Oh and it's thatched...
See what the "bricks and mortar" insurance will cost before you get much older.
It'll probably tip the scales the wrong way for you.
If it doesn't, cost up having it re-thatched....
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Does the legal pack include a survey? Dont consider it without a good survey, A thatched roof will last 15-25 years but will require patching towards the end of its life. A thatcher is hard to get and need to be booked up months or years in advance. The guide price is likely to be exceeded, possibly by a big margin, if you have people who want it at auction.
Remember the estate agents mantra.....Location Location Location.
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TourVanMan TM < Ex RF >
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The following do not go together;
-Renovation
-Living in it
Horrible, nasty, lousy, frustrating, annoying, etc. I would never do it again. Everything dusty, nowhere to relax, etc. etc.
Also there is a substantial difference to what one will do to a house, how thorough, how extensive and resulatant quality depending on whether one will sell it for a profit (fix everything you can see, ignore what you can't, if possible convert things you can see into things you can't, assume condition needs to last 3 years ish) and one that you are renovating to live in (fix everythign, good quality, going to last a along time).
And two years is not much time - it seems like it is. It seems like you can get everythign done twice over in that time. You can't. Its not a long time.
re: central heating - wild ass guesses - £750 for the boiler, average £100 - £300 per radiator depending on style/quality, another £200 on bits, £150 per day per plumber assume 5 - 10 days depending on the house. Increase if there is currently no boiler. Increase if current boiler is in wrong place. Increase if you want the pipes concealed and its got stone walls. Increase if water pressure iffy. Increase if walls dodgy.
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p.s. but if I loved it. really loved it, then I'd buy it, renovate it to last, and then rent it out after 2 or 3 years.
p.p.s. I know nothing about thatch, so goodness knows what that entails.
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Life is the real thng. Its not a rehersal.
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Firstly find out why it's in auction. It could be someone who needs to get rid quickly, but it could also have problems which have been highlighted during a survey. This now means selling it in a more traditional manner is proving difficult. Many auction buyers are prepared to take on a challenge.
Buying at auction involves you doing all your surveys (full specialist structural for a thatched cottage i.e expensive possibly £1,000+) and also all your searches and solicitors work. You then turn up and bid - you must have a 10% deposit available as soon as the hammer goes down as exchange happens on the day. Completion is usually within a month, but can be quicker. Like car auctions there are people out there who will bid at auction on your behalf. Go to an auction to see how it goes - it's far more relaxed than a car auction - I've seen bidding take over 15 minutes!
You need a lawyer to look at the legal pack - more expense.
Budget on at least £3,000 for central heating, but don't automatically think this is the best option. There are very efficient alternative heating systems which cost less to install. The thatch will keep the property warmer than conventional construction.
I'd research thatched rooves carefully before diving in. Insurance is more and replacements are very expensive.
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If gas isnt installed then try and get an estimate for a gas supply - could be anything from a few hundred if there is a main close by up to a couple of grand if it has to come say 50m.
Assuming its an old property ignore anything from damp/woodworm companies - they are in it to make money not to provide the best solution. www.periodproperty.co.uk is a good resource.
If you get a survey make sure you choose a specialist familiar with old properties. I think RICS recently appointed Stephen Boniface as head of some sort of old buildings specialism department. He does know what he is talking about.
What is the construction ? Stone (with or without render) / brick ? cob ?
I would echo everything NoFM2R says - it will take ages to sort if you are doing a job at the same time. But then given the choice between modern box and an old house I would alwasy go old.
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A couple of years ago my Mum found it hard to get insurance for her thatched cottage, there were about 2 specialist insurers who had the market sewn up.
But, she has since found Liverpool Victoria will insure the house with apparently no increased premium compared to her non-thatched neighbours. She couldn't get a quote or buy the cover online however. I suspect some of the other 'majors' would quote too.
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Thanks everyone so far. I'm going to find out one way or the other and go and see it in the morning.
Just noticed on the details it says it was rethatched 3 years ago.
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PG,
People say don't let your heart rule your head, but its never that simple. PU Towers has been a nightmare from start to finish - we got it cheap and we now know why, but I wouldn't swap it for anything on the planet. Its a home, its in a village and the quality of life is unbeatable. I could never live in anything other than a "individual" property. If you fall in love with it when you see it its probably right. I am a pragmatist in most things apart from this house. Its not like buying a car.
