Modernise or not

hilton

Due to a death in the family my wife and her brother will inherit a small 2 bedroom end of terrace house.The property will need a full makeover(c/h, bathroom,rewire,kitchen, doors, probably some replastering,decorating top to bottom etc).We are under no illusions what has to be done.
We do have some finance to do the work with tradesman we have dealt with and trust before.Estimate a budget of around £10,000 +£2000 contingency.With house prices being low is this work worth carrying out or would we be better selling in its present condition? Have tried using rightmove and other property websites but cannot really get an accurate figure on current house prices,as their has been little or no movement in the last couple of years.
Not had the house valued yet but we think in its current state probably around £45000 to £50000.

Thank you for any constructive advice.

BitterAndTwisted

Personally, I wouldn't countenance spending £10k on a £45k house. Let the buyers do it to their taste and spec and get shot of it

tyllwyd

In this area, I'd say that people are looking for a houses that they can do up - so I'd put it on the market as it is, and see if it sells quickly. If it doesn't sell, you can always take it back off the market and do it up yourself, but I'd say that the most desirable properties at the moment are those that are either completely run down or done up to a very high standard (but selling at an 'ordinary' price). Something in the middle probably isn't worth the investment of your time & money.

hilton

Yes probably agree with you, but would we stand a better chance of a sale modernised or has it is? Which is what I should have asked in the first place.

tyler80

I'd agree with what tyllwyd says.

As a buyer, the two best houses we've looked at for us have been at opposite ends of our budget. One that needed a lot of work but you knew you'd get it how you liked it and one that was perfect and needed absolutely nothing doing. The ones in the middle seem poor value atm. If I'm going to have to put in a new kitchen I'd prefer to buy a house that had no kitchen than pay for a house that has a functioning kitchen that is old and dated if that makes sense.

tyllwyd

I honestly think your house will sell quicker if it is completely untouched.

buckfast67uk

put it up for auction and get shot of it, mate. Put a reserve of 35k

Doozergirl

It will sell quickly either way if it is priced correctly. People have a habit of underestimating the cost of work required so I think it's probably better to sell it untouched. As said before, if it doesn't, you can do the work later.

It's so risky to spend money on such a cheap house; 2 bed terraces are always easy to apply a ceiling price to as well so you can't wing it and try to get people to pay a bit more when you've overspent. It's not worth it IMO, I'd rather just sell it on.

Flashmanchop

What area of the UK is this property ? P.M me if you wish

hilton

Nottingham