Investing in Your Property Prior to Selling Will Create a Lot More Cash For You.
Nutbrook Road in SE15 is a popular road near to Queens Road Overground station. The difference between an unmodernised house and a very nice house in the same road is huge.
In January 2018, 56 Nutbrook road sold for £870,000. An unmodernised and standard sized 3 bedroom terraced house at 11.4.9 square metres.
Two years later in January 2020 68 Nutbrook Road sold for £1,250,000, a very nice example which had been extended by widening the rear ground floor to make a larger kitchen diner. The house was bigger at 121.8 square metres
Unmodernised 56 Nutbrook Road SE15:
Modernised 68 Nutbrook Road SE15:
Let’s look at bringing the values up to date, so we can compare the two property sale prices more accurately.
Since 2018 prices have increased a little, and Homesearch value it currently at in the same unmodernised condition:
Homesearch Rental Estimate
£920,732 (£839 p/sqft)
The assumed cost to modernise 56 Nutbrook Road
Because 68 Nutbrook road has been extended and was beautifully presented throughout, there would have been a considerable cost upgrading the house from an unmodernised state.
If we use these as indicative figures:
Side Extension £42,500
Kitchen – £15,000
Bathroom – £6,500
Flooring – £6,000
Rewire and light fittings etc – £7,500
New Boiler – £3,000
Repaint – £6,000
Downstairs WC – £1,500
Built in Wardrobes – £5,000
Garden – £10,000
A full refurbishment to improve 56 Nutbrook to a similar quality to 68 Nutbrook including the building work would cost approximately £103,000.
Using the FNW ‘Flip’ Service
If we roll forward to now and assume the owner of 56 Nutbrook Road was selling at a current re-calculated value for £920,732 (the updated current value).
If they had used our flip service and we had renovated the property, the costs approximate as noted above, the owner would have received £1033,866 assuming the property sold at market value of £1,250,000.
That’s £113,134 more to the owners! And all the refurbishment costs are paid for!
Don’t give your equity to shrewd buyers
Often our home is our biggest asset and main source of wealth. If you want to sell your unmodernised home for the very best price, we can potentially help you sell your fully refurbished property for a much better price than any agent will sell your unmodernised property for.
If you want to see how much extra you might be able to sell your property for, please get in touch.