Fussy ftb

tori.k

Before I even looked at the pictures I saw the buying incentive and brain jumped straight to what's wrong with the place. I'd lose that TBH, understandable your family has grown where you need to move, but the photos just show a lovely small flat as tiny so could do with dressing for sale. Even if it's a little uncomfortable for a little while.
I'd change the king-size bed out for a double with trundle beds that can be pulled out for the kids to use but out of site when you have viewings, declutter as much as you can to gain back the space that drew you to buy at the beginning, I don't think it's that overpriced for the area personally. But prices are dropping in Devon&Cornwall but no where near some other areas in the UK, parking could be an issue but Plymouth has good public transport so not that huge a problem. I think it just harder to sell a flat then a house. So it does come down to very much selling a lifestyle not just a property.

LadyL2013

As a FTB who is certainly not fussy my key things are:

- I am going to buy a house over a flat any day of the week. I get more for my money and don't have to pay service charges etc and I have more freedom to do what I want to the property.

- I need my car for work. If parking is going to be a pain, then I'm out.

- I have a car so can easily drive a commute and therefore my property options are wider than someone who does not have a car. As such I will definitely find a house with parking and therefore a flat with poor parking is going to stand no chance.

- I need to think about resale value as I'm unlikely to spend the rest of my life in a 1 bed and considering the price of property these days, my house is going to need to sell well if I have a hope in hell of progressing up the ladder. Therefore that 1 bed needs to be good for resale.

- I'm more than happy to put work into a house, in fact I quite enjoy it so as long as the work required isn't ridiculous, then I'm more than happy to give it a shot.

I don't think those are fussy things, they make good sense and are in line with what FTB and indeed any homeowners are looking for. There's nothing wrong with the flat, in fact it looks pleasant. Could do with some better room arrangement though. The issue is, in comparison to the properties it is competing with, it's low in the pecking order. And that's not because of fussy FTB, but just because it is.

Your market is landlords and a landlord isn't going to purchase at that price because they won't get enough of a return.

parkrunner

Time2go wrote: »

Actually it did go further than an offer but they pulled out due to incorrect info. Once we get lbc they may actually decide to go ahead with purchase ? And if it was so overpriced flat above wouldn't have sold for so much over asking price ?

If it was simply price we may have reduced and cut out losses. We have had in region of ten estate agents to value over last two years including a professional auctioneer and all agreed it's priced to sell. Similar properties with more work requited have sold in area for lots more (although before stamp duty change).

I have watched prices in area for last 5 years like a hawk believe me I know more about what's coming on and off market than a lot of estate agents out there.

Unless you know the market or live in the area it's very easy to say oh it's too expensive or x or y or z.

However a few of the posts have been helpful and given us food for thought.

We are going to press on with the work as soon as we get buildings consent which should be in a couple of weeks. Just with two kids would have prefered to sell for less and not have to do the work

They were clearly wrong.

lwhiteman88

Time2go wrote: »

We are going to press on with the work as soon as we get buildings consent which should be in a couple of weeks. Just with two kids would have prefered to sell for less and not have to do the work

Make sure you have building control consent, as well as Listed Building Consent, before starting any works. I had a quick look at your planning application and I would be very cautious as to relying on what your neighbour has done as precedent. There is no such thing as precedent when it comes to Building Regulations.

The rules change when your floor level is above 4.5m in height which could explain one possible way they got around it. Page 16 -Diagram C of Approved Doc B https://www.planningportal.co.uk/info/200135/approved_documents/63/part_b_-_fire_safety

LBC is only the first hurdle.

Time2go

Thank you for your concern with building regs etc and especially fire regs. Luckily when we had the intergrated fire alarm system put in and signed off bybhe council I got to talk to the fire person there so know due to the history of the building what we could change and not change and what they would allow and not allow - unfortunately the lbc section is not as helpful

lwhiteman88

Time2go wrote: »

Thank you for your concern with building regs etc and especially fire regs. Luckily when we had the intergrated fire alarm system put in and signed off bybhe council I got to talk to the fire person there so know due to the history of the building what we could change and not change and what they would allow and not allow - unfortunately the lbc section is not as helpful

The age of the building doesn't have anything to building regulations. Any works you do will need to comply with the latest building regulations. You will without question require Building Control consent so I would advise, if you a fairly certain in obtaining LBC, make contact with your local authority Building Control or an Approved Inspector.

nikongirl

As a FTB in your area, although not your target market as I'm looking for 2+ bedrooms and my main criteria for a flat is that it would have to be top floor - I've endured upstairs neighbour noise issues in a converted period house for long enough. Incidentally, as someone looking for a 2+ bed, one thing that really puts me off is kitchens on one wall/in a corner of the living room with no form of separation between kitchen and lounge (see the 2 bed North Street apartment that's been on the market for 2 years and is currently with 3 different agents for reference) so I'd think really carefully about doing that. That aside...

