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    Default Selling an old, half renovated house!

    I won't go into a long story as to why. Let's just say it's a house built in 1910, we bought it for an absolute steal, thinking we would renovate to make a massive profit. However, we hate living here, it's too expensive and difficult to renovate.
    What do you think the chances of selling it would be, we don't overly care if we don't make a profit, but wouldn't sell if we would lose. We bought it for $190,000. Do you think it would sell or will it just sit on the market for years? It's probably only a quarter renovated, one bedroom is complete, some walls are re sheeted, that's about it.
    Thanks

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    totally depends on the location, the layout of the house, the other houses around etc.

    Hopefully you can get your money back - but it is tough with partially reno'd places

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    It would depend on many different variables, ie location, house, reno's completed etc. The only place I could say with certainty that you would sell no problems is Sydney Inner West and Eastern Suburbs. If you are there you'll be fine.

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    Maybe call in a couple of real estate people who can give you the estimates, and you decide from there if there will be a loss, break even or profit. It really depends if buyers are wiling to look past the renos and have the funds to fix, or are willing to buy, or if they will see the reno half done and assume they can get it for a 'bargain' that means massive loss to you. Sometimes it may even 'pay' to quickly fix up some of the glaring areas so that people don't assume that bargains can be had at your expense. If you really hate living there I would look into the options.

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    It depends on city, suburb, street etc. when did you buy it?

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    Way too many variable. I'd call around your local real estates it even pay for an evaluation. Good luck

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    Default Selling an old, half renovated house!

    Personally, I'd stick it out and finish as much of the renovations as you can. A fair bit can be done quite cheaply to make the place presentable. Things like cleaning up the outside of the house/yards so it presents nicely from the street will make a big difference to the impression the house makes to buyers.

    We gutted and renovated a small 2br house - new kitchen, bathroom, took out a wall and put in a new structural beam, new floors, painted inside & out, and installed air con. Neither of us are particularly handy but we did a fair bit ourselves. It cost about $30k all up for the renovation and we spent another 30-40k converting the garage to a granny flat. It took 6 months and at times was a massive PITA but it was worth it. We bought it 4.5yrs ago for $300k and it was recently valued at almost $500k (outer Sydney suburb).

    If you intend to buy another place make sure you account for all your selling & buying costs ie stamp duty etc.

    ETA - depending on where it is, consider at least getting it to a standard that is can be rented out. If you got it for a huge bargain in that area you might get a really good return in rental income (which can be used to fund more renovations which can also be claimed as a tax deduction).
    Last edited by Cue; 20-01-2015 at 11:58.

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    waterlily  (20-01-2015)

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    We bought it 5 years ago. It's a very small country town, which probably makes it worse it is starting to expand so people are building rentals. I don't think we could refinance to renovate as it's not worth much, so I feel so stuck here! It's like there's no way out, but it's so old I can't stand living here. Thanks for everyone's advice, perhaps I should have a chat to a realestate

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    Quote Originally Posted by Cue View Post
    Personally, I'd stick it out and finish as much of the renovations as you can. A fair bit can be done quite cheaply to make the place presentable. Things like cleaning up the outside of the house/yards so it presents nicely from the street will make a big difference to the impression the house makes to buyers.

    We gutted and renovated a small 2br house - new kitchen, bathroom, took out a wall and put in a new structural beam, new floors, painted inside & out, and installed air con. Neither of us are particularly handy but we did a fair bit ourselves. It cost about $30k all up for the renovation and we spent another 30-40k converting the garage to a granny flat. It took 6 months and at times was a massive PITA but it was worth it. We bought it 4.5yrs ago for $300k and it was recently valued at almost $500k (outer Sydney suburb).

    If you intend to buy another place make sure you account for all your selling & buying costs ie stamp duty etc.

    ETA - depending on where it is, consider at least getting it to a standard that is can be rented out. If you got it for a huge bargain in that area you might get a really good return in rental income (which can be used to fund more renovations which can also be claimed as a tax deduction).
    Thanks for the advice I do think the best thing would be to stick it out, we bought it when we were newly married but now we have a child it's so difficult to get anything done! The amount of money to spend on it is ridiculous (the kitchen and bathroom are so old they cannot be salvaged or done up to look better) we were so naive when we bought this place!

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    Quote Originally Posted by SpicyTurtle View Post
    Thanks for the advice I do think the best thing would be to stick it out, we bought it when we were newly married but now we have a child it's so difficult to get anything done! The amount of money to spend on it is ridiculous (the kitchen and bathroom are so old they cannot be salvaged or done up to look better) we were so naive when we bought this place!
    Yeah it's so much harder with kids! We have a 3yo and 6mo and DH is tempted to do another renovation but there's no way I'll agree to that!! We were almost done when our first was born and luckily we weren't living in it.

    Our bathroom and kitchen both needed to be completely ripped out and replaced too (the shower was literally a pipe sticking out of the wall!!). We got the vanity and toilet from a place that sells factory seconds and auctions off excess stock so we got them really cheap. The vanity just had a mark on the back of it and the toilet was totally fine. We shopped around for a basic kitchen and assembled & installed it ourselves, which was surprisingly easy to do. I think we spent about 10k total on the kitchen & bathroom. So it can be done if you're happy to go with a basic design & standard fittings. If you do rent it out keep everything simple and don't bother spending money on higher end items.


 

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