Looking to sell next year - get work done or leave it?

sammyjammy

An agent is coming around on Wednesday 😐️

Bigphil1474

OP, we decided to sell a year before putting our 1930's mid terrace on the market. I spent that year doing all those jobs I'd been meaning to get round to. Mostly low cost fixes, touching up paint, a bit of wallpapering, I painted all the doors in the kitchen as it was very shabby. We replaced the floor covering in the kitchen etc.. We basically gave it a good clean up but it still had a lot of refurb potential. We also got the consumer unit changed (and an up-to-date EICR), and we got the gas paperwork updated as well. I think that all helped with selling it fairly quickly, and all in under £1k. As it was we ended up selling to FTB's although we had to do a bit of damp work done after the first (FTB) buyer pulled out.

From what you've said, I would definitely look at getting the damp looked at. It will get pulled on the survey and if your buyer is a wobbly FTB, they may well just pull out and you'll have to restart the process. The damp in ours was connected to the cellar which was a combination of lack of drainage in the garden and lack of air extraction, plus a connecting wall was potentially causing damp as well. We also had some weevil indications due to the damp. Fortunately not wood worm. We had aco drains installed along the outside wall, had it repointed up to about 2 metres, and we had an extraction fan fitted in the cellar. The adjoining wall was cut back so not connected to the house. We did have to do a bit of work on our front bay, although that was more condensation than anything. I reckon overall it saved us reducing the price by £10k ish, for an expenditure of £2.5k ish.

If your house is worth £240k with the work done, then personally I'd market it at that price. Most buyers don't have a clue what your house is worth, so if you ask £240k, it gives you some room to drop. I wouldn't put it on the market at a lower price as buyers will want to undercut whatever starting price you go with.

peterhjohnson

A house that needs work will put some buyers off. A lowered price will attract buyers. There's probably no job you can do on the house this year that will get your money back next year when you sell. Very cheap cosmetic work might be worth it.

(An experienced and resourceful property professional might make money in this timescale by substantial works such as an extension. This doesn't sound like you)

FlorayG

Oh no, just leave it as it is

You put in a new kitchen, potential buyers don't like it.

You get a gas boiler upgrade, potential buyers want a heat pump

People look at it and think " I don't like X but it's new, I shouldn't replace it"

When I bought my first house in 2000 it was in a dire decorative state so I was happy to rip out everything and start over. When I sold it 24 years later it was still how I liked it; the buyer ripped out the heating, the bathroom, the kitchen and one of the downstairs walls. They were happy to get a " do-er upper" and I was happy to sell it as it was

clairec666

General advice in this situation is "don't spend anything, you won't get back what you put in".

I completely agree with this sentiment when it comes to revamping kitchens, bathrooms, etc. as buyers would probably prefer to kit it out to their own taste.

But I also believe that first impressions are key to selling, and making your house look well-cared-for makes a big difference. It won't cost much to sort out any flaky paintwork, peeling wallpaper, etc., even if the decor still looks a bit dated. I recently viewed a flat which had a very shabby exterior door; this was the first thing I saw and immediately set the tone for the rest of the viewing, even though the rest of the flat was lovely.

The damp is a different matter, as it's not just about appearance. Your estate agent will advise on price, but be prepared for buyers who will try and negotiate the price down even further, or potentially pull out altogether because they've been spooked by a survey. Making it clear from the start that some renovation is needed, and that it has already been priced accordingly, should help.