What sells a property?

Doozergirl

marcg wrote: »

If the house is worth £120k in good condition but needs £20k work doing to it it will sell for £85k. No-one is going to take the risk and stress of a do-er-upper for no profit and with no contingency.

Sweeping generalisation. Whilst would-be developers have gone (who frankly were paying more than £85k for the house hence they're not in business anymore) people do still buy houses for themselves. And that is what you are looking for - someone who will relish the opportunity to make the house their own and isn't looking for profit.

The house doesn't sound that bad, not really something that a serious developer would have buy as a project to sell on.

Fire_Fox

jangor wrote: »

Thankyou. I have some pictures but having problems trying to attach them. Hadn't given the insurance aspect a thought, guess I will have to contact them to see what I need to do.

Put photos on photobucket or flikr, then link.

marcg

Doozergirl wrote: »

Sweeping generalisation. Whilst would-be developers have gone (who frankly were paying more than £85k for the house hence they're not in business anymore) people do still buy houses for themselves. And that is what you are looking for - someone who will relish the opportunity to make the house their own and isn't looking for profit.

Obviously we're talking in generalisations - what else can we do? I think, though, that the OP is asking what will be more likely to sell a house - there are fewer people out there with the ability to get a (in my example) 80% mortgage and then spend another £20k than there are people able to get a 80% on £120k.

In fact, I reckon there are more cash-buyers (builders, generally) with £85+20+contingency than there are private buyers with £20deposit+20doing up money.

So there.

Doozergirl wrote: »

The house doesn't sound that bad, not really something that a serious developer would have buy as a project to sell on.

If it's not that bad, then fair enough. But equally, if it's only a new kitchen and a bathroom away from a reasonable house, wouldn't the OP be better off doing it? They might not get the maximum value since someone might not like what they have done but they should get the value of a basic kitchen and bathroom.

Doozergirl

marcg wrote: »

If it's not that bad, then fair enough. But equally, if it's only a new kitchen and a bathroom away from a reasonable house, wouldn't the OP be better off doing it? They might not get the maximum value since someone might not like what they have done but they should get the value of a basic kitchen and bathroom.

The OP should put in a basic kitchen and bathroom in order to make back the money they've spent but have someone not really like it? In order to save it being bought at below value by a speculator? We're just making it up now.

There are plenty of people out there prepared to move in and do a house in the way they want it over time. Those people do exist and they are the target market - the house will provide decent security for a mortgage. By the sound of the house, the target market is not speculators. But then what do you acheive by only trying to get back the money that you've spent on a 'basic' kitchen and bathroom that people won't fall in love with? Basic kitchens and bathrooms do not sell houses if we are answering the OP.

What sells houses is aspiration - whether that's aspiring to own a house with a gorgeous kitchen either already supplied for you or one that you can buy for yourself without guilt when ripping the old one out and indeed not having to pay for that 'basic' kitchen in the asking price.

If you are putting in a kitchen or bathroom to sell a house then make an effort! What is the point in making it basic? Does a basic bathroom sell a house? Answer is no. No one leaves a house they've just viewed raving about the bog standard kitchen and bathroom they've just seen. If you are putting in kitchens and bathrooms to try to sell a house then barter hard, be imaginative, source products from all over the place and get a really pretty kitchen for a very small price. Likewise bathrooms.

Just the word 'basic' makes me feel slightly ill. Selling a house quickly for the best price involves seducing people. If you can't do that with the margins involved then don't bother and give them bit of a project - people fall very much into two camps, either seeing something they love, or loving the idea of making what they want; speculators are a rare breed at the moment. I completely disagree that a house in need of a bit of TLC is something that only a twopenny developer would want to touch.

takeshi007

I think the first move you should do when you sell property is make sure that the place and the venue is good. Because this is the first priority of the customer.

notisis

Silly question but I couldn't see that you mentioned it anywhere - have you spoken to any estate agents and had a valuation on selling as it is currently stands and also if the improvements were made?

Fire_Fox

takeshi007 wrote: »

I think the first move you should do when you sell property is make sure that the place and the venue is good. Because this is the first priority of the customer.

Bit late to worry about location when you are selling up! What exactly would you do to change it?