Buying a property to restore?

MoodyTal

Hi all. I am in the process of buying my first property. I am looking in particular at a place that is a total do up job, being more specific the place needs complete rewiring and full central heating installation among other less immediate works to consider in future, but at least the location is ideal. My question in essence is this... If i place an offer on the property that is accepted and we go "sale agreed", am i then permitted to get the contractors in to price the job of running the plumbing and rewiring before i sign any contracts or make any final deals? The last thing i want is to feel i got a win with a good price for the property only to find out the cost of the restoration will be twice that. I am completely new to the whole thing so any advice is welcome and appreciated.

herbalplants

I think you can already get prices now! Let's say you are buying a mid terrace whatever it is, already ring contractors for prices, give them the specific parameters. You need to know how much you need to fork out.

Also don't forget if a property needs total doing up, you may not get a mortgage from the bank. It needs to be cash only.

Seth Brundle

It would be up to the vendor to allow someone enter the property to survey it but rarely woukd the vendor object to such a request (for fear of losing the sale).

You are under no obligation to buy (or rather pay for) the property until the contracts have been signed.

Seth Brundle

Just in addition and more related to the works required, get someone to check the structure including for woodworm, the roof, insulation, check for damp and so on. It may not be just a plumbing and electrical job. Loads of small jobs can easily add up.