Updating post from Reddit.
Hello,
Wondering if anyone has any experience of buying a BTL that needs extensive work and an idea of cost to do so.
I've seen this properly for auction for £120-130k and it needs full renovation.
https://www.rightmove.co.uk/properties/165393461#/?channel=RES_BUY
I'm not risk-averse, but like to know what I'm getting myself in for potentially. You can get a property on the same road, that does not need full renovation for £160k.
https://www.rightmove.co.uk/properties/160841576#/?channel=RES_BUY
Just gathering information at this point and saving for any potential deposit.
Will cost way more than £40k
The first one has air central heating that has been partially removed. I would bet there is asbestos in those cavities etc.
I would say £20-30k thats doing some of the donkey work yourself and DSS tenant finish quality. That is not really allowing for any nastiness like asbestos in the ducts etc.
Why does it have wood flooring on the floor and ceiling? That’s messing with my head.
Could be a moneypit.
This depends on location regarding doing it up. It may cost 20k upnorth but 30k down south. Also depends on the finish you want. Low cost finish for tenants or a high finish with nice flush doors if you’re looking to sell the property. Seems like a nice little project.
I always tend to look at condition of the roof if theres small damage on roof and weather is not great you got yourself a leak which will damage the work that you have done!
I’d suggest that buying auction property on finance for a complex renovation when your not highly confident at calculating renovation costs is risky. Auction property can be complex.
Personally wouldn't touch it. Too many issues. 40k plus. Are you going to recover that money in a reasonable timeframe? Extremely doubtful.
With a figure in mind, double it. Expect the unexpected, and building materials cost a fortune now days.