You are reading a single comment by @frankohara and its replies.
Click here to read the full conversation.
-
At risk of sounding obvious, I guess it depends on the quality of the works, as you mentioned, and crucially demand in the area. Property prices seem to be ruled for what people are willing to pay for. We recently refused to pay over 750k for a similar house after a survey showed some potentially serious humidity problems only to see it sold for o£800 6 months later… 🤔 knowing how stubborn sellers were, I bet the problems were still there 🤗
frankohara
sohi
£700k in 2019 would be worth, say, £900k excluding works before any Kwarteng discount?
If they have done the full side return & loft job to a decent standard then they could be over £200k in the hole for costs. Add £100k for stamp duty on the way in, the place they had to rent during the building works and agency fees and £1.2 mm is the closest round number. Not a lot of profit in it at that level given the hassle.
As to whether it's worth that... I would have been surprised when rates were <2% and shocked now rates are >5%.