Spending money on Dublin apartment before selling?

[Funkymunky]

Hi, wondering if anyone has had any experience of this lately.

We're thinking of selling two-bed in Dublin to buy a 3-bed home somewhere. The market is obviously a nightmare but the money freed up from selling the apartment would be a help.

The apartment is not in bad condition but hasn't had a good paint or makeover for at least a decade. It's well looked after but I'm wondering whether, with the market how it is, there's any point spending the time and effort in doing the place up before putting it on the market. I know someone in a similar position who is selling 'as seen' and thinks there's no point, that demand is so high, it will sell regardless and the money is best kept for the next place.

There has been money spent in last three years on a new boiler and a new water tank in the hot press, so we're talking cosmetic work only.

Has anyone had to make a similar call of late?

Appreciate any input, thanks.

 

[odyssey06]

Just make sure it is clean and presentable and anything you can fix is fixed (e.g. dodgy intercoms, door handles).

If you have a lot of clutter, consider renting something like a Nesta storage unit to make viewings easier when you get to that point.

You could paint it and they mightn't like your choice of colour

 

[misemoi]

It is currently a rental or do you live there? If you live there, the biggest selling point you might have is no rent cap. I would make sure if that is the case that your selling ad includes this information.

If you are selling an investment property with a rent cap and are therefore hoping to sell to an owner occupier to maximise the price, it might be worth a lick of white paint if you can do it yourself.

 

[Annieindublin]

We were advised not to bother as our place (house) would sell anyway and it wouldn't make any difference.

We looked at places (apartments) that weren’t even clean… it was about size and location. Not decor

Ask your estate agent.

 

[cremeegg]

Declutter, clean, paint.

The difference in price between similar properties can run into €10k - €20k easily. Who knows why, but a small effort might put you ahead a significant amount.

Your EA will say don't bother, they always say that. They have to sell 'em all and they don't want delays.

 

[Funkymunky]

We're owner-occupiers so no rent cap issue to worry about. Ideally would like to see a young couple buy it to get on the ladder but the flipside is obviously needing to get as much for it as possible to put towards house.

Would absolutely declutter and clean, but the lazy part of me might be just trying to get out of doing the painting!

Door handles replaced a little while back @odyssey06 - hadn't even thought of that!

If it's worth up to an extra €20k @cremeegg, I would have thought EA would be keen on that?

Thanks all for the replies!

 

[Premos]

The last time I use an EA, they definitely thought presentation was key. The place was clean and nice. They still gave advised in terms of flowers, furniture... Painting might be excessive if the place is relatively neutraI. I am always suspicion when I visit newly painted property.

 

[ClubMan]

Properties sell themselves in this market. As others have said, just make sure that it's clean, tidy, decluttered, and fairly neutral. I wouldn't bother with anything more than that. Talk of repainting/redecorating adding €20K or whatever is just that - talk.

 

[Dr Strangelove]

Declutter, clean, paint.

I’m selling a house soon and have repainted interior walls.

It does make a big difference even though it shouldn’t.

Have hired a small storage unit too and I think it will be well worth it.

 

[ClubMan]

It does make a big difference even though it shouldn’t.

How can you say that when you haven't sold it yet and even when it does you won't know what the same property unpainted would have fetched for comparison?

 

[Fortune]

it's worth up to an extra €20k @cremeegg, I would have thought EA would be keen on that?

What's their fee? 1%? They won't care about €200 if it delays them getting the sale.

 

[Annieindublin]

If you can get away with a bucket of emulsion and a day or two’s work then it’s worth it but if it means a lot of work and money you won’t get it back. But you might sell faster.

What’s the competition like for buyers in the area? Are there many apartments on the market in the area?

Funnily enough some friends were told to redecorate by the same EA we used, their place was to be fair very 1980s decor. Cost them €3k, dunno if it was worth it. They sold quickly but I think the nearby Luas and large shopping centre was a bigger draw than off white walls.

 

[Persia]

Get a professional painter, plenty of excellent east Europeans with good prices.

You'd be crazy not to properly paint walls doors ceilings and skirting.Neutral colour...white is good.

It's psychological, potential buyers see an apt ready to walk into, nice fresh smell of paint will trump a scruffy down at heelproperty any day and you'll get the money back in the price.

 

[peemac]

I would absolutely repaint, declutter and have it presented in a way that someone knows they can move in immediately and be happy to have family and friend over the first weekend.

Even going as far as having a cleaning crew come in and give it a deep clean.

Your target market will have enough other expense and they would find it easier to up their mortgage (and offer) by 5k than to look for 2k for a repaint after the purchase.

 

[Blackrock1]

100% declutter and paint, ideally white everywhere, you want to present a clean blank slate.

 

[Dr Strangelove]

How can you say that when you haven't sold it yet and even when it does you won't know what the same property unpainted would have fetched for comparison?

I’ve had several agents through and they all agree it will add more value than the cost.

 

[ClubMan]

I’ve had several agents through and they all agree it will add more value than the cost.

But that's still just speculation.

 

[Dr Strangelove]

But that's still just speculation.

It’s expert opinion.

On an estate sale in my family I grudgingly took the agent’s advice to put white paint everywhere. The house went for 15%/€100k over asking to the shock of absolutely everyone involved.

 

[Sue Ellen]

I am always suspicion when I visit newly painted property.

Very true. Comes up on Homes under Hammer all the time where the presenter makes the point to check this out because the seller may be trying to cover up something.

 

[Sarenco]

Anecdote alert…

We were looking to sell an ex-rental apartment about eight years ago and to say it looked tired would be an understatement.

Nevertheless, our estate agent recommended putting it on the market as it was, with an asking price of €X.

To be fair, there was some interest at that asking price but no firm offers materialised.

So, we took the apartment off the market and carried out a fairly full blown renovation, spending approximately €20k.

We then put the apartment back on the market, with an asking price of €X+20k.

After a few weeks, we went sale agreed at €X+30k.

So, in this case at least, we managed to recoup the renovation spend, with a modest premium.