Advice on whether to ‘do up’ interested house

Murphybear

Grumpy_chap said:

seans_elysees said:

I’m about to legally inherit a 2 bedroom house and it’s in somewhat disrepair. 

The roof is needing an immediate fix to make water right, and resultant damage to one bedroom ceiling needs work. Windows are single glazing and very poor state. Bathroom is archaic and needs completely ripped out. The other general condition is probably needing plasterwork, electrics checked and a good clean and redecoration from top to bottom. 

Is there a % return I should realistically be considering when evaluating spending on repairs. I.e. if I’m spending £15k to make £30k then that’s maybe worthwhile, but not so much if my return is only £5k profit. 

seans_elysees said:

Neighbouring property sales over the last 5 years are avg £70-80k , with one outlier about £115k.

Sell it at auction and be done.

If you spend £15k, and with those house price values, you will never recover the outlay, far less make a profit. 

You also risk spending "pointlessly" in so far as you fit out the bathroom so it is no longer "archaic" but the new owner doesn't like your choice, the new owner would have been better with the old bathroom and fit new to suit their preferences.

Sounds like the type of property to see on a day time TV show, where someone will buy for £50k, re-roof, new windows, new kitchen, bathroom, a massive extension, new central heating, full rewire, full redecoration, landscape the garden all for the cost of two pints of lager and a packet of crisps.  Then sell for half-a-billion-pounds.

Thanks for that, it made me laugh . My OH doesn’t understand why I like watching that programme.