How much do you think you added to the value?

Davesnave

Ceiling value is key. Every house has one. Of course, it changes over time. In my last road it was about £70k in 1987 and it's around £385k now.

So, over time, you'll get your money back! :rotfl:

Even one-offs are of a 'type.' In our village, quite a few people feel trapped in individual houses they spent far too much on. Now, they won't sell for a valuation below what they spent, but others won't buy at the prices they want. Stalemate.

Reluctantly, I've just dumped my planning permission to extend. I live in a very individual place, but it's still of a type, and I know its ceiling value. Ironically, I could walk away from it now and turn in a profit, but I shall stay on, improve it to suit my needs and keep the total spend around that figure.

In other words, I want to enjoy it more, but without over-indulging and making myself dissatisfied when the time comes to sell.

moneyistooshorttomention

I think the general location a house is in will have an effect too. As LessonLearned would say about "ripple effect" and areas going up.

My personal take is that wealthier incomers have bought nearby in a couple of pretty villages, they are now buying in a pretty village nearby (this time for proper homes and not so much holiday homes as far as I can see) and, at some point, with limited supply available there will have to "ripple out" and where I am isnt far off the inner circles of a ripple effect if that happens.

I've noticed too what some of the recent incomers are like etc:D. I've noticed that, in last few years, some more upmarket type leisure facility type stuff has become available locally.

Bring on the skips eh Lesson Learned? I think I know how things will be here in a few years time. I may be backing the wrong horse...but so might any of us...

Though I don't know whether this has always been the case, but every single recent incomer I come across has, without fail, embarked on major house renovation work as fast as possible after moving in and we all swop house gutting stories.

No plans to sell ever (unlike House 1, which was mentally on the market already from the day I moved in), but I'm curious to see how things go.

lostinrates

I am pretty certain we have devalued our house at times in the last few years since buying it at least in the short to medium term in some ways.

BUT, in doing so we have made it more suitable and pleasurable for us.

We live in an old, listed house that wasn't structurally sound when we bought it. When we secured planning permission for quite significant works the architect warned us that this would be the time to sell if we wanted to make money.....the permission secured and little money spent the property was worth its most in recouping terms unless we were to do everything in the most cost effective way.

Having done some of the most major structural work we believe him! We've spent a fortune and not done anything really 'decorative '. But buying a house like thins was never going to be a purely finacial investment.

Our best option for a good financial return, IMO, is to continue in the vein of doing the best job possible, mindful to finish while not overspending.

As we aren't really looking at selling its not really too much of an issue. The people I know who have made considerably without making it a full time job in property did so by moving infrequently, and the property just increased in value over time.

I don't feel people's decorative choices add value to me when I look at their homes. I am amazed we continue to buy into this in the uk.

Davesnave

moneyistooshorttomention wrote: »

Though I don't know whether this has always been the case, but every single recent incomer I come across has, without fail, embarked on major house renovation work as fast as possible after moving in and we all swop house gutting stories.

As you know, I've watched a particular sector of the market in your area for years.

I've seen potentially attractive properties sold that clearly need work. Then, three years or so down the line, they come back to the market considerably refurbished.

However, because of market conditions over the past few years, their asking price remains pretty much what it was before the work was done.

Some people are currently getting bargains. Others are losing out, not just because they haven't added value, but because their dream of living the Good Life has somehow evaporated.

It happens here too, but not so often, or so obviously.

hazyjo

Depends on how market's performing.

Bought one house for £237k-ish. Added a shower, replaced kitchen, boiler, roof, guttering, changed some flooring, some decoration, etc - probably spent £15k max, but only 'made' a grand when sold. However, that was in recession. If I'd sold it four years earlier, I'd have sold at around £280-290k.

Bought house now for £274k last year. Have spent approx £15k (decor, new kitchen, tiled floor, etc) - and would expect £340-380k. BUT that's a lot to do with the rise in prices generally, not all cos of the changes I've made. Nothing to say when I come to sell, it'll go for £250k if we're in recession again!

Jx

Pricivius

There are quite a few factors which influence house price and so it's often hard to judge the impact you and your changes have had.

For example, I bought a one bed duplex flat as a repo in London for £158k. I felt it was worth about £185k if it had been in good nick and not a repo. It needed a new kitchen, new flooring throughout and a lick of paint, as well as some tidying on bathroom tiling and a hole in the ceiling repairing. I spent about £9k in total (not including mortgage payments) and sold it 18 months later for £220k.

I certainly made it look a lot more appealing, particularly as it was no longer tainted with the repo brush that many won't touch, but the area was spot on and the market was rising. Absolutely the right place at the right time for the right price.

115K

shegar wrote: »

Got a big south facing garden which was just a blank canvass , Ive planted hedges, wildlife pond , bought 8 mature silver birches ,built big hen house and run area, garden looks beautiful now ........Done more work outside than inside.....

That sounds really lovely.:)

cattie

I've spent about £25k having my current home refurbished after buying it 18 months ago. I had an ea around on Saturday & according to him it's now worth £90-£100k more than I paid.

However, I will add that the local market has skyrocketed over the past few months anyway, so even without updating the place I would still see an increase of around £70-£75k in todays market compared to what I paid 18 months ago.

lessonlearned

Some great comments and stories on here, and some very interesting case studies.

I am currently watching a bungalow on RM. This property is a classic case of how to lose a fortune.

It has been languishing for months at around £145K - done properly this property should have been worth around £250K but it is a disaster.

It was built 4 years ago by it's architect owner. Let's just say if he was the last architect on the planet I would not commission him to design a dog kennel let alone a house.

The property is in a good location, pleasantly rural but within walking distance of "day to day amenities", a 10 minute car journey to a number of nice market towns and a 20 minute drive to the city. It has glorious panoramic views. And all within spitting distance of the Peak National Park.

The two potential drawbacks are it is situated on an unadopted road and it has no mains gas supply - it does have a proper water supply so no messing about with septic tanks.

The house itself is poorly designed and, in it's present layout would not work for a wheel chair user or someone who needed a walking frame - surely a requisite for a bungalow…….It has far too many narrow dog leg corridors.

The architect has wasted thousands of pounds on an all singing all dancing jacquzzi bathroom but has not put central heating in, relying on storage heaters which are plainly inadequate because the pictures on RM show several additional oil filled space heaters and radiators…..

What a missed opportunity. He could have made this a low energy green eco build, using the best of modern technology and energy saving measures. He's done none of that.

Incorporating a few energy saving measures within the build would have been much cheaper than trying to retro fit them.

Also one has to question his abilities as an architect because he has made no attempt to landscape the property to its best advantage. He has either concreted or gravelled most of what could be a lovely large south west facing rear garden.

Have you ever tried manoeuvring a wheelchair over gravel:rotfl:

Instead of a charming garden the outdoor space is the sort of grey depressing dismal back yard that you would expect in a down at heel urban terraced house.

The property has two bedrooms, two bathrooms a large utility area and a truly hideous open plan kitchen/dining/sitting room which just doesn't work. That room will be freezing in winter, despite the presence of a log burner - hence all those extra space heaters.
the electricity bills must be ginormous.

As I say it has languished for months now when if it had been done right it would have been snaffled up for the best part of £1/4m. As it stands it needs approx £50K spending on it……on a 4 year old house. :eek: Madness.

PasturesNew

lostinrates wrote: »

I don't feel people's decorative choices add value to me when I look at their homes. I am amazed we continue to buy into this in the uk.

That lie and the number of bedrooms lie ... why should a house be worth £50k more just because somebody put up a bit of stud wall and a light switch/fitting...?