Like any potentially life changing investment we chose the house based on the 'feel' of the place, rather than a realistic assesment of it build quality, services, suitability and value for money.
It's a 3 bed end terrace, built some time in the 60's as part of a new housing estate just outside a small city in south wales. I liked it because it had lots of space for off-road parking and a garage (albeit only a single). My wife liked it because it's in a friendly neighbourhood, and it has 3 bedrooms (2 doubles).
The QS appointed by our mortgage lender conducted a survey and valued the house below our offer price. This should have been a warning, however we simply adjusted our offer downwards and hoped the vendor would accept.
He did. Loosing several thousand pounds on the sale as it was now being sold for less than he bought it only 6 months prior.
This also should have been a warning.
We weren't blind to the issues, it was immediately apparent that the house requried modernising, a single 13A power outlet in each bedroom is hardly sufficient for todays electrical requirements, as is the elderly fuseboard, or the coal-fired heating system.
We knew we had some work ahead of us, and the fact that we had 'saved' several thousand pounds on the purchase was added motivation. I immediately started calling around for quotes to install a modern gas heating system, as well as a gas supply (oh yes, the house didn't have gas), not to mention a a complete electrical re-wire.
The top of the task list though was to return our current accomodation to a rentable condition. This was no mean feat, as I'd been living there 9 years, and had accumulated 9 years worth of junk - er - useful stuff.
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