Renovate or sell flat as is

[Tiredandshabby]

I need to make a decision as to whether I sell a flat as is or do a renovation.

Small I bed flat in south London. Not bad location, not exceptional. Not been touched since it was built in the 80s. Sound, as in new windows, no damp/mould but it does need new kitchen, bathroom, paint, flooring, wardrobes, everything.

how easily are 1 bed flats with parking space but no balcony/outdoor space selling at the moment? I feel like it’s more desirable unrenovated as people will feel like they are getting a bargain. “Luxury” flats are a dime a dozen?

I know it would likely sell for a higher price if done, but not sure how much value it would be, particularly given the stress of managing a reno and the longer time to get it to market, plus the possibility of trades doing bodge jobs.

Thoughts?

Ask an agent for a valuation as is and a potential valuation with the changes. They can advise if the work you do would get your return on money spent or not. That's what they done for my nan's property. In the end, we left as is as the money spent wouldn't be reflected in a new valuation.

I will do that. I’m just very jaded with estate agents generally. Don’t trust the buggers not got give an answer that benefits them the most at that moment, rather than an honest opinion as to what will benefit me most.

EAs will always tell people not to renovate because their primary goal is to win the business immediately.

However, in this instance I think the advice would be right - new kitchens & bathrooms are expensive & stressful especially in 1 bed flats where you can’t escape the builders & probably only one loo. I would just list the property straight away and let the price reflect the fact the property is outdated.

We were told that about 30k work on our house would sell quickly for at least £100k more. Unfortunately the renovation has brought some expensive issues to light. We will still be able to sell for a profit compared with selling it as a doer upper as the market in the area is still buoyant.

However ours is a 4/5 bedroom in an area with a choice of 2 good secondary schools.

Houses/flats that need renovating are always cheaper than the sum of parts needed to bring them up to standard. So why don't more people buy them? Because generally people don't have the knowledge or spare time to do it, don't want to live in a shit tip whilst it's being done and don't want the stress or hassle to do it.

My friend and her husband have made a great deal of money buying houses that need either a full renovation or just decorating and replacing bathrooms and kitchens. They have always made money over and above what they've spent on the repairs.

If you can afford it, but more importantly have the time and energy to do it, I'd renovate, redecorate, replace the boiler, kitchen, bathroom and anything major that needs doing, then decorate in a neutral colour