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Properties for sale in ED that require doing up

intexasatthe moment
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NewWave

NewWave

Posted
Posted

fishbiscuits Wrote:

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> In my experience, there isn't much savings to be

> made anyway. The advantage is that you can refurb

> it to your taste/spec, but the discount such

> properties are offered at is not generous.


Tbh I'd rather not buy refurbished property savings or no because I invariably hate what the developer had done and would have to spend a fortune undoing it and doing it to my taste.

In an ideal world (OR rather MY ideal world) developers would just renew electrics and boilers and make good any disrepair fit a basic white ikea kitchen and then leave well alone.

my pet hates are; Recessed spotlights, Laminate flooring, Wall mounted t.v's,lowered ceilings,new window units that don't fully open, black sparkly granite,faux wenge wood, and beige : (

intexasatthe moment

intexasatthe moment

Posted
  • Author
Posted
Actually being honest here I'm asking because I'm interested in selling a property that requires refurbishment - new kitchen ,new bathroom ,new flooring ,new windows ,replastered ceilings ,unfinished loft room ,repainting etc - but I couldn't see anything comparable on the market to give me an idea of price .
Blackcurrant

Blackcurrant

Posted
Posted

intexasatthe moment Wrote:

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> Actually being honest here I'm asking because I'm

> interested in selling a property that requires

> refurbishment - new kitchen ,new bathroom ,new

> flooring ,new windows ,replastered ceilings

> ,unfinished loft room ,repainting etc - but I

> couldn't see anything comparable on the market to

> give me an idea of price .


Price above average for a fully refurbed property. As properties requiring work are very rare in this location, buyers will pay a premium for them.

exdulwicher

exdulwicher

Posted
Posted

intexasatthe moment Wrote:

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> I would love that to be the case Blackcurrant but

> it seems a little... um .... counter intuitive ?


I'd say you're right, it's completely counter-intuitive since it means the buyer needs to factor in another ?100,000 just to get it to standard. It's not like moving into a property where everything is new(ish), functional etc but you just don't like the wallpaper.


Some friends spent about 12 years doing this more or less as a business. Started off buying a tiny 2-bed flat on the cheap - did it up nicely (doing almost all the work themselves), sold it for a decent profit, spent the money on a slightly bigger property, repeated this process. They ended up with a lovely 4-bedroom house that they now live in. It was a huge amount of hard work, juggling it with a full-time job initially but they were both very good DIYers, had access to a lot of the tools, paint etc and they made it work. Helped by an upturn in the market and the area, one of their properties got them over ?50,000 in clear profit.


The trick to selling is either to leave it as is and just say "needs extensive refurbishment" in which case the price won't be great unless it's an amazing location / unique house (there's a couple in the village that sold for big money even though they were in need of extensive modernisation just because they came onto the market so rarely) or to re-do it to a "plain" standard that is functional, safe and can be lived in while any further refurbishment is done "as and when" by the new buyer. Just need to price up the work that needs doing to bring it to that standard and the extra that you'll sell it for offset against when you want / need to move.

Lemming

Lemming

Posted
Posted

intexasatthe moment Wrote:

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> it seems a little... um .... counter intuitive ?


I'm not so sure.


If you have the money to be able to afford a house for ?1.2m+, chances are that you also have the money to indulge your desires - and afford something pretty snazzy on the extension front.


An already-extended home completed with a relatively modest budget (which is a lot of them) is unlikely to satisfy demand for said snazziness - nor offer the architectural blank slate to add it to taste. To some people it will feel like they're paying extra for something they don't think is up to scratch - and might even cost more to alter compared to it not being there in the first place and they did it themselves.


I've seen a few recently completed extensions done by people relatively new to the area. They're a league away from a Quicklofts on top and PlusSpace on the bottom.

Pugwash

Pugwash

Posted
Posted

Following a death - hubby inherited a property which was divided into 3 flats - one flat was leased out but the remaining 2 flats needed extensive work on them. We were quoted ?60.000 (15 years ago) just for external repairs. i.e. guttering, damp course, replacement windows, repointing etc. That was without updating electrics and remodelling rooms i.e. grotty kitchen and bathroom, and all decorations. Hubby not practical and project was to big for me also we did not gave the cash to fork out for builders. In the end the sitting tenant got a mortgage and purchased the 2 flats from us (in 2 stages) and took a couple of years to modernise the place.


We sold it cheaply to get rid of the property- but in hindsight if we could have raised the repair money and had professionals in to do the work- we could have got over ?1 million for it as a large detached property in its own grounds

Blackcurrant

Blackcurrant

Posted
Posted

Angelina Wrote:

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> that's just daft.


yes, it was tongue in cheek. But there is an element of truth in it. Buyers tend to underestimate what refurbishing costs and then bid up the price of run-down properties too much, wiping out any potential gains.


Extensions go out of fashion. In the 90s a mock victorian conservatory was a must have. Now it's all island units and bifold doors - "to bring the outside inside". Wait for that fad to pass and the few remaining unmolested victorian houses might well command a premium.

NewWave

NewWave

Posted
Posted

EPB Wrote:

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> ?...wiping out any prospective gains.?

>

> True, but many people are looking for a home, not

> an investment.


Yup! agree

I think too many people buy places to make money out of them rather than just thinking 'do I love this house? do I like this area? is this 'home' "

Houses are places to live in and build memories in not just money making machines.

Maybe I'm a sentimental old fool but I firmly belive if you buy somewhere you love in an area thats right for your needs you'll never regret it.

Property speculators and investors have killed Londons 'villages'

Sue

Sue

Posted
Posted

Blackcurrant Wrote:

---------------------------------------------

>

> Extensions go out of fashion. In the 90s a mock

> victorian conservatory was a must have. Now it's

> all island units and bifold doors - "to bring the

> outside inside". Wait for that fad to pass and the

> few remaining unmolested victorian houses might

> well command a premium.



I have an unmolested house.


I hope you're right 🤣

  • 4 weeks later...
mikeb

mikeb

Posted
Posted
1,963 sq ft is not that "huge" when compared to the houses around Underhill, Marmora Rd etc, particularly because there is probably a limited ability to extend in any direction. It's just the street and a chance to be in a proper Georgian / early Victorian house.
Plough Man

Plough Man

Posted
Posted

KateS Wrote:

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> ?1,750,000 "doer upper"

>

> https://www.rightmove.co.uk/property-for-sale/prop

> erty-82806968.html

>

> I know it's a massively desirable road, and a huge

> house, but I still find it hilarious.


If you think that's hilarious then what about this one on East Dulwich Grove - outside the catchment area for DVI.


https://www.harveywheeler.com/listings/east-dulwich-grove-se22-29063621/

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