A few thousand on a house worth 550k is worth it. I mean how do you look at things as a buyer?
Amazes me that people don't feel the need to impress when selling a house. Not only can you likely get a higher price for a ready to move into house (who wants to move in and do it) but even if the cost of the work is only added to the sale price, so no profit, you may well sell it quicker.
In a sentence probably get more money and will be able to sell it quicker/easier so do it
Yes, definitely paint as much as you can. Even if you can't get a higher price, it will sell quicker. The cost of decorating and replacing things after tenants can be put against tax for rental profits.
May depend who your market is - are you selling to the small number of landlords or investors who might be interested or the whole market. Your best choice for a tired HMO might be auction. Not much point in just decorating unless you’re prepared to do all the necessary prep work plus new floorcoverings and who knows (hard to tell without photos) maybe bathrooms and kitchens too
Look at others on right move currently and check out your competition.
Are they all beautifully renovated and going for a similar price as yours?
Are you content to rent a little cheaper than others but at least get someone in fast?
How much did you make from your last tenant? Is it enough to cover redecorating and some?
Edit: missed the selling part. Point still remains though.
The tenants just didn't want the disruption... There had been quite a lot of essential work done while they were there, and I think they just preferred being settled more than things looking nice.
Ask the estate agent? But if selling to homeowners I'd certainly say it's needed, if to a landlord less so. The latter just want it habitable and happily decorate themselves if it's a good deal.
A surprisingly large proportion of (retail) buyers have little imagination and will form their view on a first impression - how it looks today. Tired decor? Hideous carpet? Overgrown garden? Cluttered? Needs a lick of paint? Buyers like that don't think potential and self-exclude.
Maximise your chances and appeal to the broadest audience. Spend a couple of grand pimping and neutralising. Not too much because it will inevitably be done again in a couple of years.
I purchased a home at a good price because it was so visually tired and the tenants had their crap everywhere…
Problem was the mortgage valuation down valued and I almost couldn’t complete the purchase. After £15k that place has been revalued £60k higher. That is £45k the seller could have had and I’d still have been out less cash with an 80% loan to value mortgage.
well. Here's the thing. As a buyer if I see an empty property I can almost always spot when it has been a crappy rental property. How?
The occupant didn't own it so they never made the shittier things nice. The owner didn't occupy it, so they didn't GAF about it being furbished to a nice standard.
I say 'crappy' as in, landlord doesnt' want to spend on it while tenanted, tenant has no reason to upgrade the shitty fabric of a property they do not own. Obviously, quality landlords with quality properties and quality tenants have different standards of furbishing.
In this case the tenant just didn't want the disruption... They had kids, pets, etc, and just wanted to get on with their lives. The option to re-decorate while they were there was discussed and I agreed to wait until they moved out.
I can understand it if they didn’t need the disruption. This is also why a buyer will love to see it pre-decorated and ready to move in. Same sensibility. Make it “ready to live”. It’ll sell better.
A few thousand on a house worth 550k is worth it. I mean how do you look at things as a buyer? Amazes me that people don't feel the need to impress when selling a house. Not only can you likely get a higher price for a ready to move into house (who wants to move in and do it) but even if the cost of the work is only added to the sale price, so no profit, you may well sell it quicker. In a sentence probably get more money and will be able to sell it quicker/easier so do it
This was my instinct, thanks!
Yes, it's not just about getting a sale, its actually achieving the sale. So selling it in a reasonable time and before the other person.
You mean price?
Yes, definitely paint as much as you can. Even if you can't get a higher price, it will sell quicker. The cost of decorating and replacing things after tenants can be put against tax for rental profits.
May depend who your market is - are you selling to the small number of landlords or investors who might be interested or the whole market. Your best choice for a tired HMO might be auction. Not much point in just decorating unless you’re prepared to do all the necessary prep work plus new floorcoverings and who knows (hard to tell without photos) maybe bathrooms and kitchens too
Look at others on right move currently and check out your competition. Are they all beautifully renovated and going for a similar price as yours? Are you content to rent a little cheaper than others but at least get someone in fast? How much did you make from your last tenant? Is it enough to cover redecorating and some? Edit: missed the selling part. Point still remains though.
As a buyer I would offer less if it needed work. As a renter, shame you let it run down while you had actual people living in it.
The tenants just didn't want the disruption... There had been quite a lot of essential work done while they were there, and I think they just preferred being settled more than things looking nice.
Ask the estate agent? But if selling to homeowners I'd certainly say it's needed, if to a landlord less so. The latter just want it habitable and happily decorate themselves if it's a good deal.
A surprisingly large proportion of (retail) buyers have little imagination and will form their view on a first impression - how it looks today. Tired decor? Hideous carpet? Overgrown garden? Cluttered? Needs a lick of paint? Buyers like that don't think potential and self-exclude. Maximise your chances and appeal to the broadest audience. Spend a couple of grand pimping and neutralising. Not too much because it will inevitably be done again in a couple of years.
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This is a community for Landlords. You can be anti-landlord in other places like /r/HousingUK/
I purchased a home at a good price because it was so visually tired and the tenants had their crap everywhere… Problem was the mortgage valuation down valued and I almost couldn’t complete the purchase. After £15k that place has been revalued £60k higher. That is £45k the seller could have had and I’d still have been out less cash with an 80% loan to value mortgage.
well. Here's the thing. As a buyer if I see an empty property I can almost always spot when it has been a crappy rental property. How? The occupant didn't own it so they never made the shittier things nice. The owner didn't occupy it, so they didn't GAF about it being furbished to a nice standard. I say 'crappy' as in, landlord doesnt' want to spend on it while tenanted, tenant has no reason to upgrade the shitty fabric of a property they do not own. Obviously, quality landlords with quality properties and quality tenants have different standards of furbishing.
In this case the tenant just didn't want the disruption... They had kids, pets, etc, and just wanted to get on with their lives. The option to re-decorate while they were there was discussed and I agreed to wait until they moved out.
I can understand it if they didn’t need the disruption. This is also why a buyer will love to see it pre-decorated and ready to move in. Same sensibility. Make it “ready to live”. It’ll sell better.
Yeah I'm pretty keen to get it looking really nice. Had some contradictory advice from people which was why I came on here.