Ideas to add value to this house

PasturesNew

chewmylegoff wrote: »

why no retractable roof

Good plan.
Or a roof terrace, stop the chavs from the ground level nicking your tomatoes and spuds you're growing up there.

Kez100

Whatever you do with that property you are going to have a maximum improvement value because it is surrounded by a lot of the same property.

If I were ever going to develop, I would be picking a place where improvements could be made and they would change the property such as to push it into a different price band rather than an estate house which will always have a ceiling to its value even if you use Pasturesnew Grand Designs Company.

silvercar

Kez100 wrote: »

Whatever you do with that property you are going to have a maximum improvement value because it is surrounded by a lot of the same property.

Absolutely.

Though to be fair, only that block are townhouses, the rest of the road are small 3 bed terraced. The plus factor is that a lot of new townhouses have been built on the road behind that are fetching silly money. I know it won't get anything like that. But the new development has improved the immediate area and there will be a demand from people who want a similar style house, nearby, for a cheaper price.

I have in mind what that differential (between the new townhouses and this house) might be. If the

auction price + improvements + interest on the money while the work is done + an allowance for a fall in house prices between now and when the house is sold

leaves me with a profit that is worth the hassle and risk involved then its an opportunity. If the profit level is not worth the risk then I'll walk away.

GDB2222

silvercar wrote: »

If the auction price + improvements + interest on the money while the work is done + an allowance for a fall in house prices between now and when the house is sold leaves me with a profit that is worth the hassle and risk involved then its an opportunity. If the profit level is not worth the risk then I'll walk away.

"an allowance for a fall in house prices between now and when the house is sold" That's the big issue, isn't it? There's a month between the auction and completion, so a 2% drop before you even get your hands on the place. If you are doing pretty substantial work, then maybe another 3 months before it's ready to market. So, that takes you to 'next Spring' before it goes on the market. So, at current rates of fall, you need to allow say 10% drop in value of the finished product.

However, the fall adds considerably to the risk, because (a) it's speculative how much the fall is, and (b) you have a problem if you can't find a buyer straight away once the work is finished, as you can expect the price to keep falling.

As I have said elsewhere, it's a bit like trying to swim up a waterfall. I guess it all depends on the price you have to pay for the place.

neverdespairgirl

Can't help with the layout, but it's a very ugly house, to my mind. And the conversion just looks weird, with that odd bay window. It doesn't fit with the rest of the "design" at all.

silvercar

GDB2222 wrote: »

"an allowance for a fall in house prices between now and when the house is sold" That's the big issue, isn't it? There's a month between the auction and completion, so a 2% drop before you even get your hands on the place. If you are doing pretty substantial work, then maybe another 3 months before it's ready to market. So, that takes you to 'next Spring' before it goes on the market. So, at current rates of fall, you need to allow say 10% drop in value of the finished product.

However, the fall adds considerably to the risk, because (a) it's speculative how much the fall is, and (b) you have a problem if you can't find a buyer straight away once the work is finished, as you can expect the price to keep falling.

As I have said elsewhere, it's a bit like trying to swim up a waterfall. I guess it all depends on the price you have to pay for the place.

Totally agree. I'm reckoning on getting it ready by Spring and allowing for 17% drop in finished price, based on what it would get now if in finished condition.

As your last para says, it all depends on getting it at the right price.

silvercar

neverdespairgirl wrote: »

Can't help with the layout, but it's a very ugly house, to my mind. And the conversion just looks weird, with that odd bay window. It doesn't fit with the rest of the "design" at all.

It is ugly at the moment, but windows and a front door that all match each other will help greatly.

Even ugly houses sell, at the right price.

GDB2222

silvercar wrote: »

Totally agree. I'm reckoning on getting it ready by Spring and allowing for 17% drop in finished price, based on what it would get now if in finished condition.

As your last para says, it all depends on getting it at the right price.

For this sort of thing, do you get quotes for all the work before bidding?

BTW, that looks like a really useful set of auctioneers. I like sales where there are only a few lots.

ds1980

you people should really research before criticising.

2 auction properties of late in area.

allsop tiny 3 bed sold this week for just short of £200k.

3 bed semi (concrete) sold for £180k at auction. Buyers put it back on the market the next week at £210k with estate agent went under offer in 3 weeks for £200k. needed at least £30k spent on it. weird layout. £20k profit in this market?????

There are bargains and money to be made still you need to know where to look.

Good upcoming area laura ashley just moved in.

I have discussed with op my opinions but it's rude and stupid just to cite stuff you read and assume that she will lose money. if it is an investment and she doesn't need to get the cash out then she won't lose on it that is for sure.

I have just bought a property in the area and am happy to wager with anyone we will never go into negative equity. Pleas eunderstand the places you are talking about befotre you pass judgement.

good luck op

moneysavinmonkey

silvercar wrote: »

A bedroom with a shower in it that is too small for a bed; current owners have a cot in there.

a room with a shower in that is too small for a bed is a bathroom in my books.