Reduction in Property Value for Updating

[lifeturnsonadime]

Hi I'm reading on loads of threads that people don't mind having to put new kitchen's / bathrooms in provided this is reflected in the asking price.

Basically this is the situation we are in when it comes to selling.

The kitchen is tired and one of the bathroom, main family one needs a refit. We could do this work ourselves but getting contractors is quite hard at the moment and we need to move more quickly as our circumstances have changed and we need more space.

My question, I guess, is how do you go about making the asking price a fair reflection? Do you factor in inconvenience as well as cost? How do you put a value on that?

Or am I overthinking it and do I just assume an agent will know how to deal with it?

I would imagine a young family will be happy to find a potentially 'more affordable' home in our good school area.

An estate agent will value your property based on its current condition. Simple.

Yes. A good agent who knows the local market will know how to price a property in immaculate / average / renovation condition.

It’s then over to you to hold your ground when you receive low offers “to reflect that it needs updating” - you point out that that has already been accounted for in the asking price hence why you aren’t in for the same price as the recently upgraded house down the road.

Thanks. That's what I really needed to know.

My late parents house is in need of updating so I priced it accordingly
I still got 20k over the asking price

IME people underestimate the cost of doing stuff up, especially at the moment when materials are expensive and contractors busy. I think unless you are a developer and are doing it full time so have economies of scale etc, it’s probably more/as profitable to sell up without doing the work.

Depends how tired looking it is but the estate said to me last week not to bother making improvements, he said for the small amount of extra money made it's not worth the hassle, especially atm whilst everything is selling quickly

Yes we sold last year it was because we'd outgrown the place and it was at a point where we would want to start making big improvements (eg, kitchen was about 20years old). The estate agent was adamant it would sell without any improvements and we actually got a little bit over asking.

Agree that you're better to sell with the old kitchen and bathroom in place. Taste varies so much and I hated viewing lovely houses priced at a premium because they'd been done up...generally in a style I didn't like. I discounted some properties on that basis

Yes, as precious poster, I would discount houses with new kitchens/bathrooms not to my taste.