To renovate or not

[ToxicBunny]

That's what I thought too.

This guy was the best price - and smaller guys just said they couldn't do it. I got a few quotes because I also thought, but it was a huge job in the end. R2,000 wouldn't have done it.

Stand is 1600sqm and there was cutting down of trees too

Ok cutting down trees is expensive... But you shouldn't have that cost again...

But even so 15k sound excessive unless it was about 6 large (30m+) trees being cut down at r2k each

 

[ponder]

That removes the current paint and exposes whatever is under?

Yes, if you have tiles they will look like brand new tiles as it removes a thin surface layer of tile material.

 

[Other Pineapple Smurf]

...

Many have said to simply sell and cut my losses - and someone will buy to renovate. Mainly as to get it to R2m worth again, you'll need invest R700k and the extra 'gain' is only R100k.

...

Its still a buyers market and not a sellers especially in this category. You have to ask yourself if the house is going to be worth R20K a month bond if you fix it up or is it better worth R12K in its current state.

Much easier to get a buyer who can qualify for a that R1.2 million bond. The LTV for the buyer will be very good so finding a qualifying buyer is going to be easier.

And for those saying don't sell, well it sounds like you have had it with tenants and that is why my seller sold as it was not worth the money. I also ended up buying an undervalued property and no regrets that I'm fixing it up.

 

[Dolby]

Ok cutting down trees is expensive... But you shouldn't have that cost again...

But even so 15k sound excessive unless it was about 6 large (30m+) trees being cut down at r2k each

It was 9k back then - I just added for current figures.

 

[ToxicBunny]

It was 9k back then - I just added for current figures.

Fair enough still sounds stupidly excessive unless they were cutting down at least 3 large large trees