House Value increase?

jmanlfc

My Wife and I bought a 3 bedroom terraced house which was very old & dated in February this year for 122k, however we have spent a great deal of money on the following.

Opening up the dining room/stars
putting in new solid oak Bannister
Entire Central Heating System replaced upgraded to Combi Condenser boiler
Entire Electrics rewired
All internal walls re-plastered and painted
all internal ceilings re-plastered and painted
new kitchen
new bathroom
new carpets throught
Bathroom & Kitchen Tiled.
garage corrected ( lintel ) repointed /restored
Whole house damp proofed with 30 year gaurantee
Inernal doors replaced
new PVC front and back door
New Skirting


I honestly dont know how much difference doing the above will make the to the house price, how can I find out ? estate agents ? is there an average/estimated % difference the above changes usually make.

Doozergirl

Impossible to say except that in such a short time frame it's essential that you buy the house at the right house in the first place. Your average house that needs some love would normally sell for about the price of what you have now, minus the cost of the work to the average punter.

You make most money on the purchase and a bit from really savvy shopping . That is a very simple fact.

Estate Agents will value for you but it's a bit unfair if you aren't considering selling. Also don't ever tell them what you think it's worth or how much you spent as you will often get a directly related valuation - it is an art, not a science.

I would have a look at rightmove, see what similar houses sell for in your area as a whole (I'm talking about size here - compare number of rooms and sizes as that is what average buyers will be looking at and comparing when viewing - not numerous exact replicas of yours), without being too precious about the fact that your things are brand new. Those houses that are under offer make a better comparison than those on the market. Use propertybee to help you with how long things have been up for sale as the longer they have been on, the more likely they are to be overpriced.

Fire_Fox

jmanlfc wrote: »

My Wife and I bought a 3 bedroom terraced house which was very old & dated in February this year for 122k, however we have spent a great deal of money on the following.

I honestly dont know how much difference doing the above will make the to the house price, how can I find out ? estate agents ? is there an average/estimated % difference the above changes usually make.

What is the ceiling price on your street, what percentage has the market fallen in your area since that time? Did you buy at a knockdown or overinflated price? How much of that work was essential and how much was personal taste? What did your valuation come out at and how much have you spent since then?

If a house is dilapidated some work will add value, however some 'improvements' actually decrease the value - if this is a period property there are many parts of the country where uPVC doors and modern internal windows would be a negative.

jmanlfc

Thanks,

It isnt really an issue as the house itself was gorgeous just very old and dated, alot of traditional features that had been locked away and covered up, such as old doors, boarded, fireplace ripped out left in garage ( now restored ) etc...

the problem I have is that very few people move from this area or have done in the last 4/5 years ( think 2 sales ) about the same value, but the other homes are 2 bedroom this one is 3.

There is another for sale in the street for 189,950, they have 3 bedrooms not as newly renovated but ok, the only difference is there 3rd bedroom is a loft conversion.

The property was up for sale for 140k, but due to the amount of work involved we bid 122k which after some toing and frowing was eventually accepted, we will have spend about 15k on the house/ renovating wise.

there was a house in the street that sold for £183,000 in March 2006, but that is the only 1 sold since 2004, there are about 45 houses in the street

PasturesNew

There was a couple on the telly, aired this week, one of those Location x3 programmes, but this was the "catch up" with Kirsty and Phil revisiting five years later.

A couple had bought a house in Appledore, Devon for £290k (I think) - and spent £40k doing it up (extensions, improvements, kitchen, decking, flooring, etc) .... so, 5 years on, with all the improvements, how much was it worth? £300k.

ILW

If you are planning on selling, get three EAs to value the place.
If you are not selling, what difference does it make?

Doozergirl

jmanlfc wrote: »

Thanks,

It isnt really an issue as the house itself was gorgeous just very old and dated, alot of traditional features that had been locked away and covered up, such as old doors, boarded, fireplace ripped out left in garage ( now restored ) etc...

the problem I have is that very few people move from this area or have done in the last 4/5 years ( think 2 sales ) about the same value, but the other homes are 2 bedroom this one is 3.

There is another for sale in the street for 189,950, they have 3 bedrooms not as newly renovated but ok, the only difference is there 3rd bedroom is a loft conversion.

The property was up for sale for 140k, but due to the amount of work involved we bid 122k which after some toing and frowing was eventually accepted, we will have spend about 15k on the house/ renovating wise.

there was a house in the street that sold for £183,000 in March 2006, but that is the only 1 sold since 2004, there are about 45 houses in the street

I will guide you back to my post where I probably didn't make it clear enough but suggested you look at your area as a whole. Potential buyers will not be looking at what other houses in your street are worth until they've settled on the fact that they like yours.

They will be looking in a general area - usually a whole town for the roght property and they will be viewing different kinds of houses, but usually similar sorts of sizes. You need to look at what is on the market in the whole of town and, more importantly, what is selling! A marketplace is not a box with one apple for sale in it. There are different boxes, different stalls, different types of fruit, indeed different types of apples. In property terms - a market place is not a street with only one house for sale. A buyer will plump for the best value offered by the type of apple/house that suits them.

If you spend some time looking at what goes up for sale and what sells over a period of time, I think most people will get an idea of what their house is worth. I know someone who only needs to open the paper to realise that they think their house is worth the same as most houses in town with an extra bedroom and a lot more living space.