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Selling a non-standard construction bungalow

vicsmoxey
vicsmoxey Posts: 1 Newbie
edited 22 March 2012 at 8:25AM in House buying, renting & selling
Edited as query dealt with
«1

Comments

  • kingstreet
    kingstreet Posts: 38,686
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    What do you have it on the market for, compared to a traditional brick/tile version?

    Is it repaired and carrying a repair certificate, or is it in its original condition?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • ognum
    ognum Posts: 4,835
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    Selling this type of property is a real problem at the moment. It may not be mortgageable so that only leaves cash buyers.

    why would a cash buyer sink their money into your property? It may in the end only be worth the plot value.

    If you have inherited it then it was never money you had or planned for, your decision sell it for what you can get, may be low but at least it's sold. Rent it out at least you are getting an income. Stick with it but I doubt the market will improve for this type of property.
  • kingstreet
    kingstreet Posts: 38,686
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    I'm not sure if a typical standard construction bungalow would go for the £220k you mention, or this is the figure for what a repaired version of yours would fetch?

    TBH chances are this property is unmortgaeable in its present condition, so it may be worth getting formal quotes for repairing it and establishing what it will be worth afterwards.

    Then talk to the local council about outline planning permission for demolition and building of another property on the site.

    As things stand, I'd be marketing at around 75% of the price of a repaired unit and expecting to achieve between 50% and 60%. If you aren't in a position to do the work, you're going to have to cut enough profit into the deal for someone to get it done and sell it on.

    Sorry. Probably not what you want to hear.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • ognum
    ognum Posts: 4,835
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    Would you be prepared to say where it is or even post a Rightmove link?

    Is the house was part of an estate you paid probate on? If the amount you get for the property is less than that declared HMRC you can get your over payment back.
  • If the estate agents haven't sold one recently they are perhaps being overoptimistic.

    Round my way "defective" PRC houses would be worth around 60% of similar traditional house value.
    RICHARD WEBSTER

    As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.
  • lincroft1710
    lincroft1710 Posts: 17,543
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    Is the plot large enough to accommodate a 4/5 bed house? If you could get detailed planning permission it may be worth selling as a potential redevelopment.
    If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales
  • Itismehonest
    Itismehonest Posts: 4,352 Forumite
    It's on trovit
  • jennifernil
    jennifernil Posts: 5,580
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    Seems very expensive for the size.
  • cattie
    cattie Posts: 8,841
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    It does sound expensive to me for a non standard construction & I live in a London suburb so am used to prices being fairly high. There are some Laings Easiform houses not too far from where I live, quite spacious from what I've seen on the RM pics, but mortgages are not always freely available for them & I believe their is a limit on the amount you can borrow to buy one, so they don't sell very fast in this day & age of restricted lending.

    I think the idea of getting planning permission for a nice house in it's place a very good idea.
    The bigger the bargain, the better I feel.

    I should mention that there's only one of me, don't confuse me with others of the same name.
  • phoebe1989seb
    phoebe1989seb Posts: 4,452
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    Another vote for getting planning permission to demolish and build an attactive new house......also feel it's overpriced for what it is/size........
    Mortgage-free for fourteen years!

    Over £40,000 mis-sold PPI reclaimed
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