Going round in circles with DH on this so could do with a fresh insight into our situation. Long-ish question, bear with me.
We started looking for a 3-bed in west London in November 2012. In May 2013, after a few closed bids where we refused to go over asking price, we eventually found a 3-bed fitting our budget. In August 2013, the vendor pulled out and we lost the money invested so far (solicitor fees + home buyer's survey).
Shortly after that, we found another 3-bed in the area for the EXACT SAME price but needing a full refurbishment (new extension with lots of steel needed, new plumbing/flooring/bathroom/kitchen) BUT overlooking lovely allotments, with a side access, close to tube and a good primary. DH really wanted it (it was two doors down from a previous house we'd missed out on in that street) and I was keen too.
The refurbishment is now almost over, but when we're adding everything up we realise that we've actually invested 20% of the value of the house just to refurbish it. We haven't added any rooms (we will be able to in the future though, if and when we do the loft). We knew what an extension costs, we had a contingency plan, etc etc, but somehow it's never the same to forecast spending a huge amount and to actually spend it.
We're not big earners/spenders, DH just happened to have cash he saved through sound property investments in his early years. We shop at Tesco's, I'm making all my curtains myself with cheap fabric bought at the market, etc etc. To top it all: we're thinking of leaving the UK in 3-4 years (to go back to the US as DH is American) and renting the house.
I'm surprised that I accepted to spend all this money when, possibly, we should have waited for another house to come on the market with less work needed, possibly less attractive, less of a 'wow' factor, but overall a cheaper investment.
DH and I were scared by property prices going up so fast. I was wary of never finding the right place; I was desperate to give birth in our new house (I'm pregnant with DC2, due in April) and start our new family life there. We fell in love with this place. We felt capable of taking on the work needed.
Anyone gone through the same journey? Anyone fell in love with a house and then only realised how much their choice was costing them? Anyone wondering where their property investment have taken them?
Thanks so much.
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Spent 20% of property value on refurbishment: Wondering if..
6 replies
BlueAndBlue · 23/02/2014 10:45
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fuckwittery ·
09/03/2014 06:40
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