Author Topic: Well, it seemed like a good idea at the time....  (Read 1562 times)

  • Guest
Well, it seemed like a good idea at the time....
« on: November 18, 2010, 08:08:18 AM »
There is a 600 sq metre lot near where we live, with a burned out house on. Asking price is 3 million, which is cheap(ish) for this area, but still a touch pricey for moi. I had this bright idea of buying it and rebuilding/restoring the place, just put a new roof on and enough facilities to enable us to live in it, while we finish it completely. It is three bedroomed, large car port, large front room, three bathrooms etc

Yesterday we took an architect friend round there to have a look. His immediate statement was \"Oh, it has been burned, the whole thing will need demolishing as the concrete will be ruined\".† ???

Well, that seems an extremely broad sweeping statement, after a very brief look, especially as most of the damage was the roof, with hardly any smoke damage to the walls, apart from the top couple of feet.

Still, it woke me up the fact that apart from a roof, it will need re-wiring, re-plumbing, re-windowing, new bathrooms, kitchen, floors,† and probably a lot more.

Just getting the 3 million together would wipe out all our loose cash, leaving basically nothing for anything else, emergencies etc.

End of a brief dream, before it turned into a nightmare.† :(


  • Guest
Re: Well, it seemed like a good idea at the time....
« Reply #1 on: November 18, 2010, 09:19:31 AM »
There is a 600 sq metre lot near where we live, with a burned out house on. Asking price is 3 million, which is cheap(ish) for this area, but still a touch pricey for moi. I had this bright idea of buying it and rebuilding/restoring the place, just put a new roof on and enough facilities to enable us to live in it, while we finish it completely. It is three bedroomed, large car port, large front room, three bathrooms etc

Yesterday we took an architect friend round there to have a look. His immediate statement was \"Oh, it has been burned, the whole thing will need demolishing as the concrete will be ruined\".† ???

Well, that seems an extremely broad sweeping statement, after a very brief look, especially as most of the damage was the roof, with hardly any smoke damage to the walls, apart from the top couple of feet.

Still, it woke me up the fact that apart from a roof, it will need re-wiring, re-plumbing, re-windowing, new bathrooms, kitchen, floors,† and probably a lot more.

Just getting the 3 million together would wipe out all our loose cash, leaving basically nothing for anything else, emergencies etc.

End of a brief dream, before it turned into a nightmare.† :(


It is the finishing that cost the most money and you would have a roof and windows on top of that; you could easily spend another P2-3M. If you could knock it down to P2M and use the other P1M for the roof and windows, it could become feasible. It could be better, as you architect said, to knock it down and start again. I think you are right in passing it by.

©olin

  • Guest
Re: Well, it seemed like a good idea at the time....
« Reply #2 on: November 19, 2010, 08:21:14 PM »
We\'ve pretty much decided to buy some bare land now, and build on it afresh. 300sq m is more our budget too.

Having the burned out shell is obviously more of a hindrance than a help, on that other lot, hence the lower than average price for the lot.

 


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