Selling in area with a ceiling price

[Tadaima]

I'm selling an ex local authority house that is in need of redecoration and rewiring. It is fine for living in, just old fashioned and tired looking. The road and general area has a ceiling price at the lowest end of the market. This work costs the same whether selling an expensive or cheap house and in this case would cost approximately 5% of the sale price of the house. Is it worth it? It is already the cheapest house in the area for sale, at 10% less than its nearest comparable which is in better condition. I don't live near it so can't get the time to do the work myself. If the work is completed can the cost be used against any capital gain?

 

[jpd]

I would say no for the redecoration and probably no for the re-wiring - it would come under normal maintenance costs imho

I would imagine that you will not recover the costs of the work but you might sell the house quicker

 

[Leo]

At this time of year the banks are running out of exemptions, so there may be buyers out there who are more likely to take on something like this that needs some work as they can't get the credit for the finished article.

 

[Tadaima]

Got a low offer in this week and 1300 views already because of the low price. On the market only 2 weeks.