do repairs or just sell up?

foster77

hi all, just wanted some advice really.

I live with my mum at the moment as the last child after my brother and sister have moved out. We live in a quite big 4 bedroom detatched house. I really want to move out and move on etc, but would feel dreadfull leaving my mum on her own in the house.

The house has potential but many problems, from minor things like paint chips and bad carpets and artex, to quite major things like plumbing problems, leaky roof and windows. There seems to be so much to be done that I wonder whether getting all the work done will be best or to literally just sell as it is. (or to just decorate, or not decorate and just do repairs... !)

The main issue really is just that we'd like to help her move into somewhere cosy and easy to maintain but our house is such a big task i don't know where to start or whether to bother??

Any advice anyone?!

david29dpo

Are you capable of doing sum or all the work yourself? Find out what the same same goes for in the street and then do the maths.

pinkshoes

If you can afford it, then you ought to get quotes to get everything fixed before selling. Get several quotes (in writing) before agreeing to anything. New carpets don't have to be expensive ones if she's going to be selling, but it IS a good idea to get the bigger problems fixed properly, as it might put off potential buyers, or severely reduce the selling price.

Buyers seem to be taking any small problem to knock £1000s off the price at the moment!

phil_b_2

In todays market, where buyers have lots to choose from, you will really struggle to sell if the house has problems. there is no reason for anyone to bother with it unless it is exceptionally cheap. In that case you ought to do the work and sell for a better margin.

I have first hand experience of this having been scouring the market for about 3 months. Ive seen countless properties, and the ones that need loads of work are of no interest to me at all as there is usually a similar house just up the road that is immaculate for only a small amount more.

If you do it up, dont do a half-a$$ job of it either. Again, i have swerved even further from those which have been done up but with lots of rough edges and shoddy finishes but still carry the price premium. Not worth my time.

clutton_2

why not talk to an auction house and see what reserve they would put on it - you might get a better price in auction for a "doer-upper"

Incisor

foster77 wrote: »

... The house has potential but many problems, from minor things like paint chips and bad carpets and artex, to quite major things like plumbing problems, leaky roof and windows. There seems to be so much to be done that I wonder whether getting all the work done will be best or to literally just sell as it is. (or to just decorate, or not decorate and just do repairs... !)

The main issue really is just that we'd like to help her move into somewhere cosy and easy to maintain but our house is such a big task i don't know where to start or whether to bother??

As phil_b says, don't do a half a$$ job. The worst thing is to do a job with the thought in mind that you are leaving, and leave a mess. I would rather a house where work has to be done if the job has been left, rather than being expected to pay for a job which has to be redone. Nothing is more of a turn off to me than to see the vendor's attitude exposed by the work.

Your objectives should be

• To maximise the viewers and interest at any price point
• To spend no more on reaching the price point than you gain by reaching the price point

So, by repairing the leaks, you should make the house more attractive to a wider audience and you will probably reach a better price. But if you attack the artex, you will have no end of a job, you might run out of enthusiasm, leaving a poor job, and have buyers put off more by putting your mess right than they would have been by the artex.

foster77

Thanks for all the advice,

I do agree, I think we will start by getting quotes for all the work needing doing then take it from there.

It just feels like such an overwhelming task and my mums getting old now just want to see her somewhere nicer!

thanks again

silvercar

Do bear in mind how uncomfortable it may be for your Mum to live on a building site.

poppysarah

What I'd say is put it on the market now - it's a developer's job and if you price it right with the right EA they'll get a couple of [STRIKE]nutters[/STRIKE] people to fight over it.

Incisor

poppysarah wrote: »

What I'd say is put it on the market now - it's a developer's job and if you price it right with the right EA they'll get a couple of [strike]nutters[/strike] people to fight over it.

Not necessarily. It all depends on the work required.

For a developer to be involved, you are looking at selling for 75% of the refurbished value - possibly less to allow for the prospect of price falls. The falling market might also discourage developers.

If you are looking at a leaky roof and windows, you might make that those problems go away by throwing £10000 at it, ending up with a house which a buyer could bring up to scratch over a decorating cycle and a plumbing project. This might be very attractive to a family prepared to offer 90% of the refurbished value. A house in this condition at a discount might sell very readily against competition is a falling market.

kj*daisy

My parents were selling and spent ages doing up the house (decoration wise), then the survey showed up loads of structural stuff so they ended up having to drop the price anyway. In retrospect they may have been just as well marketing the place as a project and selling at a low price early on.

Also when they had their second buyer (first pulled out cos of the survey) they were up front and said - this is the survey - this is what needs doing - which is why we've knocked the price down X amount. Rather than wait for the buyer to get a survey and find every thing out themselves. It all went through very quickly after that.