renovate or move

jobrowning

Our house is quite tidy in that we renovated it about 5 years ago. My job is now looking very dodgy and thinking of what to do if the inevitable happens. Do we redo our present house to sell at highest price possible ie putting in really good fittings or do we sell it now for a lower price and buy something else that's had nothing done to it and renovate that with a view to selling and making some money. Any advice would be welcome please.

Ectophile

In any given road, there will be a price at which the houses sell. Adding lots of expensive bling to the house is unlikely to raise it's value significantly.

Tidying the place up and replacing anything that's too shabby probably won't make much difference to the price, but will make the place more desirable to buyers - possibly leading to a quicker sale.

pendragon_arther

Use the financial equation of the cost of moving, including removal company, solicitors, plus all the xtras which comes to about £8000 to the cost of renovation.

Davesnave

There is a world of difference between renovating for yourself and doing the same in order to make a profit.

Unless you have the skills to do most of the work, or have a network of mates who can fill your skill gaps in return for other favours, the chances of making a serious profit on renovation are slim.

You also need the ability to identify your key market and to match what you do to it. Sounds easy, but many fail.

Finally, if you want the best price at the end, you need the equity to wait for the right buyer.

jobrowning

Thank you guys Just what I needed - ideas to make me think through what to do next. We have renovated 3 houses in the past and made good money out of them but am older now and not so focused.