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

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21-04-2017, 10:31   #1
Mac_Plas
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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-pri...ountry=england

http://www.rightmove.co.uk/property-...-48044289.html
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Last edited by Mac_Plas; 21-04-2017 at 10:56.
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21-04-2017, 11:14   #2
soopah
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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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21-04-2017, 11:32   #3
Danny_Boy
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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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21-04-2017, 11:39   #4
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
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Last edited by Mac_Plas; 21-04-2017 at 12:03.
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21-04-2017, 13:19   #5
Danny_Boy
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Quote:
Originally Posted by Mac_Plas View Post
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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21-04-2017, 13:30   #6
Mac_Plas
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Quote:
Originally Posted by Danny_Boy View Post
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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21-04-2017, 14:15   #7
Danny_Boy
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Quote:
Originally Posted by Mac_Plas View Post
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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21-04-2017, 15:40   #8
Mayfly182
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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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21-04-2017, 16:26   #9
geared
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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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21-04-2017, 16:43   #10
andrejuan
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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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21-04-2017, 17:53   #11
geared
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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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21-04-2017, 18:23   #12
Chez2
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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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22-04-2017, 08:48   #13
Jon26
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The photos in the first link shows a sold sign already? Maybe it took a while and the folks benefitting from the sale wanted to finalise the deceased's estate. Sometimes people want closure and are content to forgo a few thousand, especially if its shared out.
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24-04-2017, 11:05   #14
onlineo
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The house looks a lot better for having the old carpets and bathroom removed. Looking at the new bathroom tiles I would never have guessed that the bathroom was new, as those tiles have been a big no no since the start of this decade.

Replace kitchen and gas fires and it is probably worth the money but for the developer they have done the sums are realized more profit is available for not doing the work.
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24-04-2017, 13:28   #15
geared
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Quote:
Originally Posted by Chez2 View Post
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.
We had that issue as well, had a few viewings but no real interest or serious offers.
Repainted a few walls and did a few small bits of DIY and suddenly we had 3 offers on the table at the price we wanted.

Madness really, we spent just under £100 including buying brushes and stuff.
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01-05-2017, 18:04   #16
Chez2
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Quote:
Originally Posted by geared View Post
We had that issue as well, had a few viewings but no real interest or serious offers.
Repainted a few walls and did a few small bits of DIY and suddenly we had 3 offers on the table at the price we wanted.

Madness really, we spent just under £100 including buying brushes and stuff.
I know, madness. Our last move was quite some time ago. We expected to get £75k based on other houses nearby but got £80k. It was only seven years old so all houses were similar. The estate agent was so sure he could sell it fast he cut his commission so we would choose him. We had it valued early February and moved out then end of March.

My sister in law did this with her first house too. It was empty and messy but not particularly bad other than very dusty. It had no furniture in but bits of 'clean' rubbish ie piles of papers for recycling and similar. She made a profit once decorated. It allowed her to move up the housing ladder quickly.
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03-06-2017, 17:20   #17
Route274
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It appears to have sold at or around the £150k asking price.

As mentioned by other people, the premiums paid for a fresh looking turn-key house can be quite astonishing. If it works for both parties it must be a good thing.
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08-06-2017, 22:41   #18
DerbyTup
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Originally Posted by Route274 View Post
It appears to have sold at or around the £150k asking price.

As mentioned by other people, the premiums paid for a fresh looking turn-key house can be quite astonishing. If it works for both parties it must be a good thing.
Exactly!

You can add thousands to the price of your home, just by it being clean and tidy when people come to look at it.

Credit to the folks who bought that house for one price, did a small amount of work on it and sold it at a massive premium. That's smart!
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09-06-2017, 15:25   #19
Mac_Plas
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It's still on and been reduced to £145,000

---------- Post added 09-06-2017 at 15:26 ----------

I doubt very much it will go for over £135,000,
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12-06-2017, 17:21   #20
Jeffrey Shaw
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It's "sold" only once the vendor has completed a sale to the purchaser and the purchase money has been paid. Until then, or at least exchange of contracts, discussion of figures is entirely pointless since they might change- or the sale might not proceed at all.
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