Did renovation/ total redecoration help you in getting more profit from house selling in the end?

ChrisCandel

RelievedSheff

None of the above.

We didn't make anything on the house but we did sell it in a couple of days of it going on the market. So decorating helped us get a super quick sale.

ChrisCandel

RelievedSheff said:

None of the above.
We didn't make anything on the house but we did sell it in a couple of days of it going on the market. So decorating helped us get a super quick sale.

Thak you for your reply. What do you mean by decorating? Outside walls paint? 
Thanks in advance

Zoology_Dragon

RelievedSheff said:

None of the above.

We didn't make anything on the house but we did sell it in a couple of days of it going on the market. So decorating helped us get a super quick sale.

Similar here I think. We'd renovated over the years for our own benefit and the house then sold to the first viewer. I don't think we lost money but we certainly didn't make any. We didn't do it for profit though so it doesn't matter.

welwynrose

Hubby painted the whole inside of the house in the fashionable grey as he thought our design choices were too personal for most people and we had a major de clutter as we only had a 2 bed terraced it didn’t cost a lot we sold the house to the 2nd people that viewed in about a week

dimbo61

No one can answer this question.
Can you make a huge profit from buying a run down property and then replacing the kitchen and bathroom ?
NO because the days of buying + renovating a property and then selling for 20/30% more than you paid have gone due to online survey and being able to check property sales quickly and easily on Rightmove/Zoopla/ Land Registry etc.
You can add value by making better use of existing space or extending.
Both involve extensive work and knowledge.

AlexMac

Hard to generalise. My answers, based on (too many years of) experience would be that it will depend on location, history and specification; 
- whether I happened to buy in an area which was on the up, and
- what house prices were doing at the time?  (I've owned properties during the boom years of the later 20th Century and the early 'noughties, but also experienced the two major slumps of 1987/8 and 2007/8 when prices in some areas dropped by 20-25%), and
- whether I controlled costs and kept the budget down, or pushed the boat out because I was renovating for my own use and not for resale profit (although even when doing up my own place I've tended to screw down costs as I'm naturally tight!).

And what do you mean by renovation?  I've probably redecorated every place I've ever owned, but only "renovated" half a dozen; up to and including new roof, full plumbing & c/h, rewire/new consumer unit, new kitchens/bathrooms, added bathrooms), conversion of a garage to an ensuite room... with budgets ranging from £5k- £30k+...

During the boom years, even an un-renovated wreck would have made money if you bought and sold at the right time; at other times you'd be bound to lose. 
- I nearly doubled my money in 3 years on one I bought in 1997 in a rising part of London. 
- Whereas in 2007 I bought at the peak in a relatively depressed area and was lucky to "lose" only a couple of  £k when we sold a few years later. We bought that wreck as a holiday home; spent £25k on but after a bit of fun with it,  saw prices crash so turned it into a rental to avoid a wipeout.  The rental income saved us, as we sold for about £2-3k less than our total investment.
- another shabby 1-bed flat, again, bought really cheap in 2014 in what we thought was a depressed coastal area (for family reasons, not as a profitable project) turned into an unexpected goldmine. We only spent £5k on a superficial refurb (total re-dec, new kitchen & boiler, tiled the existing bathroom- including a lot of DIY) but then it sold so well in 2019 - a 40% uplift due to lucky local factors - that we'll be having to pay a few quid capital gains tax when I get round to filing with HMRC!

So my replies to your (slightly odd?) Qs would be' 

"Yes, I got considerabale profit increase"; YES, sometimes

 "I would rather say yes, than no. But I benefited not too much";  YES once, in fact a loss, but I got away light

 "No, I spent too much on renovation and in the end got the same bill"; NEVER, I'm too mean and my wife demands cost forecast spreadsheets before we start work

 "No, not at all, renovation costed the fortune"; NO, I refer to my reply above

 "I lost more money and nerves, than gained"; YES & NO (not that I really understand the question?  Gained what?  Money - yes, mostly, Skills- yes considerably, Work ethic - yes.... I could go on...and frequently do, to the point of tedium...)

The question you don't ask is:
"Would you do it again?";  NO WAY- not in the current uncertain market... but if prices drop, as suggested by industry analysts, I might ust be tempted in a few months... although there are no unrenovated wrecks left in my locale ... so I might pass.

And what do you plan to do with this information?  Or are you like me, stuck in isolation and just asking to pass the time?

SameOldRoundabout

Yes, but only by luck really. We bought a run down house in a rather poor area of a capital city and intended to stay so did it up very very nicely. Knocking walls, new kitchens, bathrooms, inset gas fire etc. We made about 15k more than we spent, and about £25k over area average. I think the fact it’s a capital city suburb and also the high finish were why though. We had 14 views on day 1 and 4 offers.