Ask The Trades - Print Page

Ask The Trades
https://www.askthetrades.co.uk/cgi-bin/yabb/YaBB.pl DIY Forum >> Building Questions >> Knocking down interior walls https://www.askthetrades.co.uk/cgi-bin/yabb/YaBB.pl?num=1434485180 Message started by Vickivixen on Jun 16^th, 2015, 9:06pm

Title: Knocking down interior walls
Post by Vickivixen on Jun 16^th, 2015, 9:06pm

Hi there, hope you can help.. We've just had an offer accepted on a house, but how much we put down as a deposit depends on how much our planned renovations will cost. I know it's impossible to make a proper judgement without more information, but I'm so clueless on this sort of thing so think someone else would have more luck plucking a random figure out of the air than I will!

We have two possible plans.

Plan 1:
Make the lounge smaller and the playroom bigger.
Put a double glazed window where there was previously no window. Take down an interior wall and put up a new one. (The wall to be taken down is currently load bearing). Decorate the lounge and playroom, incl flooring.

Plan 2:
Make the lounge smaller, turn the playroom and dining room into a large kitchen diner. Turn the old kitchen into a playroom.
Put in the window. Take down 2 interior walls (prob only one load bearing) and put up one wall. Take out the kitchen and put it in the new room (units etc can probably be reused but would need new plumbing and electrical done). Decorate lounge, kitchen diner and playroom, incl flooring.

Obviously there's a very clear winner when it comes to costs, but if we could find a way to afford the second plan it would make a good house into an absolutely fantastic house. I expect it will add value and ease of selling, as currently the house is not well set out, but I doubt it would add as much value as it would cost - so its value would be in the pleasure we'd have of living there! We'd almost entirely be paying professionals to do the work.

Thanks in advance x

Title: Re: Knocking down interior walls
Post by thescruff on Jun 16^th, 2015, 11:49pm

As you say impossible and potentially misleading to hazard a guess, you certainly wouldn't thanks us if we were say £10 k out.

If it was me I'd pay the minimum deposit and stick the rest in an isa while you get expert help and a few quotes

Title: Re: Knocking down interior walls
Post by woodsmith on Jun 17^th, 2015, 7:57am

It's impossible to say without seeing the job but I've just been involved in a job that involved removirng a chimney stack and one internal load bearing wall, moving two lots of external drains, new utility, new kitchen, new window and new doorway and door, plastering (thermal check board) and flooring and it all came to about £20,000. And I'm told this has put more value on the house than it cost.

Title: Re: Knocking down interior walls
Post by Vickivixen on Jun 17^th, 2015, 7:50pm

Thescruff - thank you, I know it was a silly question really, just wondered whether it was within the realms of possibility. I've been to see a financial advisor today regarding our mortgage, and he said to keep a fair wad back just in case - we can overpay the mortgage if we don't use if for renovations.

Woodsmith - my goodness! That's a lot of work for what sounds like a relatively low figure considering the work. We got the house for £10,000 less than we would have been prepared to pay, so I'm sort of viewing that as 'free money' and we can deduct it from the amount we spend. Obviously not the wisest of moves...but got my head in the clouds with it all at the mo so until we actually take possession of the house, I'm allowing myself to dream!

Title: Re: Knocking down interior walls
Post by thescruff on Jun 17^th, 2015, 11:20pm

That's good advice Vickivixen, always nice to have reserves for eventualities.

Me old man used to say got 2 bob spend a shilling and keep a shilling. [smiley=yes.gif]

Title: Re: Knocking down interior walls
Post by CWatters on Jun 21^st, 2015, 11:51am

Read the small print of your mortgage offer carefully. Some will probably allow early partial repayment with no fees and immediately readjust your repayments.

You may also be charged a higher interest rate if you have a lower "deposit". It might depends if it puts you below a boundary such as 5% or 10% You wouldn't want to borrow an extra £5K if that puts up the interest rate on the whole lot by 1%.