Sell 'as is' or renovate first?

Whelo79

Hi All,

I am looking for some opinions here on what people look for when buying a property and what is likely to receive the highest level of interest. Are people looking for a house that is overall good condition that needs a bit of fixing up/modernising or do they want the finished article, ready to walk in and live in from day 1 with little or nothing to do to it.

I own a house in the north city centre area which has been rented out for the last few years and I am wondering if I should sell it in it's current condition or invest some money to modernise it before selling. It is your typical 60's style house, semi detached (former 2 up 2 down) but had a large double extension built in the 90's where the garage used to be which added 2 more bedrooms and a large kitchen/dinner.

Basically, if I were to put a few grand into renovating it myself would I see a positive return on that or am I as well off just selling it as it currently is.

Thanks.

Bob24

2 things:
- the better the location, the more return you will get for the money you spend renovating (if 2 otherwise identical houses cost 200k and 500k purely because the second one is in a better location, renovating them to the same standard will cost exactly the same but boost the price of the second one more as you are selling it to more affluent people).
- in general, I wouldn’t do major works and spend large amount as you can never be sure you will recoup it (and that brand new bathroom might not be to the taste of potential buyers). But cheeper things which have a big visual impact are probably worthwhile (if the walls look dirty, a fresh coat of paint is most definitly worth your while as it can make the house look much more attractive and is not that pricey)

SozBbz

It sounds like possibly the additions to the house were made so you could rent out as many rooms as possible - is this the case? If so, the layout might put people off if they're looking to buy as their own home rather than an investment property. If theres an imbalance between bedrooms and living space, that might be an issue.

If so you might want to spend some money presenting it as a family home if thats what buyers in the area are looking for.

I wouldn't do anything major, (kitchens/bathrooms) but if the carpets/etc are particularly grotty then I'd rip them out.

As a buyer, I'd rather see something plain and stripped than grotty, but I'd also probably want to put my own stamp on things too.

Whelo79

Bob24 wrote: »

2 things:
- the better the location, the more return you will get for the money you spend renovating (if 2 otherwise identical houses cost 200k and 500k purely because the second one is in a better location, renovating them to the same standard will cost exactly the same but boost the price of the second one more as you are selling it to more affluent people).
- in general, I wouldn’t do major works and spend large amount as you can never be sure you will recoup it (and that brand new bathroom might not be to the taste of potential buyers). But cheeper things which have a big visual impact are probably worthwhile (if the walls look dirty, a fresh coat of paint is most definitly worth your while as it can make the house look much more attractive and is not that pricey)

Thanks for the response, much appreciated. At a minimum I would freshen the place up by painting before I sold but I am caught between doing that and maybe spending around 10k to refine the layout and turn it into a bit more of an open plan style downstairs. This would involve the removal of a stud wall and a concrete wall (basically removing a hallway which splits the current sitting room and kitchen) and possibly the removal of a chimney breast. Then it would be a case of putting down new flooring and repainting.

whiskeyman

Have you checked recent sales in your area to compare?

I know some sellers did places up to entice those who want turnkey condition, but that may put off those who want a 'project'.

A 'few grand' will prob may it look better and should pull in a better return in either case if you feel it is in poor condition.
But I've seen some sellers put the guts if 30k or so onto places and try and up the price by 60k but fail to shift.

Whelo79

SozBbz wrote: »

It sounds like possibly the additions to the house were made so you could rent out as many rooms as possible - is this the case?

Absolutely not. The additions to the house were done when it was a family home. The old standalone garage at the side of the house was knocked down and a double extension incorporating a large kitchen/dinner and 2 bedrooms were built.

It is definitely very much still a family style home, I just feel it is potentially an outdated style/layout that needs modernising.

CeilingFly

I'd put a little into it so that a buyer could live comfortably and allow renovations over a period that suits them.

It could be as simple as painting all the rooms and clearing out old carpets and replacing with laminate flooring / basic new carpets and then cleaning up the outside - power washing and tiding the garden.

I'd set a limit of 5k for the works.

Allow new owners look at major works such as new windows / heating systems / kitchen as they can be done over a longer period.

dudara

Properties in absolutely tip-top condition, modern layouts, kitchens etc, ready to live in straight away are selling very well IMO. They suit people who can’t get extra money from the bank for works or who just want to get a house.

If your house isn’t at that standard, then I’d say to invest just enough to smarten it up, but no more. Clean it up enough so people can see it as a family home, but one they can also put their stamp on.

.......

I would not renovate.

Outside of maximising its potential: emptying it, clean, white walls etc, Id leave it as a blank canvas for someone. I wouldnt bother with any serious renovation work, especially kitchen/bathrooms.

In saying that, if there are any obvious disasters Id fix them.

The house I ended up buying had the most horrendous colour scheme Ive ever seen. I wondered if they were colour blind. The downstairs loo was actually had painted in stripes like a circus tent (orange and wine). The master bedroom was painted fire engine red, including the radiators and skirting/doors etc... The EA told me afterwards he had begged them to paint it white before they put it on the market and he could get them an extra few k but they said no. First thing we did was rip out the floors and paint the whole place. It looked much bigger when all the dark colours were gone, brighter too.

Whelo79

Thanks for the replies. The general consensus so far seems to be in favour of a general clear out and freshening up.

Victor

CeilingFly wrote: »

It could be as simple as painting all the rooms and clearing out old carpets and replacing with laminate flooring / basic new carpets and then cleaning up the outside - power washing and tiding the garden.

