ChatterBank1 min ago
What is the effect of house condition on house price?
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?
Answers
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For more on marking an answer as the "Best Answer", please visit our FAQ.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.
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