Buying & moving next door???

[zoombini]

Hi, I am considering the option of buying next door, knocking a few doors through & making my 3 bed terrace into a 5 bed terrace with 4 downstairs rooms, 1 kitchen, 1 utility room, 2 bathrooms etc.

Moving house will set me back about £40-60K to get a bigger house (I got 3 growing kids) as my house is not even worth what I paid for it I wont get owt for it, likewise I recon that I can get next door or about £10K & spend £10K doing it up to a decent standard.

However, what I'm concerned about is what happens about Community charges, water rates etc, what are the pitfalls of doing this?

I can think of all the good things, seperate bedrooms, games room, utility room, more space for all the families "stuff", bike shed outside etc.
Has anyone here ever done this or know someone who has & thier experiences from doing it?

Thanks,
Zoombini.

[paulyoung666]

i would love to do it , but i aint got the money , how about your local council for a first port of call :)

[ian@huth]

I recon that I can get next door or about £10K & spend £10K doing it up to a decent standard.


Where can you get houses that cheap in this day and age?

[paulyoung666]

Where can you get houses that cheap in this day and age?



up north , mind you some areas are that rough they arent even worth that much :(

[Xaccers]

Get a property developer type person in to survey your house and work out a plan with you.
They'll know if it will be possible, and what forms need filling out in triplicate :D

[Ramrod]

Speak to your councils planning dept. asap about your plan. In case they have any objections.

[zoombini]

Where can you get houses that cheap in this day and age?
Burnley, Lancashire.
Terrace housing in my area can go for as little as £1, my house cost me £13K 20 years ago & I would be very lucky to get that for it still, so hence i am in negative equity & moving means starting completely again with much bigger bills.

I know that the landlord bought next door for £14K but it will have depreciated since then & he has said he wanted to get rid of it.
So if he sold it to me it might make my families life much better, giving us more room despite the area.

Thanks for the replies.

[Theodoric]

Do you really mean that you can buy the house next door for £10k, or is that a misprint?

[paulyoung666]

Do you really mean that you can buy the house next door for £10k, or is that a misprint?




no it wont be , there is plenty of evidence of that sort of price near to me also :(

[Flubflow]

Here's an idea.
Buy the house next door. Rent both houses out to students.Let's say 3 students in each house at £50 p/w = £1200 p/m income (or if there is enough room for alterations perhaps 4 students in each house). Then you can get another mortage and buy somewhere bigger and nicer (obviously there'd be a lot of initial borrowing to finance it). :D

[zoombini]

Yes I was correct with the £10K price, no misprint at all.

Like I said, some houses here have gone for far far less, this is one of the problems of living in the north of England.
We just cannot sell our houses for what we paid in order to move.

When I originaly bought it at £13K I thought it was a bargain, however I was fibbed to about the area by the sellers & the local council, similar houses in other areas have gone for 3 times this amount. An estate agents suggestion was that the best way to sell it would be to ship it elsewhere!!

So hence yes they are dirt cheap, this is also why landlords just rent em, let em run down then abandon them when the repairs cost more than they are worth.
So many in my area have been earmarked for demolition (as well as a possible maintenance grant for allsorts) & I want to buy it before we get the grant.

I emailed the council, no doubt they will get back to me next week.....:(

[paulyoung666]

Yes I was correct with the £10K price, no misprint at all.

Like I said, some houses here have gone for far far less, this is one of the problems of living in the north of England.
We just cannot sell our houses for what we paid in order to move.

When I originaly bought it at £13K I thought it was a bargain, however I was fibbed to about the area by the sellers & the local council, similar houses in other areas have gone for 3 times this amount. An estate agents suggestion was that the best way to sell it would be to ship it elsewhere!!

So hence yes they are dirt cheap, this is also why landlords just rent em, let em run down then abandon them when the repairs cost more than they are worth.
So many in my area have been earmarked for demolition (as well as a possible maintenance grant for allsorts) & I want to buy it before we get the grant.

I emailed the council, no doubt they will get back to me next week.....:(



same situation here , i bought my house about 12 years ago and i might get back what i paid for it if i am lucky , somewhere around £30000 , now if i want to move somewhere else i wont get anything for less than £70000-£80000 if i am lucky , i just hope i win the lottery or i get a big payout from my compo claim :)

[zoombini]

Uh Oh, bad news, Mrs Bin said that she is not prepared to sink more money into this area even though it might provide us with all we need housewise...

So its looking more like a case of trawl the estate agents & see the bank... Ah well, thanks anyway.