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  1. #1

    Sell house as it is or renovate?

    I'm not necessarily expecting expert advice on this, just wondering if anyone else had been in this situation.

    It's inevitable that before long we are going to be selling my father's house. It is a small, box-like, detached, 3-bedroom house (but more like two and a bit), built in the early 1950s and was only the second to be built on a road which has now become a highly sought-after part of town, with many houses now extended to epic proportions. It stands in a quarter-acre plot, set well back from the road, with large gardens to the front and rear. The trouble is that it's a very out-dated house, with a very small kitchen and not even a shower installed, although it was unusual at that time of having a living room that is the full width of the house. A house with the same footprint was sold a couple of years ago and the new owner spent over 100,000 on having it extended, although he said afterwards that it would have been easier to have it demolished and built again from scratch. So the point is, is there any point whatsoever is spending money to increase its resale value, or would that be money thrown away. I would guess that in its current state it would probably fetch only about 160,000, but a rear extension with a new kitchen would add to its value considerably. It already has a solid, single floor rear 'extension' which was built from new, but this once housed a coke bunker and now contains just the chest freezer and the washing machine. Adding another floor to it would enable an extra bedroom and improved bathroom, as well as enabling a bigger kitchen with a rear dining area opening onto the back lawn. Let's say it cost in the region of 30,000 to do this; does anyone think it would be worth all the hassle? Judging by other houses this could increase it to about 230,000, but it seems a bit of a gamble.

    Having just typed all this I now realise it's almost impossible to answer, but I'd still be interested to hear of anyone else's experiences in a similar situation.

  2. #2
    Sell to a developer and let them take the hassle, might not get as much cash but a lot less hassle and its job done.

    Never bother with kitchens or bathrooms as they are more personal space and whatever is in there today will be in a skip shortly after.

    Main thing would be that you give it the kerbside look over and ask your self the question?

  3. #3
    I think it depends on whether you have the 30k for the improvements, then if you do, do you have the time to plan it, oversee it and then wait for it to be sold. It might also depend on whether any other members of the family are involved, what do they want to do? And you all likely to fall out over it? If you sell you have x amount in your hand virtually straight away, then you can do what you like with it, there are lots of ifs buts and maybe's about adding value, a lot of people like to do things to their own taste so it might sell quicker undeveloped, if it was me I would sell it and move on.

  4. #4
    Definitely no to the extension - you'll never get your money back. Same goes for a new kitchen and/or bathroom, too.

    Probably best to get a couple of local estate agents round and ask their advice.

  5. #5
    Sell as is. I always have & have never had an issue. Get 3 valuations & go with the middle one- and tell prospective buyers that you realise the house will want work, so if it suits the buyers who look at it, to please feel free to make an offer reflecting that.
    That way; they can knock you down ( reasonably) and you can still get a good price, reflecting the work needed.



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