poidy
Well-known member
- Aug 3, 2009
- 1,848
Okay so as a first time buyer and having short listed two properties I am at some what of a crossroads.
The two properties in question are on the market at 235K (3 beds) and 250K (2 beds). They are both located within the same village.
Whilst the 2 bed is valued at 15K less the agent has suggested that he could comfortably get that down to 240K (possibly even slightly lower). This property has been completely re fitted throughout, however my biggest concern is where can I make money when it comes to selling. The answer would be with great difficulty. That said I could move into the property and I would not need to change a thing.
The second more inexpensive property is considerably bigger with the benefit of a third bedroom. Whilst it isn't exactly to my liking right now in terms of fittings I can see the scope to increase the valuation somewhat (and at not too great an expense). I personally believe the price is extremely competitive given the size and has possibly been undervalued. My thought process would be to hold approx 5K (10 at a push) back on my deposit for home improvements. This would initially be for a new bath, toilet and a general renovation of the bathroom, new carpets throughout and to replace the existing living room floor with a lighter coloured wood.
Should I be concerned with sell on value as much as I am? Part of me thinks I'm over complicating things the other side of me thinks I'm correct in my forward thinking.
The other concern is how much should I spend on home improvements? Surely spending 10k on the interior doesn't necessarily mean you will see that return when you come to sell up? Or does it?
Help please, my head hurts!!
The two properties in question are on the market at 235K (3 beds) and 250K (2 beds). They are both located within the same village.
Whilst the 2 bed is valued at 15K less the agent has suggested that he could comfortably get that down to 240K (possibly even slightly lower). This property has been completely re fitted throughout, however my biggest concern is where can I make money when it comes to selling. The answer would be with great difficulty. That said I could move into the property and I would not need to change a thing.
The second more inexpensive property is considerably bigger with the benefit of a third bedroom. Whilst it isn't exactly to my liking right now in terms of fittings I can see the scope to increase the valuation somewhat (and at not too great an expense). I personally believe the price is extremely competitive given the size and has possibly been undervalued. My thought process would be to hold approx 5K (10 at a push) back on my deposit for home improvements. This would initially be for a new bath, toilet and a general renovation of the bathroom, new carpets throughout and to replace the existing living room floor with a lighter coloured wood.
Should I be concerned with sell on value as much as I am? Part of me thinks I'm over complicating things the other side of me thinks I'm correct in my forward thinking.
The other concern is how much should I spend on home improvements? Surely spending 10k on the interior doesn't necessarily mean you will see that return when you come to sell up? Or does it?
Help please, my head hurts!!
