View Full Version : House Clearance - need to start again
Afternoon guys and gals,
I know that no-one will have an exact figure (and I'm in the process of getting quotes from various people), but I wondered if anyone would have a very rough idea of how much it would cost to strip a 3 bedroomed, semi-detached house right back, and essentially start again?
Long story short, but Mother-in-Law Nug went into respite care about 11 months ago. About a month ago, there was the mother of all floods in her house, so I've spent the past few weeks completely emptying it (just the old bathroom left to go in fact). When Wife Nug went to visit her mum yesterday, her mum told her that she wanted us to have the house - unfortunately, wifey is now starting to consider it...
In my (completely layman) opinion, the house needs:
new floorboards throughout
new bathroom
new kitchen
probably a new roof
guttering
double-glazing at the back, plus both the front and back doors
new stairs
new internal doors
re-wiring
re-plastering
could do with either an extension or a conservatory, as it's not as big as our current house
Any ideas?
To be honest that's all going to cost.Better to sell the house at auction and take the money and invest it.
MovedGoalPosts
24-01-2011, 15:01
That is a serious task list. Being brutally honest if you are having to pay contractors to do the work, its unlikely to be viable for you to do it.
Put it this way, what is the value of the house if it was in good modern order? What is the current value of the house now if sold to a small builder type. If the good order less current value does not equate to the cost of the works, with some sort of margin for your endeavours, then you should seriously consider selling as is.
Why might it be worth more to a small builder type than for you to do it up? If you are paying a builder, you are paying commerical rates to that builder which will include that builders profit, no doubt VAT and all sorts. The builder however doesn't have to work for commercial rates, charge himself VAT on his wages and such like.
Can't help with any idea of costs I'm afraid but you might consider getting a few valuations and quotes for the work and see what they reveal by way of ball park figures. It is going to be a lot of work and it's not clear if you would intend doing any of it yourself or by friends to keep costs down.
Selling the house would be an option but in it's current state the proceeds will obviously be relatively low and all the potential profit will simply be handed over to the developer who takes it on and either sells it or lets it out.
Isn't there any insurance to cover the damage due to the flood which would contribute to the overall cost of rennovating the house?
Given the current uncertain investment climate I'd also consider what any proceeds of an immediate sale would be used for or invested in?
If it were me and I wasn't in desperate need of some cash my first thought would be to keep the house, get it done up and then decide what to do with it.
pabscars
24-01-2011, 15:29
I would get a load of builders round to give you quotes on what needs to be done in order to sell, as the chances are you might not have to totally gut the property.
Don't forget you could always get it habitable and look at renting it out for a few years to help regain your initial outlay.
My best guess would be your probably looking at the best part of 30 to 40K (without the extension) if your reasonably handy with a hammer, and if so you could probably put the new floors in, new bathroom/kitchen suit, guttering and doors yourself and save a few bob.
just my opinion for what its worth
devilincarnate
24-01-2011, 16:15
You could try this site as a rough estimate to what the prices could amount to.
http://checkyourprice.co.uk/
Is there no funding from insurance?
As there is no initial cost to you for the property it may be worth getting a valuation based on the gutted state for future security regarding inheritance. Seems pretty pointless doing it up only to possibly have to sell to pay care home fees or capital gains tax.
DocDutch
24-01-2011, 18:55
nug your current house are you renting or has it been bought? If renting i would really see how much it would cost, but if you own your current house and your in laws is bigger you can trade in as such. You've got options to make and perhaps it might be worth the upgrade or keep it on do the decs and rent it out and make it a holiday and retirement fund
---------- Post added at 18:55 ---------- Previous post was at 18:53 ----------
another thing have you got mates that are handy with their hands as what from watching homes under the hammer you can have it all done for 15k
To be honest that's all going to cost.Better to sell the house at auction and take the money and invest it.
My thought too :( And it would save you the dealings with the contractors/workmen.
My thought too :( And it would save you the dealings with the contractors/workmen.
The down side is that it'd put you in the hands of the banks and brokers* with either a very poor guaranteed return or a higher return with risks attached.
* Not sure who's worse tbh dodgy builders or banks..... :D
The down side is that it'd put you in the hands of the banks and brokers* with either a very poor guaranteed return or a higher return with risks attached.
* Not sure who's worse tbh dodgy builders or banks..... :D
My problem with OP's statement is that it's a very sensitive issue, and that I have no idea whatsoever how to answer the post as to costing the work needed to be done.
