Advice need on cost of roof with potential dryrot

[Enazza]

Cheers Penners! And thanks to everyone else who has offered advice.
Lessons learnt I guess!

 

[Lime]

With no disrespect intended back to Lime, 'my builder' was simply a first quote, and I would never be so unwise as to pursue my first and only quote, regardless of how up to the job they did or did not seem.

Your quote...
Quote:
If you bought it you probably would end up spending a fortune and still have problems.
...is just as, if not more ambiguous than some of the builders unqualified comments.

No offence taken.
Your builder could be right or he could be wrong. I have made no comment about him at all.
My comment concerning dry rot is based on practical experience of houses seriously damaged. Given enough time and the right conditions it consumes every piece of timber in it's path.
I know all the argument about dry rot being not as serious as some wish to make out...it is very similar to live woodworm. Remove the damp and in most cases the damage is localised and not extensive.
However sometimes the damage IS catastrophic and has to be seen to be believed.
As the property being sold by the bank is very much a "pig in a poke" no one knows what is wrong with the roof as it hasn't been inspected, hence the comment.

Buying a property with problems but not knowing what the problems are is a gamble.
It depends on how much money you wish to risk.

 

[thiambal]

Enazza,

Hopefully you will look back on this as the right move. We nearly got carried away with a couple of properties in a similar situation to that you describe - on reflection we had lucky escapes. We had made assumptions about costs of work and resale values that were, even with some experience, unrealistic.

The house we did opt for has needed quite modest work and still ended up costing 50% more than predicted - even though we saved quite a lot on some jobs - and we have not decorated it yet.

Good luck with the ongoing house hunt!

 

[Enazza]

I'm sure when the right one comes along I will indeed reflect back on this place and think 'Phew'.
In fact I think I'm already slightly relieved!

 

[Paul Hopper]

Enazza
Follow Matt Greens guidelines.. It sounds s though you have come across the greater spotted bl**dy ly**ng b****dr

If you do get it, get a conservationist surveyor to inspect it. SPAB can advise here. Do not beleive all you read or are told. Do not accept the freebies. in this life you must pay for what you need, so find a suitable qualified surveyor, get a fee quote and let him/her examine it. You will get to the truth that way.

There is no short cut here, there are experts like Matt, Gervase and many others, read the posts, take a deep breath and check your bank account!

good luck!

Paul Hopper

 

[NT]

Anyway, to conclude, I am walking away. Had I pursued, I would've bid at a level where price + cost to renovate + contingency = expected MV when complete.

This formula is guaranteed to cause poverty, so I think you did the right thing.

NT

 

[Moo]

Keep us posted, though. I'm sure I'm not the only one who'd love to hear when you've finally found the right house.


ps Extend your search to SE4 - lots of stuff there, and it's still a relatively cheap area.