| Comment | I am wondering if this is mortgageable at all. Banks usually require kitchen and bathroom to be functional to secure a property against mortgage and it does not look like you can actually use either kitchen or bathroom in this house.
It need new kitchen, bathroom, renovations of all rooms (plaster and floors if you do not want to inhale the smell of previous tenants), plus may be some structural work with the collapsed floor above the kitchen. Plus probably new boiler, internal doors and lots of things that will come up during the renovation (electric installation, windows). I think roughly you need 12-15k for kitchen, 5-6k for bathroom, 10-12k for rooms, 2k for boiler so minimum of 35k. I would add 10k to it just to be safe and you end up with 45k need of work in current prices.
Plus you need to live somewhere during the renovation and you end up with cash buyers that will be interested in this as investment. |
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