D
Deleted74396
Guest
Achieved my goal of buying a house 5 years ahead of my goal a couple of years ago. Lost my prev business around the same time and didn't realise how huge the renovation was.
I bought the house on the basis heating and electric were working, they weren't, that the structure was stable, it wasn't, and that it only needed a small cosmetic renovation - I literally budgeted £5-10k.
Instead, after spending £10k I had no completed rooms, and because houses in the UK are sold 'as is' , even after spending a further £3k the house is still mid-renovation. Meaning, the only way I could sell realistically would be at auction where I'd get about half of what I spent on the renovation so far and the house cost.
Basically, I bought a house that needed a lot of work for the price of a completed house. Every time I got something done, another two problems would arise. Hence why I live in a sh*thole!
Completing the house will take me down to just £20k loss, however I don't have the money or an income so my realistic goal is for that to be by the end of next year.
The problem with this is that I have another year without a car if I continue putting cash into the house.
I figured out I lose about 40 hours a month travelling (public transport here is despicable, but sometimes it's the only option, and Uber isn't much better).
Obviously a car is more expensive, and rent sucks, but if I sold at auction I could channel those hours into work, and I'd even have over £20k saved after a year of rent and the car/insurance to invest into business.
On the other hand, it'd take a while to get to where the 40 extra hours were worth the loss from the house!
I just feel so stressed and upset about my life from the past couple of years since buying this house. I worked from the age of 12 for this and it absolutely sucks.
I'm only 22 which my friends keep reminding me, but simply having a house doesn't make me feel better about anything when the house is incomplete and a huge burden, but also selling it means taking a massive loss that I worked really hard for years throughout school and college for.
Another alternative I thought of is asking a family member for £12.5k (what the builders need to complete the renovation) with a contract that once I sell the house I'll pay them back like £14/15k I guess to make it worth their time. I'm not close with my family though so this isn't a great option really.
How does everyone feel about this situation? What would you do? I hate things as they are now so I thought I'd see what every one thinks
I bought the house on the basis heating and electric were working, they weren't, that the structure was stable, it wasn't, and that it only needed a small cosmetic renovation - I literally budgeted £5-10k.
Instead, after spending £10k I had no completed rooms, and because houses in the UK are sold 'as is' , even after spending a further £3k the house is still mid-renovation. Meaning, the only way I could sell realistically would be at auction where I'd get about half of what I spent on the renovation so far and the house cost.
Basically, I bought a house that needed a lot of work for the price of a completed house. Every time I got something done, another two problems would arise. Hence why I live in a sh*thole!
Completing the house will take me down to just £20k loss, however I don't have the money or an income so my realistic goal is for that to be by the end of next year.
The problem with this is that I have another year without a car if I continue putting cash into the house.
I figured out I lose about 40 hours a month travelling (public transport here is despicable, but sometimes it's the only option, and Uber isn't much better).
Obviously a car is more expensive, and rent sucks, but if I sold at auction I could channel those hours into work, and I'd even have over £20k saved after a year of rent and the car/insurance to invest into business.
On the other hand, it'd take a while to get to where the 40 extra hours were worth the loss from the house!
I just feel so stressed and upset about my life from the past couple of years since buying this house. I worked from the age of 12 for this and it absolutely sucks.
I'm only 22 which my friends keep reminding me, but simply having a house doesn't make me feel better about anything when the house is incomplete and a huge burden, but also selling it means taking a massive loss that I worked really hard for years throughout school and college for.
Another alternative I thought of is asking a family member for £12.5k (what the builders need to complete the renovation) with a contract that once I sell the house I'll pay them back like £14/15k I guess to make it worth their time. I'm not close with my family though so this isn't a great option really.
How does everyone feel about this situation? What would you do? I hate things as they are now so I thought I'd see what every one thinks
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