Total Renovation For Terrace House In Wimbledon, London - ANY ADVICE/HELP/WEBSITES!

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Total Renovation For Terrace House In Wimbledon, London - ANY ADVICE/HELP/WEBSITES!

    I'm a very young guy, and this is my first development.

    I have been given a property which looks like it's straight out of the countryside in Eastern Europe... Funny thing is, it's slap bang in the middle of Wimbledon, a very lucrative property area!

    It's had a sitting tenant occupying it for over 30 years, who has been paying - get this - £62 pcm. He would not let us in to do any work, and piled up (literally) TONNES of trash in the property. He has now passed away, so I've been given the project to get started.

    It's a total renovation, and also looking to build a double extension. If you know Wimbledon, you'll be aware of the typical terrace structures and what's possible!

    I CAN'T WAIT!

    I'm 19 years of age, and am currently gathering as much information as possible to get the best idea of how to go about this. I'm not dull, so I'm fully aware of the basics, but, I would much appreciate any information, websites, good books, plans, opinions etc etc etc etc to help me out!

    Thanks, Robert

    #2
    If you are planning to let it rather than sell Rob, I wouldn't bother with an extension. Flat roofs for tenanted properties are not a good idea in my view, and may not add much to what rent you get.

    Comment


      #3
      Sell it quick for an extortionate amount of money and do a runner. Prop in SW19 are flying at the moment.



      Freedom at the point of zero............

      Comment


        #4
        My best advice to you is to start with the end in mind.

        If you intend to sell it, get at least 3 agents in and get their opinions on sale price as-is, with renovation and with extension. There are plenty of loonies around right now who will pay near to renovated price for a wreck as they fear the price rises will price them out....

        If you intent to let, do the above but also get 3 letting agents in and check if the proposed extension pays back against increased rent (you could always extend later).

        Then get quotes for the works and you will then know how your options "stack" and will be armed to obtain finance (assuming that's not free too!). You might have relatives who would lend you the costs at 6% to be paid back at sale.


        By "double extension" do you mean 2 storey? Iif you do need a flat-ish roof you can get special tiles that can be used at very low pitch but still give >75 years life....

        Also my advice would be to look along the terrace and see what others have done and then look at sales prices on Righmove/Mouseprice/Land Registry that were achieved if they sold them on. You can also look up their planning application on the local authority site and see the floorplan(s) they chose. They might also recommend their architect/project manager/contractor etc (or not!).

        Remember you could also possibly go down as well as out and up....has anyone on the terrace added a basement flat for instance?


        Friends who "do" London refurbs bus their builders down from the North and put them up in B&B - and still save 40-50% versus local quotes. However, with no experience you would be better off with a fixed price job where the builder carries the risk and is paid on completion to avoid being mugged by "additional unforseen works".

        All depends on costs versus valuation (start with the end in mind.....)

        Comment

        Latest Activity

        Collapse

        Working...
        X