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Generally less than their cost for the work you've described.
Usually adding Beds/ baths increases value.
Or if it's a stonking renovation.
If it's just your typical builders jobby of skittling through the ground floor to make it more open plan, it shouldn't add 70k -
The structural work and the kitchen seem fair game to me. But prob not layout. The boiler and plumbing, only if it was a 'anyone would have to have done this' scenario, but the flooring not really.
It depends what the equivalent other properties in similar area/condition are I guess.
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Does the property value go up by more than their cost or less?
The property is now, as before, worth what people will pay for it. In a stagnant / falling market there is no rule of thumb here - they may have to ultimately suck up a loss.
You can look for similar properties and see what they sold for, but it's likely they may have sold pre-referendum so aren't really that useful a comparison.
Because I'm a bastard, I'd let them stew a little bit more. If they HAVE to sell, they will sell, and because they've told you they MUST sell, they don't have a whole load of leverage.
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mjw1988
Hairingtons
Howard
@Hovis
So if a seller buys a property (1930's semi) that was in good nick but also
-crappy layout on the ground floor (3 seperated smaller rooms)
-outdated kitchen
And then proceeds to:
-take some of the internal walls down (one being structural), opening up the whole living area into one nice big space.
-brand new pretty flash kitchen
-install new combi boiler and re do all the plumbing
-new floor (quite nice)
Spend 70k in the process, and then put it for sale 9 months later (unexpected circumstances forcing them to leave). Should they expect to be able to recoup that 70k onto their buy price?
Does the property value go up by more than their cost or less? I personally feel that since no new space was created, merely remodeling of what was already okay, the added value is less than their cost.
But I'm looking at it from a buyer perspective so I'm trying to be objective.