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Completely 'gut', or sell and re-buy?

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Nansnet Tue 05-Mar-24 09:06:51

We had an offer accepted on a house in the UK, way back in early October. Since then, there's been one obstacle after another, and we've finally taken the decision to pull out of the purchase. We really loved the house, and it was going to be our home to retire to (in a year or so), but we would still have been into spending money on it to make it 'our' perfect home. It simply wasn't meant to be, and that's OK, we're fine with it.

We've lived overseas for many years, but we still own a property that we used to live in, in the UK, which we've been renting out. We have recently regained possession of the property, but sadly it's been left in quite a bad state by the tenants, and it will need quite a bit of work to 'tart it up' if we decide to sell it.

After going through the last few months of stress and hassle, trying to purchase the other property, we are now considering whether to keep the house we used to live in, and totally gut it, to the point where we literally have it exactly as we want it. Or, do we 'tart it up' to sell, and embark on the stressful process of trying to purchase something else before DH retires?

My view is that, even if we did manage to purchase a suitable property, it probably wouldn't be exactly how we want it, so we'd no doubt still have some work to do to get it to be 'our' perfect home. Whereas, if we totally gut the house we already own, although it will cost a lot of money, we will end up with a house exactly as we want it ... and it probably wouldn't cost as much as purchasing another property, plus the cost of any alterations. Also, we wouldn't be living in the house, so all the work could be done before DH retires, and we're ready to move into it. We do also have lots of contacts for people who could carry out the work.

DH is almost on board with me, but he has this idea that he feels he hasn't 'moved on' if we move back into the house we used to live in, even though it could end up being 'our perfect home'! We both still like the house (but not in its current state!), and we have no mortgage. We have a budget set aside to be able to completely refurbish it (within reason, of course!).

Buying property is such a hassle these days, I really don't know if we can stand to go through all the stress again ... it's worn us out!

What are other people's thoughts on this? Anyone with experience of going through a whole-house refurb themselves, with any tips/advice?

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Nansnet Sat 09-Mar-24 05:07:16

Thanks to everyone for giving me your thoughts and advice. It's good to hear what other people think, as I feel we can sometimes run away with ourselves, and our ideas of what's best to do.

We don't always think about the true costs, and logistics, of everything involved, whether keeping/renovating, or selling/buying. I admit that I've probably been a little carried away with the idea of having everything new in the house we already own, and to a certain extent so has DH. But I am beginning to understand his point of view, and apprehension, about moving back to live in the same house.

Having discussed this a lot with DH over the past few days, I don't think either of really know what's the best thing to do.

Neither of us relish the idea of having to go through the selling/buying process yet again. You just never know how it's going to turn out, and the cost of it all is crazy. We've already lost well in excess of £2k on the previous house. Then there's the dreaded stamp duty to consider, which is even more expensive as we're still currently living overseas.

We've just had the house valued 'as is', but we would need to spend some money on it to get it into a more desirable state to put it on the market, if we decide to sell.

I'll be visiting UK in a few weeks, so I'll see what my feelings are once I've had chance to see the house again for myself. I may decide that I hate it after all, so living back in that house would be out of the question! Or, I may see it and imagine what a wonderful home we could make it.

Lots of decisions to be made for sure, but you have all given us plenty to think about ...confused

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Joseann Sat 09-Mar-24 08:21:59

I think, probably a bit differently from many others here, that you might be wise to be led by your hearts on this one. It's a good idea to see what your feelings are about the old house before you decide from afar, especially if the tenants have left it in a mess.
It is an emotional thing returning to the UK from overseas, and it feels so comfortable to imagine picking up from where you left off, I know. But in real life things aren't always like that, and so much will have changed and moved on. It might be refreshing for you to have a new start. Good luck!

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Scotgirlnick Sat 09-Mar-24 17:53:13

You would be able to improve the insulation, install solar panels etc and make it cheaper to run as well as better for the environment. A warning though that the cost of building materials has gone up in the last few years, but you would be able to spread some things out if you get it habitable. Good luck

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NannyEm Sun 10-Mar-24 07:03:14

Over the last 18 years that I have lived in my house I have made so many alterations to get it the way I want it, I feel like I am in a totally new house. I have done the work myself wherever possible but luckily had some money from my Dad's will to allow me to get professionals in for the harder work. I would dearly love to travel but my animals are getting too old to leave, so I've decided to run with "a change is as good as a holiday". Every time I walk around my house I get a feeling of satisfaction, pride and contentment. If you love where your house is, I'd say keep it and change it to what you love.

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