Estimate costs for renovating a small terraced house

[GT22 10]

Hi - I need help )

 

I'm looking to buy a small terraced house (would love a large detached but money doesn't allow...) and have seen one that has basically not been touched since it was built (ie 100yrs) it needs central heating, rewiring, new windows and the attic needs sorting out. There are atairs up to the loft space but this would need a lot of work to turn the space into a bedroom.

Has anyone done anything similar, or have any idea of rough costs?

(it's only little - 2 beds + attic, lounge and dining kitchen...)

 

Any ideas most appreciated

[babychickens 10]

here's my guesses;

 

rewiring 2k

central heating 3.5k

damp proof course 2k

replastering everywhere ...eeek, 2.5k?

bathroom 2k

kitchen 2-5k for something sensible

attic conversion - no idea

windows - 2.5k

cavity walls, loft insulation etc 500

stairs - 2k max

carpets...guess 2k max for good quality carpets (can obviously go much cheaper).

[JohnnyBoy 10]

Hi GT22, we're doing a terraced house up at the moment but it isn't small. We budgeted £20K and the surveyor seemed to think this was OK if I did some of the work. We had a few tradespeople round and I laughed when one of them said he thought it wouldn't be far off £50K - I'm eating humble pie now! They are just one big money pit!

[handypandy 14]

My business is renovating old properties. If you are not intending doing a majorirty of the work yourself, it is unlikely to be cost effective unless you pay very cheap for a small terrace in a very sought after area. Best to look for something already done as the difference in price rarely makes it worthwhile.

[rubydazzler 11]

With a basic, budget kitchen and bathroom, I'd have a rough guess at around £25k, £30k if you need to replaster throughout, but doing your own decorating.

 

If it's an ATTIC and not a loft, to make into a useable bedroom budget maybe another £3-5k. If it's a loft only, another £15 to £20k

 

Oh and check out the roof, and get a surveyor in to check out the house for any ongoing movement, cos that is the kiss of death

[cbr900 10]

The cheapest way is to get a team that will do the entire job . I have contacts that do entire refurbs , start to finish .

[GT22 10]

Thanks for the advice....

So did you take the 20k off the amount you originally offered when you got the survey done? Ie - say ok so that's how much we said we'd pay but now we've had the survey done we're going to have to drop it and renogotiate at that stage...Or is that a silly question? - its all a bit new to me....

[joeyannie 10]

I would think that the house has been priced for sale according to its current state so you would be unable to get a reduced price on the basis of work needing to be done.

Normally it is possible to negotiate on price after a survey if the survey throws up something completely unexpected (dry rot, damp etc) but as many of the changes you mention are cosmetic (kitchen/ bathroom/carpets/heating etc) you are unlikely to get any kind of reduction for that work.

Your best bet might be to see if you can have an extra £20,000 on your mortgage to cover the works...I think you can get loans against the mortgage so work can proceed immediatley but you'd have to check with a financial adviser or your mortgage company for details.

[mountie 10]

My last two renovations came in at £13k and £22k.

 

The second was a complete strip back to bare brick, floors out, ceilings down, fill a cellar, re-roof, re-wire, new plumbing, new kitchen, new bathroom, DPC, new windows, new CH. No stone left un-turned. Sold in 4 days.

 

If your proposed purchase is un-touched my one piece of advice - get a RICS Home Buyers Survey and Valuation (can be known as HSV, HBR, Homebuyers Report).

 

For a terrace expect to pay £300. It will give you a good idea of what to expect.

 

As for mortgages - you may be stiffed with a retainer if it is damp, needs roofing etc, so be prepared to either re-negotiate or have funds available to carry out the works before full mortgage loan is handed over.

[handypandy 14]

I'd agree 100% with Mountie's points. Ignore the guesses as it's near on impossible even for an expert to guess without seeing the property. As Mountie states: one at 13k and one at 22k. Get the report done then get quotes. Even when you've got the quotes, allow extra for the unexpected work (which there doubtless will be). Get recommendations for builders, I can't stress this enough and be wary of seeking recommends from forums, as many 'self recommend'

[Pipine 10]

We just did a terrace up, back to the brick all though the house, complete re-wire, new boiler and central heating, all new bathroom and kitchen, opened the loft out.. we did most of the work on our own but hired an electrician for the re-wire, plumber for the central heating and a plasterer (but did all the ripping out and plasterboarding ourselves) and I reckon it cost us £13k ish.

 

You can keep the costs down by doing all the easy stuff yourselves.

[donoghue 10]

We just did a terrace up, back to the brick all though the house, complete re-wire, new boiler and central heating, all new bathroom and kitchen, opened the loft out.. we did most of the work on our own but hired an electrician for the re-wire, plumber for the central heating and a plasterer (but did all the ripping out and plasterboarding ourselves) and I reckon it cost us £13k ish.

 

You can keep the costs down by doing all the easy stuff yourselves.

 

I do 10 to 15 properties up like this a year, £10K £15K should do it, but is does vary as each property has its own problems.

 

If you need very good, qualified tradesmen i can give you some numbers.