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Girly girl

Do You Think There Are Any Numpties Left ?

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We're considering putting our house on the market next year, we bought it knowing it needed a lot doing to it but have run out of heart and energy.

I want my weekends back and we really are not cut out for DIY.

So my thoughts were do we leave the house as it is and sell it as a project, or tart it up and hope for our money back.

I don't care about a profit, not even really bothered about a loss as that will just get passed up the chain more about saleability (if such a word exists).

Any thoughts ????

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We're considering putting our house on the market next year, we bought it knowing it needed a lot doing to it but have run out of heart and energy.

I want my weekends back and we really are not cut out for DIY.

So my thoughts were do we leave the house as it is and sell it as a project, or tart it up and hope for our money back.

I don't care about a profit, not even really bothered about a loss as that will just get passed up the chain more about saleability (if such a word exists).

Any thoughts ????

A recent report (either Telegraph or Guardian) which was posted on the news feeds said that major works added no value in the current market.

The best thing you could is put on some new paint and leave the rest.

I agree with this approach myself. When things are rising, people to a degree delude themselves that the improvements have added value when in fact its due to to a rising market. In the current climate though thing are laid out more clearly. I have friends currently trying to sell a home they have extended quite considerably and they are having trouble shifting it and have so far cut the price by 20%. The odd thing though is they bought the house in 2000, and when they first tried to sell it they were asking double the original 2000 price, assuming that 8 years HPI plus the extension would allow for the increase. Even if they manage to sell at the new reduce price, I suspect offers would only come in 10% lower leaving them 30% off their original estimate.

If they do end up selling at 30% off what they originally guessed, then by the time you add in the cost of the extension work, they'll have only made 20% over 8 years. That's a 2.5% gain per year, considerably less than the interest they would have been paying on the mortgage.

Edited by mikelivingstone

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yeah but its got to be finished, kitchens without benchtops and bathrooms without tiles reck of forced sale.....

if your house looks DIY disaster (ie every room started and nothing finished) its not going to sell without you bending over in this market, get it to point no one would know you started a diy disaster.

old is ok,

DIY disaster recks of low ball offer or mortgagee sale

looks like you ran out of money rather then effort!

Edited by kiwi

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paint it.leave the rest.the amount of times I've seen beenywannabees do a house up only for the new owners to come in and pull it all out is unreal.you will be wasting your cash.

when where did you buy out of interest?

We bought in March 2007, I know, I know we just couldn't bear renting any longer.

It's in the Cheshire area, nice and lovely schools etc but still I'm under no illusions and I've just found out there's a 50% chance my husband is about to be made redundant today :(

The fun and games have started.

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There was a suggestion (at the height of the madness) that refurb projects were going for more than houses in good order, the idea being that there were so many wannabe property developers out there.

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My experience is that if it is priced right it's better to sell as "a project" than bother tarting it up. There may still be a few out there who fancy themselves as "developers" or who are into the diy themselves.

In my extended family there is a recent example (down south though) two members are selling houses in the same street... one house needs fully updating(elderly owner), and another where everything has been done. The first one has now been SSTC twice. The first time, despite my best advice, they had two offers and took the wrong one (i.e. they went for the higher offer, not the slightly lower cash one from people who were currently renting). Still another possible buyer has now possibly appeared. No interest in the second property at all.

Oh & for the reaper... at the start of that last crash I traded in to the developers of a new house (yes I was an idiot as I have posted elsewhere). They put a new kitchen in my old house to make it more saleable. When it finally sold the people that bought it took out this brand-new, completely unused kitchen and replaced it!!! I don't think anyone had ever even had a cup of tea in it!

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There was a suggestion (at the height of the madness) that refurb projects were going for more than houses in good order, the idea being that there were so many wannabe property developers out there.

I found that to be the case when I bought back in '04 - and the estate agent I sold my previous house through told me not to worry about updating it as it would 95% certainly go to a BTL who would know better than me how to update it.

I guess its better to strip out & redo a place yourself than worry about someone else's dodgy DIY wiring & plumbing.

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...

I guess its better to strip out & redo a place yourself than worry about someone else's dodgy DIY wiring & plumbing.

Where I currently live started life as a "self-build" back in the 1980s. I think it can safely be described as somewhat quirky & eccentric!

Apparently he lived in a caravan on-site while he was doing it. When he finished he'd managed to fall out with the farmer who'd sold him the land, and he'd built the house between the van and the road access - so the only way out for the van was in small pieces!

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They put a new kitchen in my old house to make it more saleable. When it finally sold the people that bought it took out this brand-new, completely unused kitchen and replaced it!!! I don't think anyone had ever even had a cup of tea in it!

You've not seen builders before have you? :P

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You can do some basics to make it look presentable I suppose.

The thing is it is a buyers market so if someone has a similiar property for sale in good nick you may not sell yours. All depends on how low you price it I suppose.

When prices drop some more, and I eventually buy somewhere, I will be looking for something pretty damn perfect. No reason to accept second best when the prices tumble.

Edited by Jim B.

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We bought in March 2007, I know, I know we just couldn't bear renting any longer.

But you've got an interest only mortgage and prices are falling.

You are renting!

I would do a quick tart-up job and get it on the market toute suite - the tooter the sweeter. By next year you could well have lost another £20k on it!

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Local EA has a quite nice recently built terraced 2 or 3 bed for sale. It's £145K, which, locally, is around the expected asking price or slightly below.

But there is a caption: "Realistically priced to suit first-time buyer or buy-to-let investor".

Even on HPC, people have almost stopped talking about BTL, it's sooo dead!

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If you do it up a little bit you could get a sale. I agree that it probably won't add to the price but at least it won't be struck off the list straight away as a POS.

A coat of paint, a cheap Ikea kitchen do-over and some tiles in the bathroom would probably work. But don't spend too much doing it though. The person buying will probably say...um...we probably have to redo the bathroom and kitchen but we can live with it for now....

You just need to make it look okay so people don't make the "eww...i stepped in poo face"....then you still have a chance to sell it...for the right price of course.

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But you've got an interest only mortgage and prices are falling.

You are renting!

I would do a quick tart-up job and get it on the market toute suite - the tooter the sweeter. By next year you could well have lost another £20k on it!

Lol I take your point but we will won't be selling :P I guess we've made our bed with this house and I am more than happy to give it away when the time comes for me to buy the forever house for 40% less, in the meantime we'll keep renting from the Abbey, they don't insist on inspections every 3 months ;)

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Just hang onto it as you wont get back what you owe.... Keep renting you may just get your deposit back!!!

This is my thoughts .... we have never had our deposit back despite leaving one house cleaner than we found it and spending hundreds decorating, with the landlords permission, I cannot face that lifestyle again, it's just not for me.

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  • 395 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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