Should I modernise a property?
If you inherit a property then you might think about doing it up to sell it
and make more money. Is this a good idea?
In a rising market, when many of the Sarah Beeny episodes were filmed, she
pointed out that people would have made as much money by not doing any work
at all.
In a falling market there’s a risk you’re wasting money on doing
up a property.
If you are a builder or have lots of good DIY skills, then it might be something
to do. But it’s probably best to get it on the market and see how it goes.
Sometimes a renovation project can really fire people up. It’ll get interest
from builders, from first time buyers looking for a more affordable way of getting
on the property ladder, and people who fancy doing a renovation for fun.
If you did start renovating, then how much should you do? You have to be aware
that starting a renovation project generally makes things worse before it gets
better. Sometimes it can get a lot worse.
If you rewire, then you need plastering work done, which probably means redecorating
every room in the house. If you get the central heating boiler replaced, then
this might need new pipe work, or ripping up flooring to get to pipes hidden.
If you need new windows and frames then this will also cause plastering work
to be done, needing some redecoration again.
There are some basic things you can do, like remove old nasty carpets, paint
rooms a neutral colour and leave the place clean but empty for viewings. A blank
canvas might inspire people to put a bid in and ideally if you price it right
you’ll generate more interest. If you get lots of viewings you might get
some competing offers too.