Mortgage including renovations?

M

Madoc

Guest
My wife and I have found a house for sale at 140k that we really like, but it is in need of complete renovation. It's been vacant for a while, a pipe burst and much of the walls are now covered in mould. Also needs new wiring, perhaps new heating, new kitchen and new bathroom. The rest (!) would be merely cosmetic and we could do it ourselves.

So, I have the job (permanent, 85k, wife doesn't work) to easily be able to afford the mortgage on that, but what I need to know is are banks these days topping up mortgages by enough to complete renovations? I figure I would need an extra 60k to do everything. By the time the house is finished I would expect it to be worth 250k.

Also, anybody have experience with complete mould in a house? Am I being optimistic that maybe 30k would deal with it? 3 bed bungalow of about 1000 ft st.

Thanks!
 
My wife and I have found a house for sale at 140k that we really like, but it is in need of complete renovation. It's been vacant for a while, a pipe burst and much of the walls are now covered in mould. Also needs new wiring, perhaps new heating, new kitchen and new bathroom. The rest (!) would be merely cosmetic and we could do it ourselves.

So, I have the job (permanent, 85k, wife doesn't work) to easily be able to afford the mortgage on that, but what I need to know is are banks these days topping up mortgages by enough to complete renovations? I figure I would need an extra 60k to do everything. By the time the house is finished I would expect it to be worth 250k.

Also, anybody have experience with complete mould in a house? Am I being optimistic that maybe 30k would deal with it? 3 bed bungalow of about 1000 ft st.

Thanks!

Having recenlty (2010) bought a house that needed substantial work, the answer is no. The bank would lend 92% of the purchase price and not a cent more. That said, we only went to one bank (AIB). In the end through a combination of saving for about a year, some SERIOUS belt-tightening & keeping an eye of every cent we spent on the house, we got it finished.....
 
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