Awkward house sale situation - advice appreciated

harrup

Here's my situation:

We ( hubby and I) have lived in our present house for 22 years. We bought it in 1986 for £ 65.000. The property - according to the old EA description - is a " 4 bedroom detached property with a large garden".

Detached it certainly is...but personally I'd call it a 2 bedroom + 2 study house with a decent ( 1/4 acre ) garden. But perceptions vary.

Anyhow....the irony is that this house was ever meant as a kind of temporary stopgap for us, until we found the house we really liked. Which for the first 10 years we didn't - and then house prices spiralled into orbit..

My question to you is this: we are determined to move on BUT the house needs some things doing to it. New heating system ( old one is fine but not energy efficient), it truly needs new facia boards & guttering, the conservatory we inherited from the previous owners is shambolic....plus it requires some minor decorating.

I've never sold a house before so I'm rather naive in this respect. On the one hand, I'm reluctant to spend thousands on a house we want to get rid off and I'd rather lower the price accordingly to reflect this. On the other hand, some friends advised us to carry out ALL work required since most buyers don't want to take on major hassle and expenditure. And I am clueless as to what would be the best strategy to sell the property. IMO, personally I'd rather buy a house at a good price and then add the heating system, conservatory, decor, etc, etc, that I want instead of living with the previous owners choice. But I really don't know. I don't want to lower the price to ridiculous levels either just in order to sell the darn thing.

Putting yourselves in a prospective buyers position what would you advise? Carry out the work ourselves? Let the buyers do it and lower the price for the amount I'd expect to spend on it? Lower the price for more than that?

Thanks

cte1111

I would think about doing some of the work, e.g. the fascia boards and guttering, as otherwise it gives a bad first impression, and might well put people off. When we were looking for houses, there was one that we were thinking of viewing, drove round to have a look, and because the outside was in poor repair (although only similar faults to yours), we didn't actually view it in the end.

I think buyers will knock off a lot more than the work will cost, particularly for more obvious things that need repairs. Wouldn't replace the heating though, as long as it's working then that's fine. Conservatory - can you just give it a good tiday and hope for the best on that one, sounds like a big job, so maybe best to leave this one for future owners as its something where personal taste will play a part.

lostinrates

As a buyer I'd rather do the work on it myself, getting things how I want them rather than reimburse you for doing them to your tastes...but people differ, and what sells best in different areas changes too I think.

A ''prestige'' agent in London told me (during boom)that fixer uppers often were going for MORE than the equivalent 'done' house because every body's wife saw themselves as a 'property developer' and wanted 'a blank canvas'. But that might have been a very restricted market.

What does your EA think?

JayScottGreenspan

If the heating system works I can't imagine too many buyers factoring in the full cost of a new one. I reckon you'd struggle to recoup your outlay if you got that done.

Newly_retired

I have a similar problem and am wondering whether it is worth getting bathroom and kitchen redone as "everyone" says that is what sells a house or puts them off, but I know poeple often rip out what is there even if it is new! Same issue with the central heating and it all needs decorating, but how much is it worth spending in both time and money?

patchwork_cat

In this market and without knowing where you are I would say ask your EA. You could test the market , without doing anything and see what bites/ feedback you get.

nixinix

We sold our house last summer in 24hours...we priced it because it needed work doind and still took a little lower than asking. I originally was convinced I had to do the work but then found a house I loved and didn't want to hang arouns so I decided to gibve it a go. We did some basic painting just to improve first impressions but left the big jobs and sold then as potential to do it the way it would suit them..... A week before completion our buyers did come back to renegotiate because of a couple of things picked up in the survey but it was easier for us to do the jobs st that stage as it was cheaper
to do it ourselves than knock off money for them to pay someone but in all we were very happy.

People do like having a house they can move into but which they can also put their own mark on... personally I would leave the big jobs, but do the facia boards/tidy as first impressions count!

harrup

I understand that it is neigh to impossible to give useful advice on such a scant description. Hence, I thought I'd expand on it

Positive Aspects of the property:

secluded, dog & child friendly garden
light & airy feeling as opposed to dark and oppressive
en-suite shower & WC, separate bathroom + downstairs loo
close to local primary school ( aprox. 5 min. walk)
close to local Post Office and store which is open 7 days a week ( 200 yards)
close to Dartmoor national Park ( 7 min walk, 2 min, drive)
bus stop 100 yds away ( for those unable/unwilling to drive)
situated on the outskirts of a pretty little Devon market town, but in easy driving distance to lg city.


Negative aspects

IMO it's a characterless, square, ugly box from the outside located next to 7 identical quare characterless boxes
2 of the 4 "bedrooms" are very small
right adjacent to a busy road - not a main road but it's busy all the same as many use it for a rat run. Meaning that sitting in the garden is not an unbridled delight for those hanging out in the garden.
Hideous, bog ugly conservatory
old heating system
hardwood kitchen of good quality ..... but it's 20 years old!
garden is neglected - neither of us have any interest in gardening whatsoever

dopester

I'm not sure either. All the hassle of doing the improvements, when someone else may want to use or prefer you'd used different kit and so not like it anyway.

For all that I'm not interested in cash-backs gimmicks and stuff, there might be something in it to attract others.

Depending on how you word it.. the hook. How you pitch it (I'm no copy pro).

"Reduced by £20,000 plus £5,000 home improvement award on completion to add your own finishing touch."

I don't know the legal position on cash back offers.

I've just searched my Rightmove favourites as there was a similar example there I was going to link to.. can't recall the exact wording, but the listing has gone, and a new search doesn't find it. Maybe successfully sold then.

harrup

Wow - you all beat me to it with your replies.

Many thanks for your thoughts and input - most appreciated.

I'll get the fascia boards done und tidy up the conservatory as much as possible as was advised. I suppose employing a gardener for a day or 2 to tidy up the jungle might also help matters!

Of course, having said all that....we are still sometimes toying with the idea of levelling our property and build a brand new one which we like the look of in it's place. Only problem....we'd still have the same unappealing looking properties right next to us. And whilst I hate how those houses look - I love my neighbours.

Gawd, I hate this house buying/selling malarkey. So complicated. Either the house I like is in the right place but out of our budget, or in the wrong place. Or I like the house, but it has no garden - no good as we have pets. Or it's conversly too big, too small, too dark, too remote, has a constantly barking next door dog, and, and, and.....ack.

Thanks again

silvercar

Price it as it is and it will sell. We sold a house in need of new double glazing and a conservatory that was falling down. The buyers knew what they were letting themselves in for and it wasn't an issue.

The only time it would be an issue is if you are selling to first time buyers. Then the need to raise a deposit and the max 90% LTV means they are unlikely to have spare cash for essentials.