Underpinning

Locana

Hi all,


Wonder if you can help, please?


My mum recently had an offer on her house. Marketed at 600. offered accepted for 585. All similar house in the area are going for around 625-650 and if done up really nice - a little more, but mum priced it lower as its needs modernising and maybe some new roof tiles.


The buyer has just pulled out as he says that underpinning was done in 1991 and does not want a house that had that done.


The estate agents say that she should put it on the market for 585. But I think that's really under-pricing it and she could have easily got 600 in the first place..


Does this historic underpinning affect the price or any future sales?


Thanks
Lorraine

Slinky

Sadly I think the answer is going to be yes. I don't care how long ago a house was underpinned, I wouldn't buy it. I'm fairly sure I'm not the only one.

Somebody I know had to move out for over a year whilst their house was underpinned. They've been trying to sell it for about 18 months and it's just not shifting when others around them are. We had a lucky near miss, we nearly used the builders who built their extension which needed underpinning to build ours.

Grenage

Underpinning is a massive turn off for a lot of people. Your mum might get lucky and find someone who loves the house and can see past it, but generally you'll get less.

Locana

Thanks, so should she price it down? Even though it was done in 1991 and there have been no issues?

bensebborn

If she had an offer for 585, then that's pretty much what it's worth (before they found out about underpinning). Otherwise she would have had other higher offers.

That offer has been withdrawn, so you could argue that it's not worth 585 with it's history.

Ultimately, a house is worth what people will pay. Even if other similar houses are worth more/less, it's not worth that if people won't buy it - for whatever reason.

So I'd say if it's not worth 585 then best market at that and be prepared to drop a little.

Or, hold on for your higher price (maybe 590 to give a little more wiggle room) but expect to wait longer

Jon_B_2

I wouldn't touch a house with underpinning or any inclination of subsidence with a 10 foot barge pole. I know many others feel the same.

dc197

Underpinning will turn a lot of people and possibly lenders off.
It should be noted, though, that a house with underpinning is likely to be more stable than its neighbouring houses, built on the same soil and with similar local environment, without underpinning.
In a way it's a stigma.

class2ldn

Just out of interest what do people think about structural movement?
Especially if its non progressive?

Davesnave

People are pretty ignorant about house construction, just as they generally know little about the workings of their car.

As dc197 says, an underpinned house is more likely to be stronger than its immediate neighbours from the same era, but that makes little difference to Joe Public. Just look at some of the responses here!

It's like a Cat D car. Unfortunately, that means it may become a bargain for someone buying, but at least your Mum had the further use of it for 25 years.

Who knows? Like any 'unusual' house, the pool of potential buyers will be smaller, but if there is no large insurance penalty and if there is adequate paperwork from the time of the repair, there will still be some buyers willing to look with open minds, especially if it could be an attractive long-term home,

The autumn window for selling is relatively short, so pricing depends upon your Mum's attitude towards holding on through another winter.

Davesnave

class2ldn wrote: »

Just out of interest what do people think about structural movement?
Especially if its non progressive?

It usually is at least somewhat progressive. Go look at some 16th century houses!

They're still there though. I wonder how many Taylor Wimpey jobbies will still be around in 400 years! :rotfl:

DPDRC90

If the house needs modernising, possibly new roof tiles and has had historic subsidence... combining all of that could put anybody off. Perhaps it may be in your interest to modernise the property to a blank canvas state, similar to those who prepare a property to let out. Also repair the roof tiles. Then, potential buyers will only need to think about the subsidence.

In my opinion, you need to make the home one that people will fall in love with, then subsidence may be a compromise people are willing to make.