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interestedoutsider

Buying Older Apartment And Upgrading Worthwhile?

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I'm thinking of buying an older apartment (15yo development). I would like to upgrade the interior (new tiled floor, new kitchen, new bathroom) so it meets my standards to live in. It's not falling apart at the moment, just not 100% cutting edge style, and I'm fussy :) But I also want it to be a relatively worthwhile investment (ie. not completely wasted in terms of how much it bumps up the value of the apartment).


With a house, the upgrades above would give you a decent return on investment (in terms of increasing the value of the property), assuming you don't go overboard and install for example, a really expensive kitchen in a small, cheap house in a so-so area.


Does doing the above with an apartment will give the same payoff as it would with a house? Or is the potential asking price for apartments a lot more constrained by the development the apartment is in, compared to a house?

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I'm thinking of buying an older apartment (15yo development). I would like to upgrade the interior (new tiled floor, new kitchen, new bathroom) so it meets my standards to live in. It's not falling apart at the moment, just not 100% cutting edge style, and I'm fussy :) But I also want it to be a relatively worthwhile investment (ie. not completely wasted in terms of how much it bumps up the value of the apartment).
With a house, the upgrades above would give you a decent return on investment (in terms of increasing the value of the property), assuming you don't go overboard and install for example, a really expensive kitchen in a small, cheap house in a so-so area.
Does doing the above with an apartment will give the same payoff as it would with a house? Or is the potential asking price for apartments a lot more constrained by the development the apartment is in, compared to a house?

You seem to use the work investment a lot, you either want to do it as you want to live there, in which case the amount it bumps up the value by (or not) is kinda irrelevant

or you are buying it as an investment, in which case the question is not a set of true statements.

I'm spending a small fortune doing up my house, I have no idea if I'll get the money back if i sell nor do I care, because I'm doing it to make the house how I want to live in it!

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if you are doing a house up to your own taste (assuming you like higher quality things, and perhaps doesn't fit mainstream tastes) you will not gain much other than a place you will enjoy living in more. If you intention is purely to increase value there are cheap things you can do that will help more.

At the moment depressingly, the most cost effective thing to do is probably nothing except clean and possibly if you want to push the boat out a lick of paint, and move in a year or two....

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"You seem to use the work investment a lot" - agreed.

'upgrade', 'worthwhile investment', 'not completely wasted', 'bumps up', 'value', 'decent return on investment', 'increasing the value', 'property', 'payoff ', 'potential asking price'.

Don't know why I've even bothered to cut/paste. The whole post is Pwoperdee ******** Bingo in fact. Forget the upgrade "value", you need to be worrying about the massive loss from buying it at all.

Did you spot the name of the website by the way? I've always felt it to be fairly succinctly named.

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No.

If the price you buy at doesn't reflect any work that needs doing and you have to pay someone to do it for you, you will lose money hand over fist.

So go ahead and do it :P

Edited by 24 year mortgage 8itch

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Thanks for the replies. I wouldn't be treating the upgrades as solely an investment - primarily they would be for me. I'd just like to spend money in a way that gives me the place I want to live and also when I eventually decide to sell it, the money won't have gone completely down the drain in terms of what I get back.

Very good point about the buying price tho. I will offer what I see fit based on what I want to do to the place. If that is acceptable to the seller, then we have a deal. If not then... next :)

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