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Can redecorating a property really make over £40,000 difference?

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1 property, firstly sold on 1 Feb 2017 for £104,000 & now for sale again with new carpets and a cheap bathroom suite for £150,000.

 

£46,000 increase in 11 weeks am I reading that right?

 

http://www.rightmove.co.uk/house-prices/detailMatching.html/svr/2708;jsessionid=AD811D4E399FF28867D62B659AAA8CDF?prop=45009453&sale=54762386&country=england

 

http://www.rightmove.co.uk/property-for-sale/property-48044289.html

Edited by Mac_Plas

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The original listing looks like an old couple literally walked out the door.

The new one looks a lot more neutral. So probably is worth the difference.

It's essentially had the ugly knocked off it.

 

Might not even sell for that though.

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To be fair you have no idea what other hidden issues the house might have had.

 

Perhaps there was damp, new boiler, re-wire, new roof etc. Although £150k seems slightly excessive to me in that area, having looked at other properties in Brinsworth £150k for a 3 bed semi is the very top end.

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I do because I know who sold it in Feb 17.

 

Definitely no damp as kitchen would have been out and wallpaper would have been off for treatment, S&C and skimmed.

 

Been no re-wire as the wallpaper is still on, same roof also.

 

It has had the following done

 

New carpets

New kitchen floor

Emulsioned and glossed

New bathroom suite

 

Seems an excessive jump for the work that has been done

Edited by Mac_Plas

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I do because I know who sold it in Feb 17.

 

Definitely no damp as kitchen would have been out and wallpaper would have been off for treatment, S&C and skimmed.

 

Been no re-wire as the wallpaper is still on, same roof also.

 

It has had the following done

 

New carpets

New kitchen floor

Emulsioned and glossed

New bathroom suite

 

Seems an excessive jump for the work that has been done

 

Were the people that sold it desperate to sell, or was it a deceased estate? I ask as if so it could have sold for less than market value.

 

I do agree though that £150k is a bit steep for that area.

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Were the people that sold it desperate to sell, or was it a deceased estate? I ask as if so it could have sold for less than market value.

 

I do agree though that £150k is a bit steep for that area.

 

Deceased.

 

Don't think they were desperate to sell, just been looking at previous sold prices and nothing has gone for over £125,000 on that road for over 10 years.

 

What sort of state would you say the markets in at the minute? Seems like trying to force the prices up.

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Deceased.

 

Don't think they were desperate to sell, just been looking at previous sold prices and nothing has gone for over £125,000 on that road for over 10 years.

 

What sort of state would you say the markets in at the minute? Seems like trying to force the prices up.

 

The market is unusual at the moment, there is still a lot of negativity in the press and across the general public but housing stock is so low at the moment, estate agents are literally fighting for properties to sell and this is seeing up to 20 potential buyers looking at one property. This in turn is pushing the price up as demand at the moment is much higher than supply.

 

Last week first time buyer client of mine offered asking price on a property and the vendor declined it as wanted everyone who was waiting to view the property to see it before they accepted an offer.

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There are three main elements:

- Maybe the first price was quite low and the purchaser got a bargain.

- Maybe the current asking price is too high and they'll have to accept a lower offer.

- This is the tricky one...the value to house buyers of having work done can be very much higher than the cost of doing the work, depending on the buyer and they type of work. For example, someone who has a decent job but not a lot of savings might be able to afford a £150,000 house but not a £130,000 house with £5000 worth of work that needs doing urgently...because all their cash has gone on the mortgage deposit and they just don't have 5 grand.

Families with young kids are worse off still. They just can't live in a house which has no working bathroom, for example. They'd have to pay for interim accomodation which pushes the price of the work right up, and if they're renting already it might be OK but if they're moving from one bought house to another they'd have to move twice...

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Looks like someone is just over ambitious, especially as they've not bothered doing anything to the kitchen.

 

It's either going to sit on the market for ages, or they'll knock it down in price to get it sold.

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This has always gone on, the oldest property trick ever.

 

It works because many of us want to buy a house ready to live in.

They used to say "you can add £20,000 value to a house with a lick of paint"

 

So, this kind of makeover is cheap and easy to do. The house is being marketed at £150,000 knowing it may get a cheeky offer of £135,000. This will still give a good profit and the buyer thinks they have a negotiated a bargain.

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Given the other places in the area I think 104k might have been a touch low, hence someone snapping it up to sell on.

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It will be interesting to see. Let us know how much it sells for if you are keeping your eye on it.

 

In my experience, many people buying houses have no vision. They are swayed by the style of the décor too easily and can't "feel it" if its not to their taste. We gave our last house a quick flick round with emulsion and replaced the hall carpet for this reason. We ended up selling it for more than we expected and it got snapped up in a slow market. It has worked three times for us. Depersonalise and 'neutralise' to sell.

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