There are emotional issues as well as financial.
@ Nugget - has the property been legally handed on to you?
My problem with OP's statement is that it's a very sensitive issue, and that I have no idea whatsoever how to answer the post as to costing the work needed to be done.
There are emotional issues as well as financial.
@ Nugget - has the property been legally handed on to you?
There's nothing wrong with your advice ;) At the end of the day, it all boils down to a personal decision based on personal circumstances.
A good mate of mine can do all that to absolute mint standards and will most likely beat the quotes you have asked for. He does work away too
My problem with OP's statement is that it's a very sensitive issue, and that I have no idea whatsoever how to answer the post as to costing the work needed to be done.
There are emotional issues as well as financial.
@ Nugget - has the property been legally handed on to you?
Not yet, but Mother-in-Law Nug would like to do so - Mrs Nug is currently looking into all of the implications of it (including how MiL Nugs care would be paid for).
From my point of view, there are no emotional issues, as the house just happens to be where her parents lived - it's certainly in a nicer area than the one I currently live in and the schools are definitely better. My only real concern is that there's a massive amount of work to be done - I can do the (for want of a better word) 'menial' stuff such as flooring and plastering, but the bigger jobs would need paying for.
We own our current house so, in theory, any profit from selling that could go into sorting out the 'new' house, but there would be a lot of time and effort involved - I'm willing to do it, but only have so many hours in the day :)
Not yet, but Mother-in-Law Nug would like to do so - Mrs Nug is currently looking into all of the implications of it (including how MiL Nugs care would be paid for).
From my point of view, there are no emotional issues, as the house just happens to be where her parents lived - it's certainly in a nicer area than the one I currently live in and the schools are definitely better. My only real concern is that there's a massive amount of work to be done - I can do the (for want of a better word) 'menial' stuff such as flooring and plastering, but the bigger jobs would need paying for.
We own our current house so, in theory, any profit from selling that could go into sorting out the 'new' house, but there would be a lot of time and effort involved - I'm willing to do it, but only have so many hours in the day :)
Apart from what other implications there may be, I guess in the final analysis it depends on how much you feel you' be able to do and whether on not you'd consider selling/renting out your own house whilst doing up the other. If you're able to rent out one of the houses that money could be used to help fund MIL's care but I'd imagine there'd be some shortfall which would have to come from somewhere else. You'd also need to check how she'd stand legally by giving away such an asset to her daughter when she's in care. I have no idea what the rules currently are on this sort of thing.
joglynne
25-01-2011, 13:15
Just thought of a couple of things that you may well need to look into early on and they are ....
Capital Gains Tax. If you end up owning both houses then, unless the regulations have changed in the last few years, you will be liable of CGT when you sell one of the houses. So make sure you get the house valued at the time of transfer of ownership and keep every single receipt to prove how much you have spent on the house increasing its value.
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/BeginnersGuideToTax/DG_4016313
Secondly be wary of what could happen if you MIL gifts the house to your wife. Depending on any benefits your MIL receives this could be classed as deprivation of assets, and the value of the house will be still treated as an asset and her benefits/care home fees could be effected.
http://www.needanadviser.com/html/article.php/type/article/zcid/555
http://www.nidirect.gov.uk/index/information-and-services/health-and-well-being/health-services/residential-care-and-nursing-homes/your-home-your-assets-and-your-care-home-fees.htm
Why does it need new floorboards? :confused:
Why does it need new floorboards? :confused:
Huge huge flood from the loft, that went straight through the upstairs floor - let's just say that, even after 4 weeks, they're still a little 'spongy'...
Set fire to it. That will dry it out and then claim on your insurance that the blaze was started by aliens.
I'm fairly sure that your MiL's house would have to signed over to you for a certain period of time(measured in years) for it not to be taken into account if your MiL went into care, any shorter than a certain time period and it's still considered part of her estaste, therefore would probalby need to be sold and any morey raised above a savings allowance used to pay for any care.
Not yet, but Mother-in-Law Nug would like to do so - Mrs Nug is currently looking into all of the implications of it (including how MiL Nugs care would be paid for).
From my point of view, there are no emotional issues
I'm glad. I posted on a knee-jerk reaction from experience.:)
The sale of my parents' home, and safe investment, almost paid for my dad's care for 5 years until it was no longer needed.
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