k sounds not too far off to me.

Of course you could try and do a deal with a local builder and manage yourself. But then of course you are at the mercy and don't come crying if you end up on a builders from hell TV program.

 

[PrinceCharles]

Mater & Pater's Windsor pad needed a major refurb a few years ago when Pater fell asleep with a No6 in his mouth and set fire to the ballroom.
Cost more than £60k though, but we split the bill 60million ways so it didn't hurt too much.

pip pip

HRH