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Advice on modernisation

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  • Advice on modernisation

    Hi there

    I have been giving the task to sell my late grandads house and need some advice please.

    Its a 3 bed semi in Dymchurch, right near the beach. its has 3 bed rooms and 2 bathrooms, detached garage and massive front garden.

    I have had a few people view and they have all commented on the fact it needs modernisation.

    Now the house is up for £190.000

    It has just been redecorated since but could do with new bathroom and modern kitchen and a new conservertry as the old one is abit lame.

    Do u think I should do these updates and keep or raise the sell price or drop the sell price to £175.000 and leave it.

    Do these things have a big impact on selling a property or should i just try and sell to a developer?

    Thanks

  • #2
    Re: Advice on modernisation

    Hi Mike,
    You need to weigh up the cost/time and effort to get the works done.

    Then you need to ask will you get back what you`ll spend.

    Kitchen and bathrooms sell a property so personally I`d do it but is the property priced to sell in the first place?
    Are there any properties similar which have recently been sold?

    If you sell to a developer they`d want to make some profit when sold (and they`d price it sell quick) so they`ll only give you a `trade` price.

    We have investors/developers all over the UK most are looking to pay up to 70-75% of the value depending on what work is required and what rent can be achieved.

    Neil

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    • #3
      Re: Advice on modernisation

      Is it worth looking around at other properties in your area? That way you could get an idea of what's selling well, and also a rough idea of how much it might cost to do the same to yours...
      Us For Homes

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      • #4
        Re: Advice on modernisation

        All of the above - also can you raise the money to carry out the work. Some people will pay a premium for an unimproved property just so they can do it the way they want. If you do it you have to do it tastefully and even then it will not suit everybody. Check out the likely final upper ceiling price. Work out what work will need to be done, assess the cost of getting there and then ask yourself it the profit is worth it. Remember it will be hassle, risky and stressful. You have to be prepared for these and you will need contingency money for the unforseens. I am not trying to put you off, I am just saying be thorough and plan carefully. A good scheme is the key to development and this has to developed with what is desirable but what is realistically achievable from the existing house.

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        • #5
          Re: Advice on modernisation

          I personally would put a new kitchen and bathroom in, it's worth the effort. New kitchens and bathrooms will sell a property. You can get a good looking kitchen and bathroom suite quite cheaply, shop around. Also if you leave it as is, it becomes a knock-down factor, where potential buyers will knock off money and chip away at the asking price. If you have a new kitchen and bathroom, you remove that negotiation tool and can sell it as a unique selling point i.e. new kitchen and bathroom.

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          • #6
            Re: Advice on modernisation

            Originally posted by Sonya View Post
            I personally would put a new kitchen and bathroom in, it's worth the effort. New kitchens and bathrooms will sell a property. You can get a good looking kitchen and bathroom suite quite cheaply, shop around. Also if you leave it as is, it becomes a knock-down factor, where potential buyers will knock off money and chip away at the asking price. If you have a new kitchen and bathroom, you remove that negotiation tool and can sell it as a unique selling point i.e. new kitchen and bathroom.
            I totally agree. You can install an inexpensive kitchen and bathroom very easily. The more work you carry out on a property, the greater the opportunity of making money....only if you do it right though. Plus, as Sonya says, this guards against a crucial 'vulnerability' in someone trying to beat you down on price.

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            • #7
              Re: Advice on modernisation

              A decent kitchen and bathroom are key to selling a property. They're both essential rooms in a house and without quality facilities they will lose appeal. You mentioning that they need modernising has me imagining dank wooden cabinets and a shower that would make washing under a watering can more desirable!

              Keep it simple and fresh: light reflecting, smooth surfaces. It can be done on an economy budget- plenty of large companies offer budget priced fittings that look great. The biggest thing to research is the labour.

              Whilst renovating the conservatory would be nice, its not essential, because its not an essential room like a kitchen or bathroom. The fact the property even has a conservatory will be seen as a bonus by the buyer.

              Other small, low cost things you can do to modernise the house would be updating the front door (after all this is the first thing the buyer engages with), changing door handles and changing lighting to something such as a spotlight bar instead of a bog standard hanging bulb. I think as a general rule, if its not a country property, brass and gold fittings should not be present.
              Last edited by j0j0; 21-03-2011, 10:11 PM.
              "I should have been a great many things."

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              • #8
                Re: Advice on modernisation

                I agree with Sonya. Good modern kitchen and bathroom is all you need really. anything else is standard decoration. good luck.

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