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Old 26.12.2014, 14:03
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Re: Building inspection and renovation cost estimate prior to purchasing old chalet

And some people definitely do NOT!

Just come back from Surrey (UK) and its very heart is being torn apart- all the lovely old houses being pulled down, their gardens ripped up- to build massive ugly houses with not a blade of grass or flower in sight. Sadly the tax structure encourages this, as there is no VAT on new build, but VAT on improvements and extensions, in the UK.

Some of us love old houses- our dates from Elizabethan times. It has a heart and a soul- and so much history. You can never ever 'build' that.

Would love to hear from IMCB and whether we went ahead and bought- and how he got on. Are you there?
It's more the value of the land rather than the tax structure. Also as the cost of staff to look after your large garden is prohibitive to all but the very richest, large gardens are no longer an option for most.

The no's are clear in North London, a home built in the 1970's by a friends father sold for 1,500,000. House demolished new house built costing approx. 2,000,000, sold for 7,000,000. So 100% profit less 28% CGT over 2,500,000 profit after tax on a 1,500,000 purchase. Looks like a no brainer to me.

Remind me about old UK houses, cold, rising damp, single glazing, lack of bathrooms, certainly nothing the Swiss would wish to rent Most Elizabethan houses in the UK would be listed buildings, so they can't be demolished........ of course lets not add too much accuracy to the story. In CH houses also get replaced at an alarming rate......

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Sometimes the advantage here of retaining an old house, instead of completely demolishing it and starting again, is that the old house does have to comply with the same constraints as new one. Distance from the road, volume, number of stories, type of construction etc. etc. These rules are subject to constant change.
There is a risk with that strategy, if the house gets burned by fire or damaged by an avalanche, you may not be allowed to rebuild, something to bear in mind. Purchasing anything where the Zoning rules have changed is very dangerous.
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