so if I was selling a house that needed everything redoing, how would I (mentally) price it?(12 Posts)
Obviously when the time comes we'll get the local agents in, but in terms of whether we can afford to move - how much do I knock off the going rate for similar houses who don't need everything doing (and by everything, i mean everything apart from double glazing)?
In my head I've costed rewiring, replumbing, new boiler, central heating, replastering, new flooring throughout, new kitchen (potentially moving kitchen), new bathroom, first floor extension, loft conversion, new roof to be £150k all in, assuming I didn't want anything stupidly expensive - that's an expensive-ish area of the SE.
I don't want to redo all this myself particularly, but would i need to knock £150k off my asking price? Or would I assume it would appeal to a builder-type who wouldn't have the same labour costs as me, and therefore it might only cost £80k or so?
It makes quite a difference in what I'd be able to buy, but also in speed of selling I suppose. Also, if I had a (much smaller!) pot of cash, what would be best to do to the house, to improve saleability? Or would that not matter, just have it spotlessly clean, and presumably empty, so that it's clear what needs doing? Everything has been on The List for some time, but it kind of needs doing altogether, there's not much that can be separated out into smaller projects, as it all affects every room ifswim.
If we were to be doing it ourselves, it would be a case of moving out for six months or so, and letting the tradesmen have free reign, which would be too disruptive for me atm.
Why would it cost so much? I've just had a new kitchen fitted, re wire and re plumb, full plaster in two rooms and professional decorating and it's costing £11k. I can't see how a whole house can cost £150k.
extension and loft conversion and new roof, plus SE prices
Why are you comparing your house to one which has more accommodation (i.e. extension and loft conversion) when doing your sums? You should compare it like-for-like, i.e. to one with the same accommodation, but in good condition. What you are suggesting is like me saying 'how much do I need knock off my one-bedroom flat to reflect that it isn't a 4-bedroom detached'
Accommodation aside, it depends on the state and age of the house - the answer is very different if you are talking about a 1990s house which hasn't had anything done to it since then (has the original developer's kitchen and bathroom, the double-glazing has blown, and needs a new boiler) or whether you are talking about an unmodernized period property with all original features. For the latter, you frequently find people will pay a premium (vs. a modernized version).
We had people bid way beyond the street ceiling when we sold my Granny's unmodernized (no central heating, 1950s kitchen, original windows, separate toilet and bathroom) 1920s house. People go crazy for an untouched house!
On one of our previous houses we did all this and more, we know a lot of people in the trade as my OH is a sight manager, it's cost roughley 25k but that's through cash in hand work and A LOT of waiting around.
I think because anyone looking at it, would look at the rest of the road, and see, oh, yes, lots of these have an extension over that funny side bit, and, look, the loft's converted too. Plus we bought it, intending to do all of that, but life got in the way .
To redo it as it is, probably then nearer £60k (including kitchen and bathroom)?. Sadly it's not period (unless your favoured period is post war ex-council ), and it has been modernised, just not in the past 10-12 years or so. So, it's dated, and not up to modern specs, but not untouched ifswim. Only period feature is the hooks on the stairs to hold a runner, and they've been heavily glossed over. Oh, and the internal doors (but not the handles), they would strip back, assuming you can get the original varnish off (I've tried, but it's evil stuff!)
If you're in the south east then yes that sounds a realistic price. Of course much depends on the size of your house. But you've some big jobs in there. In addition uou can do things cheap and uou can do them expensive.
You could get some tradesmen in to quote, but I'd have an agent value the house as it's presented and put a price on it. Anyone whp wants a doer upper will then do the rest of the maths.
It's potentially more sellable than a more modern house, as it's got decent big rooms, an extra room downstairs, and a decent sized garden, much more so that the 70/80s built streets nearby, I'd say. I know we were impressed that the third bedroom could take a (small) double bed, whereas everywhere else we'd looked at had a postage stamp sized box room as the third bedroom.
It's more, if a "done up" version is on the market for £380k (probably would go for £350k), what would be the differential I could be expecting (is differential the word I mean?) What percentage would I need to be marking it down?
And yes, I know these are ridiculous prices, but its the SE, ten minutes from main trainline into London. There are new build 4 bed townhouses with hardly any garden at all and very small rooms on the market for £480k on the other side of town .
Buyers will pay a premium for a house to do up themselves, so it's not a case of simply taking off the cost of everything they might want to do.
If it was, say, a 3 bed Victorian terrace and the identical finished one (excluding any extensions or loft conversion) next door was for sale at £950,000, I would put mine on at £895,000.
sorry bluntness - my £60k is realistic (rather than my £150k extension/loft conversion price?). So that's what the agent may be knocking off from a similar price? That's better than I thought (annoyingly more like what DH thought).
We need to decide if we want to stay here (and get all the work done), or cut our losses, add the doing up costs to equity + mortgage, and buy somewhere which doesn't need the work. If we wanted more room, it would be cheaper to extend here rather than move, but how much do we need more room, that's what needs thinking about.
Sorry, I missed your update where you said what sort of house it is! But you get the idea.
Would be much happier if the had your Victorian terrace example to sell
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