House sale - how much of a reduction for a doer upper?

[CoralFang]

Hi!

I know there's a property board but hoping for some more traffic.

I'm looking into selling my house. It's in a fairly up and coming, 'trendy' area, 3 beds. Looking on Rightmove most similar properties are around 400k. However they all seem to have been presented for sale - neutral decor, tasteful minimalist furniture etc. My house is not a tip but it's definitely not on that level - nothing structurally wrong but could do with a lick of paint, probably a new kitchen and bathroom (although what's there is perfectly serviceable and not ancient, but it's definitely not new or to a really high standard...).

I really don't have the money right now to bring the house up to the standard of the 400k properties I see on Rightmove. If you were looking to buy, how much of a reduction would you expect if you then had to redo the kitchen and bathroom, paint the walls, tidy the garden etc? Just trying to work out if it'd be better to sell in a year or so when my finances are in better shape and I can do it up nicely for sale, or if it won't make that much of a difference...

Just get it valued as it is. Putting in a new kitchen and bathroom etc is expensive, and best case you'll get back what you paid if you're lucky, but more likeky you'll get back less. I honestly wouldn't bother with the stress and people usually like putting their own stamp on things. If you price realistically it will sell.

Mmm to be honest personally I prefer to decorate myself to my own style… so I’m generally not willing to pay the premium of a property that’s been fresh done up to someone else’s style. (Eg I’m reluctant to cover costs as it’s not what I’d want)

Id take off roughly what it costs to do that work and then you’ve prob got a bit of wiggle room up from there. Maybe 40k if you’re looking at kitchen, bathroom and carpets/painting throughout? I’m no expert though!!

Some superficial tidying and cleaning can make a difference in it looking like pure decoration and taste (eg folks could move in) vs mould or anything that makes it look like it could be run down. If it looks dodgy (can’t think of a better word), I think the reduction is more than 40k.

Id definitely double check the properties going for 400k are genuinely the same size looking at their internal measurements? Including garden rough size too.

worth getting a valuation or two if you’re unsure.

Thanks both. @Anotheranonymousnameismine my house is bigger and in a better location if anything - I've mostly been comparing with 2 beds as my third bedroom is a boxroom.

I'll get some valuations and go from there, cheers 😊

Someone didn't buy my house as they felt it needed a new kitchen. I 100% was not putting a new one in. What a waste that would be if it still wasn't to their taste.

I'd say 15k reduction but accept 20k

When we sold my late FIL’s house 4 years ago, it needed new bathroom, boiler, windows, redecorating throughout, new garage door, kitchen was ok, but old. Estate Agent said it would sell easier as it was as people like to buy a doer upper. He was right it sold to first couple to view it, for the asking price, which £20,000 less than a house down the road that had had £40,000 spent in it.

Personally I would say take off less then the value of doing the work. Even a brand new kitchen won't be to anyone else taste and if actually be put off by one of those shiny white kitchen for examples as I would hate it but would feel bad ripping it out!!

I would say take off 15k and see how you go from there. Push the house as far as you can without spending anything.

Declutter, tidy, clean the patio, mow the lawn, weed and tame the garden. Dress the rooms so they look good and make them as light as possible for viewing, curtains fully open, lights on etc.

I would say have it valued and as it would be valued for the state it currently in whether or not you agree to anything under asking price will depend on whether an offer was acceptable to you . Not because its a doer upper. The asking price should already reflect that if it is the case.

You've got nothing to lose going in lower than the average in a good area. If the average values suggest £400k but you know yours isn't entirely up to the standard of others currently on the market at that value, going on at £380k might get views from those that like the area, didn't think they could afford it, and are happy to live with a tired kitchen and bathroom as a compromise. You only need two of those to get to a potential bidding situation. And you do not have to accept any offers you don't like - even those at or above the advertised asking price, e.g. go on at £380k and hold out for £385k.

If you could spend £25k on a new kitchen and bathroom it might only add £15k in achieved added value, plus having all the hassle of living through it.

Pay attention to Rightmove search bands when setting the price (the step height varies as value increases). You want to be listing right on a band value, it's pointless being in the middle of a band £20k wide.

I can actually answer this for you as I have sold one recently.

Prices in village in Scotland for tiny house (just saying before you all ask why so cheap)

2021 House 1 Upgraded and immaculate house valued at £135K, sold for £160K at closing date which was set quickly

2023 House 2 Tidy fresh neutral decor and carpets, newish central heating, old kitchen and bathroom but well looked after. Condition not as good as house 1 but two years later being sold. Valued at £140K. Sold for £150K. Sold quickly

2024 House 3 (mine) old, holy carpets, dated dirty decor, 40 yr old kitchen looking a bit scabby in places, 40 yr old avacado bathroom suite, windows misted up except 1 which had been replaced 10 years ago, no central heating. Valued at £125K, sold for £129. Sold quickly.

I think houses that at fixer uppers are valued at less but not as much as you would think. However, people seem to pay a premium over the valuation when it is all done up and are looking more to pay the valuation if it needs work.

P.S. It wasnt my house it was one I inherited that had been lived in by old person who couldn't face hassle of upgrading it

Agree with others, drop the price a little but make it less than the cost of the renovation. So if you think it will take 40k to bring it up to spec, put it on for 20k less than a similar house.

Estate agents always advise to sell as is. Partly because they get their money quicker but also the opportunity cost of selling a recently reno house is nowhere near what you spend on it.

You spend 5k on a new bathroom and I doubt you would get anything much back from the sales price. Kitchens are very personal and people won't spend what they see as extra on something someone else has picked.

"I think houses that at fixer uppers are valued at less but not as much as you would think."

Back of envelope suggests the fixer-upper discount was around 10-15% (depending what you allow for inflation).

That would translate into a good condition value of £400k dropping to a fixer-upper price of £340k-£360k.

When we were looking to move about 15 years ago, we were told by the estate agent that roughly, the amount you spend in doing it up will be the same as the amount it's dropped. They said it might sell a bit sooner though.

But it does depend on the property. Last year friends put in an offer on a house they thought needed a lick of paint and was a good price. After the surveyor's report the low estimate of work that needed doing was around £200k (things like new roof, dry rot etc) and that was before the things that they'd like to do (like decorating). That was half the cost of the house!
To persuade her to buy it they'd have had to knock off more than £200k because she didn't want to spend her first year of living in a new house with builders constantly underfoot.
She got a nice house up the road for £50k more than the first house, but nothing major needing doing.

My DD put her late father's house on the market two weeks ago. It is quite messy. Needs a new kichen, decorating, has a huge garden which needs a good tidy. It is sound and has a new boiler and bathroom, no damp. If it was "done up" it would probably sell for around 480k. Because it needs quite a lot of work it was put on the market for 325k. DD wants a quick sale so as to not lose the house she wants to buy. Last weekend there were 7 viewings. 6 offers all over £350k.
Most said they liked that it had great bones and they could do whatever they liked with it. They appreciated not paying for someone else's choices.
Several liked the wildish garden which has lots of wildlife including a fox family. DD chose to accept the offer from the buyers who loved her old childhood home and wanted to raise a family there. Happily DD's offer on her dream house was also accepted.