Selling House - New Kitchen and Bathroom

bigfreddiel

My property needs a new kitchen and bathroom

I have the quotes but I don't want the hassle of actually doing the renovation

I'm thinking of putting the house on the market but offering to pay for the renovation once sale is complete - in fact I will add 20% to the quotes.

The new owner could then not do the update but keep the money, do the update as is and pocket the 20% or do his own thing.

This will allbe detailed in the sale contract

Has anyone done this or seen it being done?

fj

[Deleted User]

Most people will assume you're shafting them with the quotes and ask you to just deduct the cost of the renovation from the price of the house and then either abandon it and save the money or opt to do it themselves.

hazyjo

Just price it to take into account the fact it needs a new kitchen/bathroom. Let them worry about whether to do it or not once they own it. Or be prepared to take an offer.

So long as there are photos of both on the EA's particulars, it's normal to just sell it as it is. I wouldn't want your 'deal' and would just say I'll offer less and that's the end of that.

Jx

DRP

^^YEAH THIS

price your property accordingly and/or accept lower offers

Richard_Watters

Keep it simple! This will scare most people off. If you don't want the hassle of doing the work yourself then you'll need to accept a lower price. Almost certainly this reduction will be more then the cost of installing the new kitchen and bathroom as people value their time. If you want top dollar (and probably a faster sale) do the work.

cattie

Having recently bought a property that desperately needed a new kitchen along with other updating, although the bathroom was pretty decent, I can tell you that the price was the deciding factor for me in buying it.

It came on the market at a good £20k-£25k lower than what properties on this development usually go for & I estimated that my outlay to get it brought up to date to a good standard, fully redecorated etc. should be no more than £25k, so the figures stacked up for me to be able to get a home exactly where I wanted & have it done up in a way that suited me.

It wouldn't have attracted me to have a vendor offering what you are thinking of doing. So just reduce the price to reflect the amount of work that needs doing.

hazyjo

Actually, would be interested to know if a solicitor would object for money laundering reg reasons... just sounds 'dodgy' to me, like you're trying to 'lose' some cash later down the line! (Not saying you are!)

Jx

bigfreddiel

Thanks everyone - looks like a no then to that idea

Westie22

I remember seeing on one of the property shows on TV they told someone to get plans of how the space in the house could be changed. I think it was an extension that had been built on by the owner's husband (who had died), and the new area had just been left. Can't remember the exact details now but they told the woman to get plans to show viewers how the house could look.

They did that with another house too, an old one with a small, narrow kitchen, show plans of how to open it up and what it could look like, to show viewers the potential.

In my kitchen we have 3 drawers, and 3 double cupboards, and 2 single ones. We've had 2 viewers and they thought the kitchen was too small. Which it is.

eddddy

Hi bigfreddiel

Ask a few local EAs to give their opinion on price and saleability with or without a new kitchen/bathroom (but don't accept everything they say at face value).

For example, an EA's advice to me on a particular house I was selling:

- Definitely re-do the bathroom. The 'lady of the house' will hate the idea of using a nasty bathroom, and is likely to veto the house for that reason.

- Don't re-do the kitchen. You won't recover the cost because the buyer probably won't like your taste in kitchens anyway, and the buyer will be excited about the opportunity to go shopping for a new kitchen.

But that was based on the type of house, and the EA's target buyer for that type of house.

(For example, if the target buyers are busy young professionals, perhaps they have less time and inclination to go shopping for kitchens, and would be happy with any newly installed 'neutral' kitchen.)