What is the effect of house condition on house price?

[LoungeLizard]

Suppose that there are 2 identical houses next door to each both built 20 years ago to exactly the same specification.

Both have similar facilities; fitted kitchen, double-glazing, shower, etc.

The significant difference is that one is much better decorated than the other; and has much more modern, professionally-fitted facitilities, less than 5 years old.  Nominally, the facilities of both houses are identical but, on inspection, one of the two houses is obviously tattier, in need of up-dating and less well maintained.

Suppose that the 'tattier' of the 2 houses is valued by a local estate agent at �100,000.

Other things being equal, how much would the 'modernised' house be valued at?  

[woofgang]

don't know about a price but you could make a guess by pricing up a new kitchen, bathroom, paint etc, add a bit for labour and a bit more for inconvenience, it really does add up!!

[woofgang]

PS this assumes that in both cases the fixtures etc are neutral in design and of reasonable quality and the colour scheme round the house is neutral.

[ianess]

It never fails to amaze that people seem to be incapable of using a bit of imagination when viewing a house.  After all they'll have seen the detail sheets, know the room sizes, and had a good look at the outside and the surrounding area before even getting to the viewing stage.  And then they complain about the decoration for God's sake!!   A lick of paint, a change of floorcovering, and a tarted up kitchen can be done in no time at all and should hardly be considered when buying bricks and mortar.

[spudqueen]

Totally agree with you ianess. What I really HATE on the TV programmes where someone is looking round a house for sale is when they say they don't like the furniture. But they won't be buying the furniture will they? The present owners will take it with them when they move. Aaaaaaaaaaarrrrrrrrrgggggggggghhhhhhhhhhh

[LoungeLizard]

Thanks for the discussion & contributions.

However, please may I invite direct answers to the question I specifically asked: in the form of a quantity of money greater than or equal to �100,000.

[richfo]

I would guess between 10-20 thousand

[woofgang]

well ianess, a lick of paint, a change of floor covering and tarting up the kitchen do cost money, and time or labour costs, so if the first thing that you think of when you look at the house is "that carpet, kitchen, bathroom has to go" thrn that needs to be factored in to what you are prepared to pay.....agree about the furniture tho'

[flaming]

Minimum �10,000 for redecs. all round.. incl. 'tarting up' the kitchen and bathroom.  If a new kitchen and bathroom were installed, then we are looking at a professional job,  Let's guess at �30,000 more on the price for all done professionally, painting, the lot. 

There's no point in spending any money if you don't get more than you've spent.  Also,ti  is often not just the price  that affects a buyer's judgement - they want to move in and have no upheaval  so they might pay extra for that if it all is in first class order but only within reason, depending on the other considerations. 

The thing to guard against is 'pricing the house out' - i.e. if it's outlook (view) is awful and it's miles from anywhere, there's no point in spending too much.  You can get an estate agent's valuation before you spe nd the money - he will tell you a max. to spend  on refurb. work  and often has an up-to-date idea of what local tradesmen charge. 

[flaming]

 

AI forgot to actually answer the question!  My guess is that the better house could be priced at �110,000 with the makeover, and �130,000 with the decorations new k&b.