To do up a property to sell or not?

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    To do up a property to sell or not?

    We have had a long term tenant in a house we rent out for many years. They have now left, but the property is in poor condition and needs repainting inside and out and new carpets throughout. The bathroom needs completely re-doing. The question is whether it is always worth renovating before selling an ex rental property? I will get an estate agent in to tell us how much property is worth as it is now and how much it would be if renovated. I just wondered though if anyone on the forum had any experience of selling a "Doer Upper" . If we did renovate the house ourselves to put it back in good condition, we would be paying full market rate to painters/decorators etc as we don't have the time to do any of the work ourselves.

    #2
    Your Business decision.
    Sounds like a lot of work required to put it in marketable condition but you have had the benefit of several years rent.

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      #3
      It depends.

      Personally, I would get a decorator in and have ceilings, walls (magnolia or a nice very light grey) and glosswork done. Then get a carpet cleaning firm in to give the carpets a once over. This will remove any bad smells, and gives it a nice fresh bright look.
      Leave the bathroom/kitchen alone... Negotiate price with that in mind (buyer can then choose what they want).

      We recently had a decorator do our rental between lets.. As he had unfettered access and no furniture to work around it came in at £800 for ceilings, walls and glosswork.

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        #4
        Get 2 EA's to come and value the property as it is and the estimated price of what it could be worth if done to a certain level, you already have an indication of the rental for the property. Then get 2 quotes on what you want being done to the property and compare - make your decision based on the information.

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          #5
          Thank you all for your advice!

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            #6
            I think it depends where the property is. I recently sold a 3 bedroom ex council house in Bromley, Kent that needed completely updating including double glazing. The market price for one of these houses done up was about £340,000. The agent put it on for £330,000 and we accepted £320,000 about 2 weeks later. All the aggravation and expense would have negated the possible £20,000 we could have got if we had done it up. Less another 28% CGT to the taxman.

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              #7
              Certainly doing it up yourselves & getting a higher sales price is likely to generate a higher tax bill so is probably not worth it. But by spending just a little on it ie. getting it clean & slapping white / magnolia paint on the walls, you may increase the value by more than you spend. Most buyers are not very good at seeing past what is in front of them so if you can make it appear reasonable you will get a better price. Remove anything that detracts from the property, clean the kitchen & bathroom well, hang 2nd hand curtains & lampshades - all things that make the property look better without costing very much.

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