How big an effect does interior condition/decor have on house values?

NaughtiusMaximus

What are people's thoughts on this?

Say for arguments sake there are 2 houses in the same street and of identical design/layout. Both houses are structurally sound and liveable as they are but house A is very tired looking and dated throughout whereas house B is far more modern with recently refitted mid-range kitchen and bathroom and modern styled carpets/walls/fireplace etc elsewhere in the house. If the market value of house A is £150k, very roughly how much would house B be worth?

00ec25

I like a white kitchen, so house B may be worth the same to me as house A since I'll need to change it in either.

I don't think your answer is as formulaic as you think it ought to be

ReadingTim

The price difference in pounds is equivalent to the length in millimetres of this piece of string.

So, to rephrase your question, how long is a piece of string?

ssparks2003

10-15k perhaps, it may not even increase the sale value but might help get the sale quicker.

tori.k

That's a bit of a how long a piece of string question really as that depends on the buyer, as everything is down to personal taste. What's is turn key ready in one person's eyes is work to be done in another's.
Cosmetic work paint/ carpets doesn't personally bother me, having to replace a bathroom or kitchen as necessity would knock pounds off but as dated but fully serviceable wouldn't.
We have viewed newer done property's and considered some of them less then the dated property due to cheaper looking finishes or in one case the cleanliness of property.

Gilead

It all comes down to personal preference and taste. Some folks will be looking for properties they can literally gut and put their own stamp on it - if they love the house then they see it long term as a home/investment and will pay the going rate.

On the other hand, some will want something they see as liveable with as little painting/decor/works required. They wouldn't even consider one needing a spruce up.

Yes, everyone wants to get a property at a good price but the as long as it is structurally sound it just comes down to preference.

theEnd

Generally somewhere between zero and the total cost of the changes.

If you've done a really good job AND find a buyer that likes the changes and isn't keen on going through the work themselves, it could be worth more than it cost.

Rare, but if you made a terrible job of it, it could be negative.

NaughtiusMaximus

Hmm okay, somewhat variable then. The reason for asking is trying to work out whether or not a property has been overpriced by the vendor/EA when recently sold similar properties are in a wildly different condition.

ssparks2003's suggestion of 10-15k was the sort of figure I was thinking of but accept personal taste is a major factor.

barbiedoll

"Tired-looking and dated" decor probably wouldn't affect price too much, as other posters have said, new buyers tend to want to decorate to their own taste anyway. Anyone can freshen up a house with a couple of hundred quid and a few tins of elbow grease.

But a house with rotten woodwork, damp/blown/crumbling plaster, ancient electrics and a 30 year old boiler? That will obviously take a hit on the selling price.

Crashy_Time

If it is over-priced, nothing will shift it in this market. IMO.

ReadingTim

NaughtiusMaximus wrote: »

The reason for asking is trying to work out whether or not a property has been overpriced by the vendor/EA when recently sold similar properties are in a wildly different condition.

Price is totally subjective. Every buyer thinks they paid too much. Every seller thinks they sold too cheaply. Offer what you're willing and able to pay. The seller will either agree, offer to negotiate, or tell you to get lost. Repeat the process until you agree on a price, or realise you'll never agree on a price.

If you think you can 'call out' something as "overpriced", to which the seller says "ok, it's a fair cop, guv" and drop the price to whatever number you come up with, you're sadly mistaken.