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What sells a property?

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  • Before we sold our flat we had a few EAs round to value at the time we were thinking of installing a new kitchen. The general consensus seemed to be that we would not get the money back that we spent on it and just knock off the expected cost from the expected sale price. Saved a lot of time andhassle too of course.
  • henrik1971
    henrik1971 Posts: 202 Forumite
    edited 2 December 2009 at 11:56PM
    Its too easy to over-analyse what might help sell a house and what is worth doing or leaving. My experience is that buyers can be worryingly frivolous or emotional and there's nothing you can do to court the favour of such people. You know the type that like the look of the house, the neighbourhood, etc. but then don't like the wallpaper in the downstairs loo, and so they write off the property as a potential purchase.

    In the current market, there are a number of opportunistic cash buyers around - looking for, and expecting bargains. From the sound of your property its in a reasonable area. To quote the old adage - Its much easier to sell a cheap house in an expensive area than an expensive house in a cheap area.
    Give the place what I would call a 'magnolia sweep' and replace the worst carpets with some beige 4.99 sqyd stuff. The appearance of freshness and cleaness is just as important as expensive fixtures, and probably a lot cheaper to obtain.
    As long as the bathroom is clean and functional, and so is the kitchen, I wouldn't worry too much. Price it to sell, don't let an estate agent take you off on flights of fancy that the house is worth a fortune. Sell it quick and take your money.
  • Doozergirl
    Doozergirl Posts: 34,075 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 3 December 2009 at 12:18AM
    Honestly? If you can't really see what needs doing yourself then you should probably leave it to someone to do themselves. What you don't want is to spend money replacing something that people will end up replacing themselves because they don't like what you've done. You either want 'wow' or just let people do it themselves. No one will fall for a cheap refurb these days.

    Being advised to do something is going to end up with a different result than someone who genuinely cares doing it for themselves to their own taste.

    Selling price may well reflect the fact that it needs some TLC but I'm guessing that a house with a 30 year old bathroom (shall we say original to the house if the house is 60s!), a dodgy lean-to and a 12 year old kitchen is not going to be brand spanking shiny in other areas with plush carpet throughout, freshly sanded and repainted woodwork and clean painted walls?

    If the house is decent structurally then it will fetch a sensible price for sale. If you are doing the kitchen and the bathroom then you need to do everything; otherwise it looks like you have done exactly what you are being advised to do - tart it up for sale. Buyers are much more savvy these days - you either do it all properly - not just a magnolia wash! or don't do it at all. This is not a market where people will pay a premium for that thinking they can improve the value by changing an already new suite and stripping back the wallpaper that should have already been stripped by you from under the freshly, but badly applied, magnolia paint.

    They will recognise quality, but that needs to shine in all areas.
    Everything that is supposed to be in heaven is already here on earth.
  • jangor_2
    jangor_2 Posts: 280 Forumite
    Thankyou. Since purchasing the property I have had to carry out rather more essential works than I understand would be necessary during the buying process. Unfortunately I was therefore only able to completely gut the lounge and refurbish. The rest of the house has been emulsioned in a neutral shade, skirting boards, stair rails, bannisters etc. all rubbed down and painted white. (The house was a variety of colours when I moved in.) Personally I would love to see the bathroom and kitchen refurbished but as I am extremely unlikely ever to live in the property again, it has been a difficult decision as to what further works to carry out to make the property saleable. However my other concern is that the property will remain empty until it has been sold which is worrying. I am also unsure what steps I should take to ensure the house is as safe as possible while empty.
  • Fire_Fox
    Fire_Fox Posts: 26,026 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    As suggested, why don't you post up photos? Doozergirl is very experienced so her opinion carries a lot of weight, but really at the moment we are all working blind!
    Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️
  • ema_o
    ema_o Posts: 885 Forumite
    When we bought our house I think it was in a worse state to yours. Needed complete rewire, central heating, kitchen was literally a sink, cupboard below sink, 2 wall cupboards and space for washing machine. Bathroom was I think about 70 years old. We loved it though, and the opportunity to do both kitchen and bathroom was fab as both are now to our taste. Would have preferred slightly more kitchen to start with, but didn't care what it looked like. We put in some sideboard and a couple of cupboards from Wickes value range, it lasted a year like that, then we removed a wall and we're getting the new kitchen fitted just after christmas.
    We couldn't have afforded a new kitchen if we'd bought a house that had already been done, so luckily selling price reflected that we needed to do this.
    If you don't want to just leave it, can you tart up what is already there without spending much? New cupboard doors, or just repaint?
  • marcg
    marcg Posts: 177 Forumite
    In today's market any property requiring a complete refurb will be sold at the market value less the cost of works less profit and contingency. The old boom days are gone and it's a buyer's market.

    If the house is worth £120k in good condition but needs £20k work doing to it it will sell for £85k. No-one is going to take the risk and stress of a do-er-upper for no profit and with no contingency.

    So, if you are willing to go through the stress and cost of refurb'ing it, you will get the profit and contingency for yourself. But you have to do it properly - if it looks like there is stuff still to do then you are stuck with a buyer wanting profit and contingency.
    I'm an ARB-registered RIBA-chartered architect. However, no advice given over the internet can be truly relied upon since the person giving the advice hasn't actually got enough information to give it with confidence. Go and pay someone!
  • googler
    googler Posts: 16,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    jangor wrote: »
    However my other concern is that the property will remain empty until it has been sold which is worrying. I am also unsure what steps I should take to ensure the house is as safe as possible while empty.


    Your buildings and contents insurer(s) may have something to say on this topic, along the lines of "your insurance may be invalidated unless you...."
    have someone visit the property every few days, or
    drain down the water tanks, heating system and turn off the mains water
    turn off the electricity at the main switch
  • jangor_2
    jangor_2 Posts: 280 Forumite
    Thankyou. I have some pictures but having problems trying to attach them. Hadn't given the insurance aspect a thought, guess I will have to contact them to see what I need to do.
  • ixwood
    ixwood Posts: 2,550 Forumite
    Fire_Fox wrote: »
    ..
    Women choose which house to buy and a three bedroom is a potential nest ...

    Lol. Only if the bloke's a wet, push over.
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