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Increasing the value of your property


tav

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Hello everyone.

This is my first post so I'm sorry if I make any mistakes or if this post has been made before.

I have own a property that I would like to sell but this property needed a refurbishment five years ago and I haven't done much to it since. I was wondering who to ask if I wanted a list of jobs that I can do to the house to increase the value of the property and if they were able to tell me how much it would increase the value. For example, changing the roof, the carpets, moving the bathroom upstairs, etc.

I've heard that estate agents have their monthly targets so they would advise to sell the property quickly so that they can meet their targets rather than looking out for my best interests which is to increase the property value. I've also heard that chartered surveyors cost more money than what they're worth.

Has anyone been in this situation before and does anyone have any advise, please?

I'm grateful for your help and time.

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Definitely estate agents. They know what prices different properties go for in each area

This is very common, what you're doing!
 

_______________________________________________________________________________________________________________________________
Vin Gupta
Property Investor and Developer
UK Property Blog: https://evolutionblogger.com/article/uk-property-articles
Travel Blog: https://soulfultravelguy.com/

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If you have some time on your hands, trawl through Rightmove based on your postcode area +1/4 and then 1/2 mile and include those that have been marked as 'Under Offer / Sold STC'. 

Check those that have been sold, how long it took to sell and what condition they were in. If those that are sold with a higher price have been modernised to a certain specification, then take note of the floorplans, photos, description etc. After a few, you can build up a picture of what's selling in your area and for what prices. Also note if there's a particular agent that's selling most of them and give them a buzz. 

 

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Thank you for your replies. I just hope that the estate agents won't tell me to put it on the market as it is as I believe that it will have a higher value if I do some work to it. I shall take your advice and have an estate agent round this month to have a look.

Thanks again.

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I would suggest refurbishing kitchen and bathroom (but not moving upstairs), repaint everything & new neutral carpets. That would give you the most extra value for outlay.

Buyers (& Estate Agents) generally don't distinguish between (so pay extra for) new / old roof; boiler; electrics etc so you can spend a lot of money and not get an uplift in value.

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Thank you for your suggestion. I really need someone to have a look at the property in person as it's an unusual house. The kitchen isn't big enough for a washing machine or a freezer so I have to keep those in an extension out back that isn't connected to the house on the ground floor. The bathroom is next to the kitchen so if I were to move the bathroom upstairs then the kitchen would be larger by knocking down the downstairs bathroom wall. The kitchen also doesn't have a proper roof, etc. There are so many possibilities that it could do with someone coming here and spending some time to go through it all.

I stupidly didn't get a survey done on the house when I bought it and I think the electrics are out of date so it would need rewiring. Is this something that would come up in a survey when someone attempts to buy the property and would that reduce the price? Would it be better for me to do that before putting it on the market?

No need to reply to this post. I have invited an estate agent to value the property and I'll ask her when she arrives.

Thank you for your help.

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Here are my views

  • I don't think an out of date electrics would affect the price too much, especially if the entire property is dated
  • A new kitchen/bathroom would add value to the property, but would also cost you a lot of money. It may not be worth it
  • The main question you need to ask, is whether the property is 'habitable'?  If it is habitable, then your buyers can get a mortgage on it. If buyers can't get a mortgage, then you probably won't get a buyer

If I were you, I would carry out a thorough clean of the property. Shampoo the carpets, remove any rubbish, clean the windows, wash the curtains etc. Then put it on the market, and hopefully a buyer will view it as a project

I wrote an article on what to do if your buy to let is losing money. There's normally ways to bring the property back into profit, without selling

 

 

_______________________________________________________________________________________________________________________________
Vin Gupta
Property Investor and Developer
UK Property Blog: https://evolutionblogger.com/article/uk-property-articles
Travel Blog: https://soulfultravelguy.com/

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