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You know if a property is for you within a very short time of walking into it.
That's why we've been in our property for 41 and a bit years. Victorian (mid 1880s), superbly built and more than enough room to swing a cat.
If it's right you won't have any doubts.
- - - - - - - - - - - - - - - - - - - - -
What\'s for you won\'t pass you by
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If it has been re-thatched that's good. Thatchers can be got in north Devon easily. There are quite a few of them now and i think prices are cheaper than they used to be. A full renovation, new plaster, (possibly in traditional lime), new ceilings, floors maybe? heating + open fire/woodburner, new windows, bathroom/s, kitchen, on and on and on. I do it for a living and believe me, if you do it properly it will hurt the purse. I can assure you that 50K is VERY small beer in renovation these days. By all means tart it up if you seek a quick turnaround, but not if it's yours to keep........Oh! and no way will you live in it at the same time, not if you are doing it 'properly'. Good luck.
VBR...............................................MD.
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What you will need is a survey & valuation for mortgage purposes before you start. Your mortgage company may well be prepared to lend you £100,000 (or whatever) for a brand new Barratt box. When it coms to old houses, unless you have a large wodge of deposit, they can be much more reticent. They might insist on having it (say) re-roofed/re-wired before you get the last say £10,000 of cash from them. So of course they'll need a surveyor's report before they'll give you that.
You may need a specialist lender. I've read that the Ecology Building Society (?) will lend people money for self build. Or a private bank that is not constrained by check-boxes but has real people dealing with you - Messrs Hoare & Co on Fleet Street spring to mind, but be warned they will be a shade more expensive than a High Street Bank - expect e.g. to be charged 50p for each cheque you write and £50 per quarter banking fees.
Why do you want to be talked out of it? You will never regret it. (well, you will regret it often, and curse it a lot, but it will be a source of joy.)
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I know I'm a chartered surveyor, but you need your hand holding big time. You really really need a well qualified local surveyor to have a good look around. He will also advise you of the best local contractors and the best methods of renovation (lime vs cement mortar for instance).
If it is lovely then have a go but be prepared for much more money that you anticpated and a long period of pain. It will be worth it though!
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Gas central heating? I wouldn't, not with the way gas prices have been rising. I wonder how costly geothermal heating is to install these days ( ... ) dunno, haven't looked in detail but as a starting point you could give these people a ring; www.nibe.com/heating/default.asp
Although as a green-ish sort of person the idea of thatch appeals to me, as others have pointed out there are practical issues to consider around maintenance, insurance costs, etc. You really need to look into that and know what you're letting yourself in for, before committing to something which could become a soured dream. That would be worse than missing out on it - there will always be other properties, after all, even though it doesn't always seem that way when you think you've found "the dream place". Best of luck with it, whatever you decide.
--
andymc
Vroom, vroom - mmm, doughnuts ...
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It wasn't for me.
We picked the day to go and visit when the M4 and all surrounding roads were either closed or gridlocked, and it turns out that the cottage is right on a main route (as in, you step out onto the road with no pavement between you and the lorries). It's waaaaay smaller than it looked - I'm kicking myself for not spotting some wide angled lens poetic licence! There were also all sorts of wires and pipes hanging down all over the place, and looking closely at the photo you can now see where there has been some Photoshop at work!
Overall, the location was wrong, and the site too small, but I'm so glad I went because I would always have wondered "what if" if I hadn't.
Back to the drawing board then....the one thing I know I don't want is a Barratt box!
Thank you so much to everyone for your words of wisdom.
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PG - have a look on the PeriodProperty.co.uk forum. I posted a question there a few weeks back about how to track down a property that is suitable for renovation (do a forum search under posts from Nigel S) a few people replied with sites that can search for you for a small(ish) fee. I haven't tried any of them yet but some of them give a one-off demo search.
Good luck - if you do find somewhere, that forum is a good place for advice even if some of the regulars there are very snooty about only using "authentic" materials (although they go very quiet if you ask them if they've ripped out their central heating and wiring to enjoy the 'authentic' experience of living in an 18th century cottage).
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