To renovate for sale or not?
Discussion
Peoples thoughts and advice appreciated. I do understand its a guessing game even if you knew all the details of the house and area.
Currently live in a house bought a few years ago right on a stamp duty threshold (I think probably still hovering round that value). Looking to buy in a new build development that will be released towards the end of the year. Market round here seems much the same as most places outside London, ie slowish.
House needs a new ensuite and a few new carpets and a bit of sorting in the garden. My perception is that this would not necessarily increase the value of the house due to the stamp duty threshold(or would it if we made an offer to pay half the duty or some such?), but may increase speed of sale.
Need the house at least sold STC to reserve a plot on the development when released. Would be prepared to rent in the meantime but if avoidable or for minimal time would be good.
Would you:
Stick it on the market right now as is?
Refurb it with a strict eye on cost and stick it on the market in 4 or 5 months?
Do something else entirely?
Hope that makes sense, thanks in advance.
Currently live in a house bought a few years ago right on a stamp duty threshold (I think probably still hovering round that value). Looking to buy in a new build development that will be released towards the end of the year. Market round here seems much the same as most places outside London, ie slowish.
House needs a new ensuite and a few new carpets and a bit of sorting in the garden. My perception is that this would not necessarily increase the value of the house due to the stamp duty threshold(or would it if we made an offer to pay half the duty or some such?), but may increase speed of sale.
Need the house at least sold STC to reserve a plot on the development when released. Would be prepared to rent in the meantime but if avoidable or for minimal time would be good.
Would you:
Stick it on the market right now as is?
Refurb it with a strict eye on cost and stick it on the market in 4 or 5 months?
Do something else entirely?
Hope that makes sense, thanks in advance.
Sevo said:
Refurb it with a strict eye on cost and stick it on the market in 4 or 5 months?
Personally I would do this. You can get a bathroom suite for a couple of hundred pounds and find a local friendly plumber to fit it, a lick of paint and maybe some new flooring (again cheap stuff from Carpet Right)It may not increase value (although you may get an extra couple of grand if it looks spot on) but it will make it a lot lot easier to sell. The average buyer can't see beyond a tatty house and as their arent't that many buyers out there right now you need to appeal to as many people as possible.
I have an empty house that I've just re-carpeted and redecorated in the hope that it will help it to sell.
Unfortunately there's no way of knowing if I'll get my money back, however viewers will see a house that's well presented and obviously cared for. So it might sell more quickly and it might sell without a big price chip.
Today's market (whatever that is) seems to suggest that viewers want a house that's nearly perfect, rather than one that only ticks 7 out of the 10 boxes.
That's my theory anyway!
Unfortunately there's no way of knowing if I'll get my money back, however viewers will see a house that's well presented and obviously cared for. So it might sell more quickly and it might sell without a big price chip.
Today's market (whatever that is) seems to suggest that viewers want a house that's nearly perfect, rather than one that only ticks 7 out of the 10 boxes.
That's my theory anyway!
I'm in a similar situ and spent a few £k getting the bathroom floor re-done (with heating) and decorating a bedroom. Just enough to make it liveable for any potential owners. Of course, i'm sure they will rip out the kitchen and redecorate the reception rooms so i left those alone.
P.S. Oh that Stamp Duty threshold .. still the same principle applies. If you were a potential buyer what would most put you off? - then rectify those issues first. At some point after it makes no difference, then it's £s down the drain IMO.
P.S. Oh that Stamp Duty threshold .. still the same principle applies. If you were a potential buyer what would most put you off? - then rectify those issues first. At some point after it makes no difference, then it's £s down the drain IMO.
Edited by fido on Tuesday 26th April 10:14
Thanks for the replies.
Looking at my post not sure about why I didn't put the price in. Was listed at £270k, we bought for £250k. Not sure if that changes your thoughts DJC.
We're in the process of getting quotes for the ensuite but I'm struggling to see how we can get it done for less than 4K with reasonable quality stuff, I think I'd make a rubbish property developer!
So people reckon to not do it risks getting the price knocked down by more than it'd cost to get it done ourselves? Plus risk of slow sale?
Looking at my post not sure about why I didn't put the price in. Was listed at £270k, we bought for £250k. Not sure if that changes your thoughts DJC.
We're in the process of getting quotes for the ensuite but I'm struggling to see how we can get it done for less than 4K with reasonable quality stuff, I think I'd make a rubbish property developer!
So people reckon to not do it risks getting the price knocked down by more than it'd cost to get it done ourselves? Plus risk of slow sale?
Also pay a bit of attention to the front of the house, so it looks good in the photos. Unfortunately these days a lot of house hunting is done via google maps, so it may be obvious if it's been overly tidied. A couple of decent planters out the front and a lick of paint always helps.
Personally when looking at houses, I was really just looking at the walls, if major layout changes, rewires etc were needed. Complete opposite to a friend at work that spent ages looking for the right house having discounted loads because he didn't like the odd light fitting or wallpaper on the landing! Some people just see what's there at the moment and can't see past that. You really do need to help them out!
Personally when looking at houses, I was really just looking at the walls, if major layout changes, rewires etc were needed. Complete opposite to a friend at work that spent ages looking for the right house having discounted loads because he didn't like the odd light fitting or wallpaper on the landing! Some people just see what's there at the moment and can't see past that. You really do need to help them out!
Sevo said:
We're in the process of getting quotes for the ensuite but I'm struggling to see how we can get it done for less than 4K with reasonable quality stuff, I think I'd make a rubbish property developer!
