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Hairingtons
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-outdated kitchen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.