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Would you pay an extra £30k to not do up house?

(29 Posts)
Lastofthepodpeople Thu 08-Nov-12 21:05:46

We have been told that we should be able to get £270k for our house by estate agents but there is another house close by built at the same time with exact same plans for which they're asking £240k
The other place supposedly isn't in great condition, while we've done ours up (New kitchen, bathroom, wood floors, New boiler, guttering etc). We also have a driveway and parking while the other place doesn't.

Writing it out makes it sound a bit better but would anyone pay an extra thirty thousand for the same structure, just done up nicer?

I'm curious because I don't know how much the agents might exaggerate to get our business. Or am I too cynical?

EternalHope Thu 08-Nov-12 21:07:24

Yes!! At least...

discrete Thu 08-Nov-12 21:10:40

Doing up a house could well cost 30k once all is said and done, so doesn't sound that unreasonable to me, but personally I prefer to do things myself to my taste so I wouldn't. I'm sure plenty of saner people would, though.

startlife Thu 08-Nov-12 21:13:11

The issue could be stamp duty threshold - £250k and just above is a challenge. I think it depends on the buyers, I would not be put off by those jobs, most people like to choose their own kitchen.

I would pay more for a driveway but that's my personal preference.

nocake Thu 08-Nov-12 21:13:47

A driveway and parking could be worth a fair amount (I wouldn't consider a house without a driveway). The rest will depend on how much needs doing to the other house. If it's a lick of paint and a new kitchen then that's not £30k. If you're talking a rewire, heating, major refurbishment then £30k doesn't seem unreasonable. Not everyone wants to do work and it sounds like someone could move straight in to yours.

Lastofthepodpeople Thu 08-Nov-12 21:17:27

Hmm, maybe it doesn't seem so much extra. We have sunk too much money into the place. I don't want to overprice it but maybe it does make sense.

Rolf Thu 08-Nov-12 21:17:34

I've been looking into selling my Dad's house. It's very dilapidated and needs rewiring, new rads, new bathrooms/kitchen, total redecoration, etc etc. It would cost at least £30k to do it up. The surveyor who did the probate valuation, and the estate agents we've had round, have all valued it at the same figure and all agreed independently of each other that it would cost about £30k to do up that that that would lead to an increase in the amount we'd ask for it of around £30k.

HappyGirlNow Thu 08-Nov-12 22:13:52

It's even worse than that. Most people are struggling to get larger deposits together now and you don't tend to be able to get extra on mortgages to cover refurbishment nowadays, so lost of people couldn't get the funds together for a refurb even if they wanted to. I wouldn't worry if I were you.

HappyGirlNow Thu 08-Nov-12 22:14:15

*lots of people

stinkinseamonkey Thu 08-Nov-12 22:16:31

yes you would pay at least that much extra here JUST for the parking/driveway for comparable houses in same state of presentation

MrsApplepants Thu 08-Nov-12 22:30:35

I would pay that for the driveway with parking and new boiler. The kitchen, flooring and bathroom I wouldnt care about as much, as I would probably want to re do them to my own tastes at some point, unless they already were to my taste!

ArbitraryUsername Thu 08-Nov-12 23:13:06

The off-street parking is definitely worth money. Also, the experience of buying a do-er upper has convinced both DH and I that we'd pay quite a lot more not to have to go through all the hassle again. And we're still not finished. The reception rooms haven't been touched, and the bathroom needs to be replaced. Gah.

ArbitraryUsername Thu 08-Nov-12 23:15:04

That said, however. The stamp duty thing will probably be an issue. If you put it on at £270k, people will offer you no more than £250k. If you put it on at £300k, you might get £270k but you risk no one wanting to view it. Stamp duty thresholds are a completely stupid idea.

Devora Fri 09-Nov-12 01:08:18

Yes I would, for all the work you describe.

Murtette Fri 09-Nov-12 03:36:58

I probably would but only if I liked your kitchen. We didn't put an offer in on a place as it had a dark, badly laid out kitchen but which was obviously new & incredibly swish & expensive so it was a waste to pay a premium for it as I would be itching to replace it but would only be able to afford a much cheaper replacement.

If it helps, a house here has gone on for 80k more than the one next door. Differences are that the cheaper house has had nothing done to it since it was built in the 70s. The one next door has a conservatory & a new kitchen & bathroom and both the house and the garden have generally been looked after.

thelittlestkiwi Fri 09-Nov-12 03:57:23

I would. My rule of thumb is that everything takes 1/3rd longer than you expect to do and costs 1/3rd more.

I reckon off street parking would be worth 5-10K too. Maybe you should make a list of estimates and see what they add up to. I would view the other property if at all possible too.

VintageRainBoots Fri 09-Nov-12 04:23:40

It depends on what was done. Some things are more important to me than others: windows, insulation, electrical wiring...all the behind-the-walls stuff. A house that cost £30K more but still needed to be insulated, etc., wouldn't be worth it to me, no matter how nice the kitchen, flooring, etc.

carolinemoon Fri 09-Nov-12 06:18:03

I would prefer to do it to my taste, but if I liked it I would pay extra BUT not at that price point - going over 250k means buyer has to find extra 5k stamp duty. I would also expect a house on at 270 to struggle to get over the 250 mark for offers. We're currently looking at houses in that price range with a view to paying 250.

Not working at the moment (2 offers rejected) but houses not sold either. We've decided to start looking in the 300 range, as if we're going to pay an extra 5k stamp duty (which we will have to save up on top of the 27k we already have) we would rather get a better house. But we're first time buyers, those with more equity might not find the 5k a problem.

financialwizard Fri 09-Nov-12 06:39:02

A lot of this really depends on where you live.

The off road parking will make a difference definately. New kitchen and bathroom will too if they are light and airy. New boiler is a bonus too.

LittleChimneyDroppings Fri 09-Nov-12 06:52:09

Personally I would go for the cheaper one and do it up when I could afford to, and also pay less stamp duty. It depends on your buyer though. Some people want something already done up and they don't have the time or inclination to do it themselves. I wouldn't worry too much though, both houses will sell eventually. Its just a case of waiting for the right buyer.

LittleChimneyDroppings Fri 09-Nov-12 06:54:28

Oh, just realised yours has a driveway and parking. Does theirs have a front garden that can be turned into a drive? If not, then I would definitely go for yours instead. Off road parking, or the space to make some, is a massive factor.

mamij Fri 09-Nov-12 06:57:16

I would pay the extra for the driveway! Also, you probably need more than £30k to do up a house depending on how much needs doing! But I'm far too lazy I have two young DCs and would rather be able to move straight in.

marriedinwhite Fri 09-Nov-12 07:02:52

Yes. My DH can't see how a house could look different from swirly carpets and chintzy wallpaper. We would only look at refurbished or new houses for that reason and we accept we have to take the cost of something pristine plus a premium on the nose. It is hard though to find something that is to your taste unless the builders are working as you view and you can influence the decs and the fittings.

ThickCut Fri 09-Nov-12 07:18:29

We did 5 years ago. But wouldn't again, especially not the way the economy is

fussychica Fri 09-Nov-12 15:31:13

I wouldn't look at the other house at any price as off road parking is important to us. The rest is more difficult - lots of people hate DIY/won't be able to fund the renovation on the other house whereas others might not like your choice of kitchen & decor so won't want to pay a premium for something they still want to change despite it being perfectly serviceable. The stamp duty threshold complicates it further.

If the other house was 250 but had a drive we'd probably buy the other one as we'd prefer to do it up to suit us.

You haven't mentioned outlook/garden size/direction facing - all these things factor into the value and are arguably more important the decor as they can't be changed.

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