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To Sell or to modernise?? Bit long sorry

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  • To Sell or to modernise?? Bit long sorry

    Hi Im new on here so Im sorry if this is in the wrong place but just wondered if someone could advise me on what to do.
    I have just inherited a 2 bedroom end terrace off my elderly father, it is ex council on a good estate and is in a good position (last house on estate, next to private detached houses) It has a large garden, drive, GCH but is in dire need of modernising. It appears sound but needs 3 new windows, external doors, fireplace, kitchen (pretty much non existant) been told possibly a re wire although switches, plugs seem modern, new bathroom and all re decoration, carpets etc.
    It was valued yesterday at £125k if done up to a good standard and £105k ish as it is but the estate agent recomended putting it up for overs in excess of £99950. Im not too keen to do this as, to me thats welcoming an offer of £99950. The EA reckons its a house for a developer. We reckon it could be done for less than £10k.
    Is it worth in the present climate doing it up or would you just sell now? and would you put it up for £107k or offers in excess of £99950. I feel at the lower price we are giving it away.
    By the way we are useless at DIY so its not something we will be able to do ourselves apart from the decor.
    Thanks for any advice

  • #2
    "Offers over" is actually an established selling practice, and doesn't at all imply that the property is being invited for sale at the offers over price - anything but. What it does invite is offers over that amount according to local sales conditions, and usually means around 10% of the asking price.

    Offers over is usually used in England where sales forces are expected to be pretty favourable, as it attempts to get as much money as possiblefrom the sale, as opposed to a fixed price which may limit the sales price when the potential could be higher.

    In this instance - to modernise or not - is entirely a personal decision you are going to have to make on your own, I'm afraid. What you need to weigh up is not simply the different between prices, but also factors such as the time as well as money involved in modernising. Modernisation rarely runs entirely smoothly!

    Also consider that with UK house prices falling, it's going to be increasingly difficult to get a good asking price in many areas.

    Of course, you could always consider modernisation and then renting it out, in order to sell in a few years when conditions are better - but that depends on local market conditions and also means you'd need to account for tax liabilities.

    Anyway, hope that helps and best of luck with it.


    • #3
      Keep it

      That end of the market is always more desirable when the chips are down - modernise it and keep it I'd say