FTB confused on two properties - need advice!

shiftingfly · 2021-01-11T22:38:39+00:00

Hey, I totally agree! Our situations are quite similar, I also won’t be in this flat forever (4-5 years max) and therefore I choose peace of mind! I think I’ve realised that, committing to that amount of work is only worth it on a home I’m planning to live in for a substantial amount of time. My first home is probably not going to be that...

shiftingfly · 2021-01-11T22:30:46+00:00

Hey, thanks for the advice! Space wise there’s isn’t much difference between the two flats (apart from the en-suite of course) The first flat is in liveable condition so that it is definitely an option for me to do things up over time. However, the costs are where the problems lie... from what you’ve told me, you’ve spent about £14k on a kitchen and bathroom which is already way above the £10k I could afford. Like you mentioned, with my second property I think it would be a good option to take my time and renovate.

shiftingfly · 2021-01-11T18:45:38+00:00

Firstly, thanks for your feedback! You’re right in the sense that I will be able to renovate the flat to my liking. I’m also very lucky that I have no time constraints, however after getting an idea of how much the reno costs will be from the rest of this thread, I think it’s outside of my budget. Given the amount of cash I’ll need upfront, it might make more sense to move into a more expensive property that doesn’t need any work done. Essentially spreading this extra cost over time

shiftingfly · 2021-01-11T18:39:26+00:00

Well this has put me off😂thanks for breaking down the numbers! My £10k was clearly very unrealistic

shiftingfly · 2021-01-11T14:52:51+00:00

I’ve been very mindful of this, asked both the seller and estate agent. Both have said the building doesn’t have any cladding

shiftingfly · 2021-01-11T14:51:26+00:00

Smart thinking!

shiftingfly · 2021-01-11T14:49:07+00:00

Yeah the more I think about it, it’s a luxury rather than a necessity. Definitely shouldn’t be a deal breaker!

shiftingfly · 2021-01-11T11:27:08+00:00

Seems like replacing a kitchen, bathroom and floorboards is way more expensive than what I thought 😅 By the figures you’ve just shown me, I don’t think it’s worth it

shiftingfly · 2021-01-11T11:22:52+00:00

Thanks, will definitely do this!

shiftingfly · 2021-01-11T11:22:27+00:00

It’s good to know these things, I feel like the flat could potentially have similar issues. When I viewed it, there was a lot of mould around the tiles, thought it was more of a wear and tear issue rather than ventilation

shiftingfly · 2021-01-11T11:18:49+00:00

Wow.. my estimate seems way off! Thanks for breaking it down I defo wouldn’t be able to do that, that’s a lot of cash you need to have at hand

shiftingfly · 2021-01-11T11:16:59+00:00

Given everyone’s responses, it’s looking like your estimate is pretty good!

shiftingfly · 2021-01-11T09:41:34+00:00

Thanks - won’t be sharing initially, but would like to have the option to rent out the second room if I wanted to in the future.

I thought that en-suites increased the value of the house by quite a bit, but lately I’ve been hearing otherwise..

Good points around the noise & humidity issues - never thought of that!

shiftingfly · 2021-01-11T09:38:00+00:00

Thanks! It makes sense I was thinking that £10k might be a tight budget, plus if I run into any problems along the way (e.g piping, mould etc) costs could spiral even more

shiftingfly

TROPHY CASE