Right to buy property, ideas on cost to fix it up?

Discussion in 'General DIY' started by talksr, 15 Jan 2017.

  1. talksr

    talksr

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    Hi, I live in Essex and have been looking at potentially using right to buy to purchase my mum's house. She has lived there for years and years so would get the maximum discount. It would all come down to how much the council think the place is worth. Both I and she don't own anywhere, so it would be a good way of getting onto the property ladder.

    The house is three bed and was built in the 1960s. We are in a corner of four and ours is the only one which is still council. Next door recently sold for £410,000. We would be looking to buy to stay not to make a fast buck.

    The council recently re-wired the house, though the methods used are questionable. Lots of cable boxes mounted to the wall. It was a very rushed job as I recall. Ideally, I would like to get the wires, re-installed into the wall spaces.
    Here are a few examples:

    http://i1318.photobucket.com/albums...ing/Photo 14-01-2017 16 25 31_zpsb53cagxe.jpg

    http://i1318.photobucket.com/albums...ing/Photo 14-01-2017 16 25 17_zpso1jp1zvx.jpg

    http://i1318.photobucket.com/albums...ing/Photo 14-01-2017 16 24 53_zps8zquxjud.jpg

    In addition to the wiring, which is not really the end of the world, many of the upstairs ceilings are in need of attention. Does anyone know what would be needed to put these right and get the place looking tidy? It is not a cared for house, but is well sized and if we could get it for a good enough price, I think it would make a perfect family home for me and my partner. There is a very good sized garden with plenty of space to do an extension into.

    Ceiling images:

    Landing ceiling, lots of round holes and cracks in the ceiling below loft space:
    [​IMG]

    Second bedroom ceiling not in a great state:

    [​IMG]

    [​IMG]

    [​IMG]

    Kitchen ceiling (below bathroom and landing):

    [​IMG]

    [​IMG]
     
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  3. foxhole

    foxhole

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    Depends who is doing the work?, fairly simple to chase out the walls and sink all the new cable, then replace ceilings and skim the whole place for a few grand. Can't really loose with the right to buy discounts.
     
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  4. talksr

    talksr

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    Thanks, thought it may work out more cost effective to get on property ladder, particularly because of the area in which we live. The difficulty will be that there is a lot of work to be done. I notice that almost all of the neighbours have new roofs too. So the costs will stack up, but the house should be pretty solid given it's age.
     
  5. Iamchamps

    Iamchamps

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    Do you know much about the right to buy scheme? Like the max discount outside London is 77k. So if the house was valued at say 400k knock off that 77k leaving 323k which you will then need a mortgage and deposit of about 10% to get.

    I guess you have to weight up is it worth it. A lot of pictures you posted and work needed soon mounts up.
     
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  6. talksr

    talksr

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    Yes, this was what I was thinking. It all depends on what the council think it is worth. I would laugh my head off if they think it is worth 400k in its current state. The neighbour's who sold for +400k was in a1 perfect condition, with conservatory and new boiler etc. I know the council are hard up, but I don't realistically see that they would think the place was worth all of that.
     
  7. ^woody^

    ^woody^

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    You don't pay what the council think it is worth, but what an external valuer thinks it is worth ie market rates less any discount. The council can also reclaim the costs of significant recent upgrades too, by adding this to the value price.

    Also however hard up the council is, much of the money from rtb sales goes directly back to the government, and to pay off historic debt.
     
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  8. DIYnot Local

    DIYnot Local

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