You are reading a single comment by @NotThamesWater and its replies.
Click here to read the full conversation.
-
C over D. You will not recoup any development costs if you renovate (double check with an estate agent).
A is likely not workable, unless youre ok ignoring tenants' requests for work. If it needs rewiring, will it even pass an EICR test
B is an admin overhead, and given the above, not worth it. Then there's hassle with enduring power of attorney, possible trusts, and faffing with (sad to say) probate complications with a tenanted property.
Particularly in the current market, I'd be self-selling as-is.
NotThamesWater
My nan has moved into a home and won't be going back to her house again.
My parents are trying to work out what to do with her place - either the rental income or sale cost are needed for the care home.
The house definitely needs a lot of work - rewiring, old polystyrene tiles ripped out and new ceilings, new carpets, new kitchen at the very least.
The options would be:
A) Rent out as is
B) Refurbish and rent out
C) Sell as is
D) Refurbish and sell
Option A seems unlikely, B seems the most sensible. The place is in Chingford which is increasingly where Walthamstow price exiles are heading (but my parents aren't, so I will probably have to do a lot of the organisation).
If they decided to sell, I would rather buy a house that was a C than a D - but I know that discussion has been had in here before and that opinions are mixed, and I guess society at large would probably rather a neutrally-renovated house than a fixer-upper.
I don't really know what to advise them - I think B, unless there are strong opinions otherwise?