New paint and carpet screams "what went wrong with the building, what are they hiding?" to any professional surveying the building.

C3PO

I live in Shankill and a number of houses have been sold close to me over the last 6 months. I have been very surprised at how small the price differential is between the completely renovated homes and the ones in need of serious upgrading. Based on this I would suggest a basic "smarten-up" and then put it on the market.

JimmyMW

....... wrote: »

I would not renovate.

Outside of maximising its potential: emptying it, clean, white walls etc, Id leave it as a blank canvas for someone. I wouldnt bother with any serious renovation work, especially kitchen/bathrooms.

In saying that, if there are any obvious disasters Id fix them.

The house I ended up buying had the most horrendous colour scheme Ive ever seen. I wondered if they were colour blind. The downstairs loo was actually had painted in stripes like a circus tent (orange and wine). The master bedroom was painted fire engine red, including the radiators and skirting/doors etc... The EA told me afterwards he had begged them to paint it white before they put it on the market and he could get them an extra few k but they said no. First thing we did was rip out the floors and paint the whole place. It looked much bigger when all the dark colours were gone, brighter too.

In our last place the downstairs toilet had cream walls with a kinda brown sponge affect pattern on top of the cream paint, i don't have to tell you what it looked like at first glance. Some people are mental when it come to interior finishes.

zl1whqvjs75cdy

JimmyMW wrote: »

In our last place the downstairs toilet had cream walls with a kinda brown sponge affect pattern on top of the cream paint, i don't have to tell you what it looked like at first glance. Some people are mental when it come to interior finishes.

Could be a separate thread in this. Worse disasters you've seen when buying houses. Our previous owners had a particular love of textures wallpaper. Christ it was awful.

spaceHopper

I wouldn't do much, clean it and possibly paint it but at viewings I often wondered what were they trying to hide. I've seen houses where the hall is part of the living area and I don't like them. Leave it be.

.......

spaceHopper wrote: »

I wouldn't do much, clean it and possibly paint it but at viewings I often wondered what were they trying to hide. I've seen houses where the hall is part of the living area and I don't like them. Leave it be.

Usually just hiding the fact that they havent had it painted in donkeys years I would have thought.

robp

Normally you would be getting a BER when selling. You may or may not be able get a higher BER score with cheap renovations such as LED lights, draught reduction (I think but check) and sufficient attic insulation.

Edgware

Unless someone is buying a newly constructed house they will be budgeting for a refurb. Clear out any rubbishy furniture, flooring etc. It wouldnt cost a lot to have a basic undercoat walls and ceiling job done eo to have it ready for painting

4ensic15

Unless you are going to do the full monty on a renovation, don't bother. Declutter, clean and freshen up only otherwise. Doing the full monty generally doesn't pay if selling. Most people under-estimate the cost of the work when buying and so bid more. If the house has already been extended, it may be at the limit of its value in that location already so additional works may do very little for the market value.

the_syco

Victor wrote: »

New paint and carpet screams "what went wrong with the building, what are they hiding?" to any professional surveying the building.

Agreed. When I'm looking at a place to rent, fresh paint usually equals a mould issue.

The_Conductor

I'd suggest a massive declutter and then get one of the cleaning companies who do end of tenancy deep cleans in- and get a proper deep clean done.
You're actually not adding to the value of the property by going full hog and spending big money on it- a nice property- impecabbly clean- and most importantly- decluttered- is what is key.

If there are any weird colour schemes- perhaps do think about painting- but you'd be thinking of complete nut jobs- like the fire engine red bedroom a few posts up- rather than a general spruce up jobbie..........

TheBoyConor

You must remember the the majority of house buyers are looking for a normal, fairly conventional home. If that is the layout of your house then leave it so.

To go doing major work to create alternative or experimental layouts is a huge risk and almost certainly will not pay for itself and may actually reduce the market value because you'll be putting off the majority of buyers who just want a traditional layout.

And I also second that a whole house painting and carpets just looks like you are hiding defects.

Stip away any silly or obscure fixtures or things that are broken. Dispose of any clutter or crappy furniture and just leave the place in a clean, tide but more or less original condition.
Obviously, if there are any bizarre or off putting bits of decor like the circus tent bathroom or the sponge painting inspired by the dirty protests of 1978.

You're wasting time effort and money putting in new kitchens or bathrooms or the like. Don't do it.

riclad

Professional surveyors survey the whole building.
painting or putting down carpets make very little difference to them.
Get rid of any junk you have or old furniture you don,t need .
No Buyer wants to look at a room full of old photo,s or ornaments.
get rid of old books, clothes you do not need .Go to charity shop or go to the dump.
Make rooms look neat .

Sausage dog

Presenting the house well for both photos & viewings makes a big difference. Clear the clutter but keep some nice furniture, cushions, pictures etc. Make sure beds are neatly made, wardrobes aren't overflowing & the place is spotlessly clean. A lot of people will re-paint anyway so unless the walls are very bad I wouldn't bother painting them. Check prices for similar houses in the area, both asking price & selling price. Is condition of house making a difference? Ask an estate agent as they're seeing houses every day & know what sells easily & whether the demand for housing in your area is enough to inflate prices beyond their true value.

ted1

Paint by the walls white or magnolia.

If floor is bad throw down cheap carpet from Des Kelly/ carpet right or similar.

1.5 k should cover both and will attract more interest

riclad

Paint white or magnolia or pale blue,
neutral colors, get rid of anything you don,t really need or put away in storage.
IF walls look bad, paint them, no need to paint every room.
Put away most ornaments and photos.