How much for these renovations?

[TheLondoner00]

I’m negotiating on buying a house in zone 2 London. The sellers bought the house 6 years ago and have since renovated it and added about 1000 sq ft (from 2500 to 3500 sq ft). They now want £1m more vs what they paid for it. I’d love to understand how much the renovations could have cost because I don’t think the area or the market has increased significantly in price vs. when they bought it (if at all, given current market conditions).

Please help me understand roughly how much the below could have cost:

• Side return for kitchen dining room
• Loft conversion
• Replacement and double glazing of wooden windows
• Redoing the Flooring (wood downstairs, carpets upstairs)
• Rewiring of electricals
• Replumbing
• New kitchen (nice brand but not top of the line luxury)
• Plus some design stuff here and there (e.g. built in wardrobes, wood fireplace etc)

I know there are a lot of variables but a rough range would be really helpful as I have never renovated a property before so I don’t know what the ballpark figures would be. Thank you!

It isn't really about what they've spent in it though is it, although you also need to remember the inconvenience of all the work and possibility they may have had to move out for part of it.

Anyway, the question you need to ask yourself is whether what they are asking for their house is in line with similar houses in the area. What they paid and how much they have didn't is neither here nor there.

Agree, and I’m largely basing my offer on what comparables in the area are worth (which are all less than what the sellers are hoping for). That said, I’m trying to look at all sides so I want to understand it from their perspective

It's impossible to put a number on the renovations because we don't know details like size of kitchen.

If you suspect that the house is overpriced then I suspect that they've just put it on the market or they are not desperate to move house. Not all renovations increase the price of a house.

It doesn’t matter what they spent on renovations - just look at cost per square ft of house and compare this to cost per square ft of other properties for sale and recently sold. Make a little excel spreadsheet and work out an average cost per square ft - if it’s over the average think about what might be feeding into that value (better street appeal, south facing garden, newly renovated etc) and see if it makes sense based on those factors.

What did they pay for it?