Parking wouldn't be an issue for me (don't own a car), but the non-exclusive arrangement would be a concern if I did. Also, given that the Hoe is host to major events like MTV Crashes and the Fireworks Championship etc. does this affect the parking for those on permits?

The lounge is trying to be three things — a living room, dining room and study. It's too much. I'd want the sofa facing the fireplace, with the TV in the corner to the right of the chimney breast. Get rid of the bookcases and dining table to a storage unit if necessary. I like the high ceilings and fireplace.

The random chair in the kitchen is also weird and reinforces the fact that you've run out of space. It's listed as a kitchen/breakfast room, but the layout doesn't seem to offer anywhere to sit and have breakfast. Is there room to move the table from the lounge into the far right hand corner of the kitchen or get a smaller table in there? Is there an extractor hood? Can't see it in the photo if there is.

The bedroom looks far too small. Get rid of the king size and the bookcases. I like the idea of replacing the bed with a standard double with trundles for the kids.

The bathroom layout is certainly a bit strange and ideally the toilet wouldn't be all the way down past the bath. I don't have a problem with the shower being over the bath but I do wonder how you stop the water going everywhere without a shower curtain/screen.

Your building looks reasonably well maintained (apart from the front of the push light switch missing), but I've seen others in the area in an atrocious state and would be concerned about the arrangements for major works.

The bottom line is that buyers in your market, whether FTBs or not, have a lot of choice. There are a lot of options around Stoke, lots in the Beaumont triangle, plenty around Mutley/Mannamead. It needs to be presented to its absolute best (and quite possibly have its price lowered) to get a sale.

davidmcn

Parking wouldn't be an issue for me (your own space in central city locations is expensive, and permit zones mean easier parking, as long as you qualify for a permit!). But the layout is problematic, and the proposed changes aren't much better - I am guessing the listed status means no chance of creating a smaller (internal?) kitchen and three apartments all accessed from hall?

VintageHistorian

LadyL2013 wrote: »

As a FTB who is certainly not fussy my key things are:

--List cut to save space--

I don't think those are fussy things, they make good sense and are in line with what FTB and indeed any homeowners are looking for. There's nothing wrong with the flat, in fact it looks pleasant. Could do with some better room arrangement though. The issue is, in comparison to the properties it is competing with, it's low in the pecking order. And that's not because of fussy FTB, but just because it is.

Your market is landlords and a landlord isn't going to purchase at that price because they won't get enough of a return.

We are recent FTBers and this sums things up perfectly. I'm 30, DH was 29 when we bought, we're planning to have a baby or two in the next 5 years or so, and so we focused on buying a house that had good parking, even if that meant we had to buy a house that needed work (which ours did).

We also wouldn't have gone anywhere near a listed building, I've had family members who've owned listed buildings and they can be really difficult to get anything done with them, even when the place is practically falling down.

A lot of FTBers are older than you might think nowadays, and planning for their future doesn't mean that they're fussy, but they do have to be realistic. Why buy a flat that may not be suitable for approaching family plans, when a similar price bracket can get a house with a little bit of garden and a secure place for the car?

KiKi

The amount that you'll have to pay for all those works (stripping one kitchen and refitting another)...why not just reduce the selling price by that much and then not have the hassle?

Your EA hasn't sold it for two years. I don't believe that all FTBs in two years are that fussy. Also, people can see that it's been on the market that long - and if it were me I'd be wondering why it's not sold. Perhaps take a break and go back on after the Summer.

If, as others have said, houses can be bought for 110k, or 140k in a nicer area, and FTBs are skipping straight to houses, then the fact remains that as a flat your property is overpriced. A property is only worth what someone will pay for it. And if people are skipping flats to houses, then the price of flats has to come down to attract buyers. It's not a reflection on your property or how nice it may be, simply a reflection on the market. It doesn't matter what you think it's worth (and seriously, your EA is going to say anything to explain why it's not sold), you've not sold it for TWO YEARS! Put it on at £80k and it will probably sell.