Selling inherited property as is or remodelling

jcuurthht

I have inherited a property that needs some renovation before it's livable. Ideally I can sell it as is and get rid of it ASAP. I have contacted an estate agent for valuation and I'll also ask them about this topic, but i don't know how much I can trust their answer as it'll be driven primarily by how much commission they think they could receive (too cynical?).

I'm interested if it may be worth hiring someone to renovate before selling to increase the value? I live nowhere near the property so I won't be able to manage the renovation. And this increases the time that the property  needs to be managed before I sell which is a potential burden.

Thanks

ftb_eastmidlands22

As a buyer myself, i would appreciate a blank canvas! I think looking at the structural parts of the property could be what you spend time/money on (clean up/roof/electrics etc). Anything else and you risk it all being taken back out if its not to the buyers taste anyway.

MysteryMe

Based on not a lot of detail in the OP's post, as long as it's mortgageable I'd sell as is. You can clear out any rubbish and clean it as best you can to present it better but having to use a project manager is going to be expensive and you could end up spending a lot of money and time with not much reward.  I'd let potential buyers do the renovations themselves. They then get the house exactly as they want it.

Loza2016

We bought a probate property last year that wasn’t liveable. 13 months later we still haven’t moved in. 

I wouldn’t bother renovating it yourself, good builders are booked up months in advance & building materials are still going up. 

We had to pay over asking price as it still had lots of interest due to its location & plot size. 

Clear it out tidy the garden up & put it on the market. 

peterhjohnson

If you really know what you are doing, you might make a bit of money at that

scottishblondie

As long as there are no structural issues, I would just tidy it and sell as is.  Since you need to hire someone to do it, the money you spend on renovating isn't going to be recouped when selling so there is little point.

theoretica

I expect selling as is will be worth trying - it may reduce your pool of potential buyers, but you only need one good one.  If you don't sell as is you can always change your mind and do it up after all - much harder to go the other way round!

jcuurthht

OK I think it is clear I should sell as is. Some of the carpets are badly stained from animal urine and droppings, perhaps it's better to remove them?

I was planning on hiring a company to remove the furniture and the items that could go charity, and do a deep cleaning.  I've throw everything else in to a skip and cleaned a little myself so people aren't uncomfortable entering the property.

It's close to UWE in Bristol, so it'll probably be sold to someone planning to rent it to students. I suspect they will jump at the opportunity to buy a house in this condition as they have experience quickly renovating as cheaply as possible.

Should I consider getting a RICS evaluation, or leave that up to the buyer?

Noneforit999

Depends on what needs doing.

If its structural then it might be worth getting those bits sorted otherwise you are going to need to sell it under market value.

If its just internal stuff like needing a new kitchen/bathrooms, decorating etc then I wouldn't bother unless you can get it done at close to cost. If you have to book trades up months in advance and pay them etc, I don't see it being financially worth while. Plus the stress for yourself of getting it all done. 

Houses round here are selling for top end, even ones which have kitchens which are old and falling apart.

thegreenone

When I was selling my late Mum's flat last year, I asked the EA about doing the windows and a few other bits.  His answer "Don't do a thing".  It's a big flat and he estimated £40k for total, top notch renovation, dividing a bedroom into two and putting in an ensuite. 

The second viewers offered asking price.  Sadly, they had to drop out but the fourth viewers offered asking price and we completed in October.

Too much hassle and expense, particularly as you don't live in the UK.

TripleH

I would take up the carpets and have a look at the floor underneath. A bare floor is better than animal stained carpets. Remove anything you think would put you off buying.

If structurally sound, other than a clean, maybe a little painting?