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Should I refurbish before selling?

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  • Should I refurbish before selling?

    I own a flat which has been let for 10 years and I now want to sell.
    The kichenette and bathroom are in dire need of replacement, possibly to the tune of £10k for a decent but basic standard.
    Is it a worthwhile investment?

  • #2
    Re: Should I refurbish before selling?

    From what I know from property development tv shows and also general experience, I think it is usually a worthwhile investment! People don't have much imagination and also might not have the time / energy to do it up themselves. If you do it for them they are more likely to opt for your property, and you'll get a quicker sale.

    Best of luck with it!

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    • #3
      Re: Should I refurbish before selling?

      It would be in your best interest to refurbish your home. Anyway, if you're worried about spending a lot, remember that preparing your home for a sale doesn't need to const a lot of money. For parts of the house that are in really bad shape and need replacing, there's nothing wrong with spending money if it means you'll find buyers faster. Otherwise, a new paint job is the fastest way that you can spruce up any room.
      Visit MyProperty.ph to buy or rent condos, houses, apartments and other residential properties.

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      • #4
        Re: Should I refurbish before selling?

        I think it would be worthwhile to replace your bathroom / kitchen as you said yourself that it's in "dire need of replacement". As mentioned above, the standard doesn't need to be high spec. If you can, keep the look fairly minimal as most buyers would want to put their own stamp on it. Investing in your kitchen and bathroom will certainly increase your valuation. The extent of this depends on a variety of other factors.

        Joy Green
        Ascot Mortgages
        www.ascotmortgages.co.uk

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        • #5
          Re: Should I refurbish before selling?

          I own 20 buy to let properties - and have sold several over the years. First off - the bathroom and kitchen are the major selling points of any property - they can make or break a deal. The other rooms (lounge / bedrooms) need a lock of paint but can afford to be fairly neutral - but your kitchen and bathroom can be clean sparkling show pieces which can sell the property and not cost the earth.

          Bathroom - tile all walls and floor in clean white tiles, white grout with a chrome tile dado - add a chrome mirror and fittings - plus a new bath and sink - the lot bought and fitted some come to £2,000 maximum - and could be done for less if properly sourced.

          Kitchen - paint the existing cupboard doors and replace the kitchen work surfaces - add a new cooker, micro wave in same colour - through in a new washer - then tile the floor and walls (only above cooker as a splash back) - the rest of the walls could be painted. Again £2,000 max.

          Do a good but budgeted job with the right colours - keep it crisp and clean. This will speed up your sale but be realistic on the price - and advertise online as well as with an agent (assuming they will allow this). A good site to advertise that I use is visum and gumtree.

          Please let me know if you have any questions.

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          • #6
            Re: Should I refurbish before selling?

            You are saying it would take around 10K to refurbish that, but its not the case that your buyer will guess the same way. Its in your interest to spend something. That can really make a big difference in price negotiations. A paint job is certainly the cheapest and the best alternative.
            Guaranteed Rent Scheme |Estate agents Canary Wharf

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            • #7
              Re: Should I refurbish before selling?

              You will benefit from more interest and it could make or break a sale. With the mortgage market so tight and loans hard to come by buyers want a property they can move into with little or no work to do. Set yourself a budget to include general decoration kitchen/bathroom.

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