mathew Posted March 18, 2007 Share Posted March 18, 2007 looking into buying a house the end of this year,if all goes to plan. thinking about buying a house which needs updating, as in one which has floral everything, as these seem a lot cheaper. just wondering has anyone on here done the same thing and if so how much roughly did you spend doing up the house with regardsto new carpets,deco etc? also how much work is involved? Link to comment Share on other sites More sharing options...
Ric Posted March 18, 2007 Share Posted March 18, 2007 my mate added 40k value to his house after spending 16.5 k updating it, new decor, lights, flooring, kitchen, bathroom etc, gardens Link to comment Share on other sites More sharing options...
mathew Posted March 18, 2007 Author Share Posted March 18, 2007 excactly what i wanted to hear theres alot around here valued around the £80k mark that need updating with the average price in the same streets going at arund £110k - £120k Link to comment Share on other sites More sharing options...
lambertpig Posted March 18, 2007 Share Posted March 18, 2007 i am just cming to the end of just such a project.paid 86000 for house spent 7000 on renovation this inc new kitchen bathroom doors flooring and complete redocoration of every inch part of this cost included 2000 labour i did a lot myself but needed some help and this is what puts up costs.estimated value is now 105000 min-110000 max. a profit of 9000-14000. the days big profits are over as the house price increaces slow. good luck with your project Link to comment Share on other sites More sharing options...
Max Headroom Posted March 18, 2007 Share Posted March 18, 2007 House price rises may be slower, but they keep going up, almost everything you do to the house will add value and if you can do it yourself, even bettter. Link to comment Share on other sites More sharing options...
DaveK Posted March 18, 2007 Share Posted March 18, 2007 House price rises may be slower, but they keep going up, almost everything you do to the house will add value and if you can do it yourself, even bettter. Currently they are - and usually they do - but it's never guaranteed. My other house increased in value from £51K to £134K in just under 17 years. However - at one point, it dropped to a value of around £35K. Link to comment Share on other sites More sharing options...
Homer Posted March 18, 2007 Share Posted March 18, 2007 Be careful about the 'need updatings' part, some agents advertise this when they actually mean 'renovation'. There is normally a big cost difference between the two. Updating could mean just things like paint, ligthing, new bathroom, new kitchen. Renovation generally means new plumbing, electrics, plaster, etc. I'm working on a long term updating project, I got it for £127k 3 years ago and just had it valued at £180k. Its not finsihed yet though... Link to comment Share on other sites More sharing options...
Paul Posted March 18, 2007 Share Posted March 18, 2007 Also take into account the fact that due to the market increase in value over a period of years then a house would have gone up a large amount anyway without doing a thing to it.If you intend to sell and move up the ladder then the house you will be buying will be dearer by a similar percentage. Not saying that updating and improving doesn't pay but I do get fed up with people at work etc. ranting on about the fact they've changed a kitchen and a bog and their house has increased by 30grand over four years as a result Link to comment Share on other sites More sharing options...
mathew Posted March 18, 2007 Author Share Posted March 18, 2007 i wont be looking into buying it to sell on as such. just wanted to get some info on cost and effort. it looks like it will be cheaper to do it this way rather than me buy a top notch house in a similar area. Link to comment Share on other sites More sharing options...
Supragal Posted March 18, 2007 Share Posted March 18, 2007 It depends as well what standard you do it up to. If you want to add value then don't go for top rate funky designer stuff as you will never get back what you paid for it, however if it's your home and you want those things because you like them then that's a different ball game. If you want it nice (because you live there) without going silly on expenditure then be open minded to how you want the kitchen/bathroom etc and see what it on sale when you come to do it. B&Q have end of line kitchen doors etc for a fraction of the cost of the latest designs, and bathrooms suites too. In fact they always have toilet, sink combos for good prices. Link to comment Share on other sites More sharing options...
Supragal Posted March 18, 2007 Share Posted March 18, 2007 i wont be looking into buying it to sell on as such. just wanted to get some info on cost and effort. it looks like it will be cheaper to do it this way rather than me buy a top notch house in a similar area. In theory it will, but you still need to have the cash up front to MAKE the changes. That's the mistake people make and end up using credit cards etc which is worse than having slightly higher month mortgage repayments. Link to comment Share on other sites More sharing options...
edge Posted March 18, 2007 Share Posted March 18, 2007 I went to see a house that needed modernising. Estate agent told us a new heating system and some double glazing and some fresh paint and carpet etc. When we got there it was an absolute wreck. It needed new ceilings,floors, some walls and loads more. like homer said Be careful. Link to comment Share on other sites More sharing options...
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