Terrace renos

I'm looking at buying an inner city terrace and one that's on the market at the moment has been fully renovated including having had an internal wall knocked out, an upstairs bathroom added and a 9.5 m2 second living area. I'm trying to value the property based on two comparable sales that have not had these items done (but were otherwise renovated to a similar finish) - both sold for pretty much the same price. Very roughly, how much would you expect these would cost, so that I can work back from there to arrive at a value for the house?
 
Strangely enough, it seems that unrenovated terraces often sell for similar prices as renovated ones. Seems some people like the opportunity to renovate to their own taste.

Perhaps have an independent valuer value the property.
Marg
 
Marg is right. Alot of prople see unrenovated places and think it must be a bargain, so the price gets bid up.
Even that isn't to your taste is worth buying over an unrenovated place. That's because often alot of the expensive hidden stuff - rewiring, roofing etc has been done. It's easy to them do a cosmetic update.
People rarely recoup money on a reno. So working out what the reno cost isn't going to really help you get a fix on the value of the property.
If it's a quality reno i.e. looks like an architect might have been involved, and if it was done recently, the sqm price might have been around $3,000.
Scott
 
Strangely enough, it seems that unrenovated terraces often sell for similar prices as renovated ones. Seems some people like the opportunity to renovate to their own taste.

Perhaps have an independent valuer value the property.
Marg

That's pretty much the norm here too, but for some reason, the agent is quoting prices that are 15% higher than the other two comparable sales on the very same street. We're talking $100k more here.
 
I have to agree with marg. Very often (and this happened last boom also) the un-reno'd properties were selling for more then the reno'd ones. People wanted to do it themselves to their own tastes.

And at the moment we are having a renovation boom for this and other reasons.
 
How old are the comparables, in sale date?

One was very recent - June 09. The other was September 08.

I'd have to say this one has me puzzled. 3 bedders in this suburb have always been within a +/- $50k range from the median going back the last 2 years. With this one, what would normally be an underquoted auction price is actually $100k above the median.
 
Even that isn't to your taste is worth buying over an unrenovated place. That's because often alot of the expensive hidden stuff - rewiring, roofing etc has been done. It's easy to them do a cosmetic update.

Sadly, because the work IS hidden there is no way of telling how well it was done (or done at all). Years ago friends did a quick reno on a house. As the hubby is an electrician he simply replaced all the old-fashioned switches with modern ones. He never SAID the house had been rewired......
Marg
 
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