So people reckon to not do it risks getting the price knocked down by more than it'd cost to get it done ourselves? Plus risk of slow sale?
£4k? Please tell me you haven't asked Dolphin for a quote? I don't see how you can spend much more than £1.5k on a simple refit. B&Q suite plus decent taps and plumber for what, a week at most?So people reckon to not do it risks getting the price knocked down by more than it'd cost to get it done ourselves? Plus risk of slow sale?
As far as i can gather good houses sell in hours and anything else just sits there. With the added joy of mouseprice and the like telling the world how long it's been on....
Bill said:
£4k? Please tell me you haven't asked Dolphin for a quote? I don't see how you can spend much more than £1.5k on a simple refit. B&Q suite plus decent taps and plumber for what, a week at most?
As far as i can gather good houses sell in hours and anything else just sits there. With the added joy of mouseprice and the like telling the world how long it's been on....
I'm not that daft! I've heard plenty about Dolphin before. More a case of failing to distinguish what I like and would do to a house that I was staying in from what needs to be done simply to look good for sale. Our initial quotes were for a pretty high spec finish, would have been fantastic, but that isn't really the point is it?As far as i can gather good houses sell in hours and anything else just sits there. With the added joy of mouseprice and the like telling the world how long it's been on....
B&Q/Bathstore etc is exactly the conversation my wife and I were just having.
VxDuncan - good point, thanks.
I am just going through the same thing. I spruced my whole house up, new bathroon suites and tiling and new carpets and paint throughout. I very quickly got offers right around my asking price.
The buyers mortgage company then valued the place at £15k less than me and the buyer
I f
king hate banks..
The buyers mortgage company then valued the place at £15k less than me and the buyer
I f
king hate banks..Sevo said:
I'm not that daft! I've heard plenty about Dolphin before. More a case of failing to distinguish what I like and would do to a house that I was staying in from what needs to be done simply to look good for sale. Our initial quotes were for a pretty high spec finish, would have been fantastic, but that isn't really the point is it?
B&Q/Bathstore etc is exactly the conversation my wife and I were just having.
VxDuncan - good point, thanks.
B&Q/Bathstore etc is exactly the conversation my wife and I were just having.
VxDuncan - good point, thanks.
Remove all emotion from the equation, it's not your house anymore. Is it worth getting a couple of local estate agents in to have a look round to get an idea of price and what they feel would be good things to do?
I know you might get a bit of a biased opinion but they do tend to pick up on things that buyers are likely to not like if you ask them to...
Personally I think I would spend a weekend or 2 getting the house and garden tidy and as straight as possible without spending any major cash and then see what some agents say. (would the carpets look better for a professional clean for example?)
The bathroom that you think is horrendous may not be as bad as you think and might just look better for half a dozen new tiles and some new taps...
Sure you'll sell it quicker if its prestine but it doesn't sound like you are in a rush anyway and if the stamp duty is the limiting price factor the price won't be going up no matter what you do.
I know you might get a bit of a biased opinion but they do tend to pick up on things that buyers are likely to not like if you ask them to...
Personally I think I would spend a weekend or 2 getting the house and garden tidy and as straight as possible without spending any major cash and then see what some agents say. (would the carpets look better for a professional clean for example?)
The bathroom that you think is horrendous may not be as bad as you think and might just look better for half a dozen new tiles and some new taps...
Sure you'll sell it quicker if its prestine but it doesn't sound like you are in a rush anyway and if the stamp duty is the limiting price factor the price won't be going up no matter what you do.
drgoatboy said:
Is it worth getting a couple of local estate agents in...
We're planning on getting in touch with the Estate Agents that sold the house for the previous owners, the house looks a lot better than it did then so we'll see what they say. Thought some impartial advice from here would be helpful first.I think the two carpets left that we haven't changed are beyond saving really but it won't cost much to do. The garden can probably be made to look reasonable with some elbow grease and a couple of hundred quid. The bathroom was the debate more than anything, consensus seems to be change it but don't be so bloody stupid with the cost!
DJC said:
Not really, if you bought at £250k a 'few years ago' (2006/2007?)...
Mid 2008, the market here seemed to bottom out just after, so I'm hoping we didn't do too badly. The likely buyers point is interesting, that reflects exactly how we felt and why we bought this house and not one that needed more work.
shimmey69 said:
Personally I would give it a lick of paint inside and out tidy up the garden and replace carpet through out get everything up to scratch.
Shouldnt cost much but will give a better impression and get it moved quicker
Hth
+1 but keep it NEUTRAL so that the new owners can use what you have done as a base for finishing off!Shouldnt cost much but will give a better impression and get it moved quicker
Hth
VxDuncan said:
Also pay a bit of attention to the front of the house, so it looks good in the photos. Unfortunately these days a lot of house hunting is done via google maps, so it may be obvious if it's been overly tidied. A couple of decent planters out the front and a lick of paint always helps.
Once you're done, call Google Maps and get them to send the camera cars back. I'm sure they won't mind 
I spent around £1500 sprucing up my old 1 bedroom house to sell:
Lick of paint throughout
New tiles in kitchen
New bathroom suite, floor and wall tiles in bathroom (go for a suite you can carry out - should be no more than £600ish).
4 grand on a bathroom in a house you are selling is madness at that market value.
Lick of paint throughout
New tiles in kitchen
New bathroom suite, floor and wall tiles in bathroom (go for a suite you can carry out - should be no more than £600ish).
4 grand on a bathroom in a house you are selling is madness at that market value.
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