UK houses pricing - dated x refurb
I’ve been living in the UK for 8 years. I rented in the past and now home owner, so I have some experience in general.
My point in this topic is regarding the culture of super-valuation of a home just because it is a home, regardless the condition. Obviously, a nice refurbished house will cost more than a dated house that needs new boiler, kitchen and bathroom, but at what cost?
I have seen so many houses where the estate agent says: “oh this house is great, it just needs a new bathroom and a new kitchen. The roof will last between 5-10 years too. Windows are 25 years old, but they can easily be replaced. Flooring? Ahh that’s just a few joists you need to repoint.” Price: £155k. Cost to do all the above: £60k.
House value after all the work done £175k. It is just not worth! People won’t do maintenance because this won’t value the house, and that’s it. Why a landlord would bother?
Main question: Why dated houses with lots of maintenance jobs to do are not priced fair? I know that house works are expensive and pricing up every single penny to the house value would hurt saleability, but what is the balance here?