While we're on the reno subject

[lurker172602]

I'm constantly amazed by the lack of vision people on all these home show TV program's have. Why can't the buyers see what a coat of paint would do?
We spent about 10k "doing up" our house before we put it on the market (all of which was completely cosmetic) and made about 50k on the sale.
Talk about money for old rope .....

[soulart2]

I think it's a time thing lurker.  I'm like you, it's the "bones" of a house that are important along with the feeling you get when you see it.  Our first house looked dirty, uncared for and unfnished, there had been a marriage breakup while the house was being built.  The woman didn't have the money to finish things like painting doors but also didn't care about things like torn cutains, ripped fly screens, dirty walls etc.

We lived there for about 3/4 years and I painted the inside (it was brick outside) new blinds etc used tile/laminate paint in the kitchen and bathroom and made a profit of $100,00 when we sold.

We've been in this house about 4 years now and have been slowly renovating.  I love old homes, more character and some have much bigger rooms.

I guess for a lot of people though, they just want to move in and enjoy living in it straight away.

[hargrlynet]

IMO It would also depend on where the house is located, some areas increase far more quickly in value than others, you can over captilise on your house as well

[soulart2]

For sure harlgrl, with market being slow here, I doubt we'd make a profit on this house atm....probably lose money but I'm glad we've done the improvements as it's made living here very relaxing and worth every cent.

[hargrlynet]

We are the same, we bought this house for a song, knowing it totally needed a total reno. It will take us a few years to complete as we dont want to skimp on what we do plus we are trying to retain as much of the original house as we can. Being in a tiny country town, it will prob only increase to match what we spend on it but we dont want to sell it, so it really doesn't matter. Yes you are right, old houses have so much more character, ours is arouind 100 yrs old, typical 4 room workers cottage, that has been added to over the yrs, not always very well lol

[*crikey*mate*]

We were getting offers of around $300 - $335 on a house which had tenants in it.

4 months later when the "tenants in possession" left

In one weekend we put in new carpet (about $3k)

Painted throughout (working bee, so just the cost of paint)

Stuck that straw chaff stuff throughout all the gardens and planted cuttings from wherever we could get them. I think it was like $15 a bag and we used 6?

A new side gate/fence - double gate on side of house ($800)

The next weekend realestate had 5 or 6 offers ranging between $400 and $455k.

We initially took the $455 (obviously) but the building inspection revealed old termite presence in the back fence (had been treated years before and termi mesh and some poison which was made illegal the month after ours went in) was under the slab and after the termites in the fence we had put the termite traps around the yard (well got the pest man to do it) and they had been gone since - no termite damage to the house and none there at the inspection - but apparently the mention of Termites scare New Zealanders and they tipped the contract, so then took the $435k which settled 3 weeks later.

So, the house was empty this time, with new carpet and paint and garden (not a flash garden, but new and neat), and for about $5000 and a weekend of work, we made over $100K.