Aaaaagh! neighbours selling their identical house!

mummyroysof3

I think we have made our mind up.....out of the 4 up for sale two are empty and newly done out and are £110,000, 1 is at £96,000 and I think needs work so I see only one as direct competition. They are up at £99,950 and have no extension or downstairs toilet and I think our garden is more child friendly. They do have a garage and no children's crap cluttering up the place though lol

Fingers crossed

hazyjo

I don't think the asking price is so important - if two identical houses are up in a street, any viewers will want to see both. If they like both, they'll probably offer on both and go with whoever will take the lowest offer. Would possibly even help having another in the street up, and personally I would probably use the same agent! Any viewers would probably be sent to both anyway in that case.

Chances are though, even if the same, one will grab them more than the other. I've viewed identical properties (or at least in the same street, or very similar houses) and would certainly only have been interested in one of them!

Jx

Desperado99

Kayalana99 wrote: »

Your house may be in better condition since that ones been rented out for so long (people take better care of thier own homes I would of thought but ofc depends on the people!)

This was my initial thought too, I'd just get yours on the market and worry about theirs when it goes up.

We've got 4 up for sale on our road, but we're all different (even though one is up at the same price as ours, it's smaller but has a conservatory - I call it a porch but hey-ho). I think we'll be dropping our price soon (I'm waiting to hear feedback on a viewing last week) the proposed housing development at the end of our road (refused december) has just put in the appeal so no doubt it'll be splashed over the local papers again. We seem to be in an area where prices are still dropping and the only things that are shifting are doer-uppers. Fingers crossed it all works out for you

japmis

thegirlintheattic wrote: »

If not he will have the advantage, as it will be chain free.

Not necessarily, if the house has been rented for 6 years I bet it's in desperate need of some TLC.

OP - I would wait for your neighbour to put his on the market then you can use this information to decide your next steps. Information is power! You have the advantage in this situation (unless his tenant has told him you're selling up to?!)

kwmlondon

1. Your neighbours will not be as interested in good photos as you are because they're just renting.
2. If they're on notice they may leave and then the landlord will have to sell it empty.
3. He/she may have to do some touching up to get it up to speed.

You may be looking at different types of buyers - yours will want to move straight in and live in it as is, the ones next door will attract will most likely be wanting to do a bit of work, and pay less. Not that much competition.

CKhalvashi

kwmlondon wrote: »

1. Your neighbours will not be as interested in good photos as you are because they're just renting.
2. If they're on notice they may leave and then the landlord will have to sell it empty.
3. He/she may have to do some touching up to get it up to speed.

You may be looking at different types of buyers - yours will want to move straight in and live in it as is, the ones next door will attract will most likely be wanting to do a bit of work, and pay less. Not that much competition.

This may well not be the case; I do touch ups to our BTL's every 6 months, just after the review, and although things need replacing more frequently than in owned properties, we'll do kitchens every 8 years (just done 2nd kitchen in the second BTL), and typically a bathroom at the same time.

We have long-term tenants that we'd like to keep in 5 of the 6 long-term owned properties, and the 6th has been for 9 months, and has said she can't afford to buy until retirement lump sum (so approx 15 years). I can safely say that in the next 15 years, I'll probably spend about £15000 on the property, at current rates for a £100k return on an identical property in need of work, so there's a secret £75k+ profit for anyone in BTL to keep the property in good shape.

CK

grifferz

kwmlondon wrote: »

1. Your neighbours will not be as interested in good photos as you are because they're just renting.

You're right and I know what you're saying - tenants generally won't be as thorough about tidying up for a photo as the owner would like - but it's not always true!

We're currently renting a property that is on the market to be sold. When the agent came around to take photos, I stayed in the lounge with my laptop and a plate of food. I work from home and it was lunchtime. Some minutes later I felt eyes boring into the back of my head, turned around and saw the agent was hovering in the doorway.

"Do you want me to clear out of this room now so you can take photos?"
"Er.. er.. yes if you don't mind"
"Sure, let me just get my stuff"

I pick up some of my things and walk past him. As soon as I am past him, he takes a photo. I hadn't moved most of my things.

"Er, I haven't moved everything. Do you want me to finish and then you can take more?"
"Nah, I think that's good enough"

So now the property went to market with a photo of our lounge with TV on, my laptop open, a plate of food and a glass of drink on the coffee table.

I was trying to be co-operative so they wouldn't decide to give us our notice and market the property empty, but I can't help thinking that lack of care from the agent has helped discourage viewings more than we have!