Stueyb

Hi all,

Basically there is a house a few streets from me that is abandoned. It used to be owned by a charity for abused women, ie a safehouse. Now it got discovered and they had to abandon it for the womans security. They can never use it again and put it up for sale. Problem is, vandals have got in and smashed every single window and wrecked the inside. Every day there is more damage. They destroyed the wall to brick the windows etc.

Now this 4 bedroomed house is a mess. Similar houses go for about £130,000. How low should I go, ie offer them, as it has been on the market a few months now and no one has taken it. It will also need gutting and completly redoing inside.

What sort of figure should I be offering, based on the fact I want to sell it on ?

Thanks!

RON

Are you planning on doing the renovations first... or sell on straight away...???

Thomas Wainwright

If you think you can get £130000 for it done work back from there.

Will the refurb cost £25000?

Will it need heating and wiring doing?

From what you said the kitchen and bathroom will need replacing, along with the windows, decs and carpet.

You'll miss the stamp duty but you will have legal and estate agent's fees (to sell on)

You can always go up from an offer, and if it's a charity/company selling you won't upset them but you can't go down easily.

I'd have said £85000-£90000 but maybe start at £80000.

And check the prices on here www.nethouseprices.com as asking prices can differ hugely from sale prices.

Good luck!

Stueyb

I think from what i have seen, its a complete gut and redo job, ie they pissed on the carpets, smashed everything they could, so its complete redo job. Im also looking for a quick in, quick out. Ie selling as soon as the refurb is done

ChrisB

Doesn't that mean you'd pay tax on the sale if you've not lived in the house?

apples24

iTrader: (1)

start @ 75 prob have to budget on 15-20k in repairs

Foot_Tapper

ditto apples

davyboy

20k in repairs?

Kitchen, bathroom(s), toilets, windows, walls, floor coverings........

Stueyb

ChrisB, im not quite sure on how im going to escape tax on it, but im sure I can sort that out once all my ducks are in a line . Thanks for all the advice, im going to ring this morning and make further enquiries

Dracoro

Is it just vandals or squatters?

£30k + for the work to be done. As you want it done quick, you won't get 'cheap' builders to do a good quick job and you'll need a dedicated team.

Factor in mortgage payments for the 2/3 months whilst work is under way. + 1/2 months waiting for property to sell and contracts etc. exchanged. You could be looking at 4-6 months worth (quiet market at the mo) of mortgage payments.

Then the tax, solicitors fees etc.

So you're looking at about £85k just to break even. You want profit I assume, of at least £10k to make it worthwhile so £70/£75k is what you'll need. I doubt you'll get it for that but you never know. Remember a pro developer can renovate for a lot less (trade prices, people in the know, cash in bank etc.) than a private individual.

stevebt

iTrader: (8)

TBHO if other houses in the area go for £130,000 they wont take a ridiculously low offer as most of the work will be superficial internal work. gutting the internals is done by most people renovating a house, i would stick money on it the damage looks worse than it is. if you know nothing about the buildings take someone with you who is a bit knowledgeable and get a better opion on how much work is to be done.

Tiggs

if it sells at £130k just subtract work- £30k, fees + interest £5K? and profit....if you cant make £20k its prob not worth it.....so if you cant get it for £75 walk away. (in fact if its in an area full of vandals where 4 beds go for £130k i wouldnt walk away.....i'd get on a train and head south)

T

ScoobyTal

..............if it sells at £130k just subtract work- £30k, fees + interest £5K? and profit....if you cant make £20k its prob not worth it.....so if you cant get it for £75 walk away. (in fact if its in an area full of vandals where 4 beds go for £130k i wouldnt walk away.....i'd get on a train and head south)............

Or get a quality of life and move North !!

Stueyb

Lol, i enquired today as to what the asking price was, waiting for them to get back to me about it.