Trying to sell house - is it worth doing it up?

ellie101

Hello,

My mother died recently and left the house to me and my 3 siblings. 3 of us want to keep if we can't sell at an okay price, but one really wants to get rid of it.

I am beginning to think though that it's better just to get rid of it as otherwise there will be all kinds of issues to do with management between us all, and it's better just to move on and let it go.

Only thing is the house is a complete mess, needs a new kitchen, bathroom, patio doors, fence, garage knocking down.

We're getting an estate agent round to value it, and will ask their advice on if we should do it up/sell/rent. It's in a good area but the town I'm in has high unemployment, and obviously the market is bad in the UK anyway.

Wanted to know if anyone thinks the money spent on doing a house up will make it easier to sell, and would we actually get the money back we'd paid. We can probably get most of the work done cheaper than normal as we know a builder, but he may not do the work, just get the materials.

Also, is an estate agent the best person to ask about this or should we get an independent financial advisor?

Thanks for any advice.

socrates

1. From my experience letting it out will mean money needs to be spent and obvious problems of joint management. Forget this one.

2. Next option fix it up to sell it - you need to do some research on other similar houses fixed up or not

3. Next option put it on the market as is and see what happens.

Option 3 is my choice.

poppysarah

Just sell it.

Falling market so a waste of money to spend on it.

Doozergirl

Just sell it. People still want houses to make their own. Price is always what helps a house, a beautiful house helps too - but it still needs to be well priced!

Tough situation but people need to accept that it's worth what it's worth, not make the situation worse by pouring more money into it and then have people even more financially involved and trying to prop the price up even more.

An estate agent is *probably* the best to advise although I can guess that the advice is 'do nothing'- it generally is.

An IFA is certainly not - they sell financial products not houses!

If some people want to BTL and others don't then the answer is very clearly to sell the property and then those that want to BTL buy a diffrent property or buy the one that wants out, out! How is it possibly fair to tie someone's inheritance into a BTL when that's not what they want If others want their money in property, let them buy property without forcing someone else into it. Sorry, I really can't understand why people don't get something that simple. It's unfair, fullstop.

barrymoney

No experience in this situation, but I'd price it correctly and just sell it if you can. Plenty of people want places they can work on anyway, if the price is right. Doesn't matter if its a mess (unless a general tidy-up makes it easier to view I guess), buyers understand the reason.
Hope you can come to an agreement, not easy I'm sure.

hostiegirl

ellie101 wrote: »

it.

Only thing is the house is a complete mess, needs a new kitchen, bathroom, patio doors, fence, garage knocking down.

We have just bought an inheritence property, Needs new kitchen and bathroom and decorating throughout but did not put us off!. Get couple of valuations from EA as long as you are realistic and put it on at reasonable price not all buyers are scared of doing work.

Make it look as tidy and presentable as you can and go with the EA who is the most honest about expected price not the one who values it too high just to get you to sign the dotted line.

Good luck and sorry for your loss.

Catblue

Our local estate agents always advise people to leave houses as they are, but make sure the place is clean and tidy. Spend a couple of days tidying up the garden but that's it.

The only houses selling round here are fixer-uppers.

ellie101

Thanks for advice all, will sell.

Socrates, hadn't actually considered option 3, just try it and see what happens. Seems obvious now.

ellie101

Doozergirl wrote: »

If some people want to BTL and others don't then the answer is very clearly to sell the property and then those that want to BTL buy a diffrent property or buy the one that wants out, out! How is it possibly fair to tie someone's inheritance into a BTL when that's not what they want If others want their money in property, let them buy property without forcing someone else into it. Sorry, I really can't understand why people don't get something that simple. It's unfair, fullstop.

To be honest, none of us really want to do buy to let or force one person into it. We've already talked about re-mortgaging it so the other person gets the money, no-one is trying to be unfair, we're talking about it.

But we don't really want someone else to pick it up at auction for a stupid price.

Because of the property market where we are it may be we'll get offered 25% less than the house is worth (by worth I don't mean unrealistically priced, we're looking at 150k on a 4 bed victorian house up north).

Only reason we'd considered buy to let is if we'd had to go to auction, didn't want a builder to get for 110k or something, then sell it a couple of years down the line. But am definitely taking the advice to sell it as is, judging from everyone's advice.

poppysarah

Market value is the price you get when you sell something.

the market is very distorted by the stupidly high house prices.

If you really don't want a developer to get it then see a solicitor to see if you can put a covenant in it that you get 10% of the future rent (People can put covenants on land so if it's developed they get 50% of the profit)

googler

Sell as is, but tidy it up first.

If carpets are clearly worn/past their prime, remove them
Take all furniture and other pieces away.
Remove all pictures, mirrors, etc
Clear the bathroom of everything that isn't fixed.
Tidy the garden

In short, give people a 'blank canvas' to view.