Finding the ‘right’ project (or not!)

lego, toys, children

We were ready to move from our first place and had been looking for a suitable property for about 12 months when we found a run down mid terrace. The main criteria was price and no more than 8 miles from the centre of London (so we could both still cycle to work), which left only two directions, south east and north east. South east cut us off from the rest of the country even more so (given we drive out most weekends) so north east it was.

The first attempt was a bit of a disaster as the survey showed the end of terrace house we found (and offered on) was structurally unsound and we (or anyone else) would be unable to get a mortgage. It sold for far less on a cash sale some time after.

A few months later in February 2020, which in hindsight was shocking timing, we were the proud (bit of a stretch) owners of a neglected former HMO down the road.

Here are a few of the lessons we learned from this experience!

  1. If you are buying a terrace and can find a property where the neighbour has already completed a side return extension, this could easily be an advantage. The council are concerned with creating a tunnel effect for neighbours if you extend into the side return. This is offset if they already built into this space first and you are the second neighbour to extend the ground floor to join the properties up.
  2. Honestly if you can go for a property where someone has lived their forever and only needs cosmetic updating and structural work is optional, do that. Having purchased a poorly maintained property where the roof had tiles missing, flat roof at the back was leaking, the double glazing had failed on several windows, holes had been smashed in the wall by one of many tenants and various other defects that became apparent over time, it’s not much fun to live in if you can’t move as quickly as you’d hoped and the delay is not within your control.

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