PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Would a landlord buy what would appear to be overpriced for the street?

SusieT
SusieT Posts: 1,267 Forumite
Part of the Furniture 1,000 Posts Name Dropper
edited 9 February 2019 pm28 8:31PM in House buying, renting & selling
I am musing at the moment. I have a house let on an AST (yes, deposit protected, safety certs in place, rent brochure given, visual electrical check, legionaires assessment done, smoke alarms in etc - and the Tax man knows it is let!!)
I want to sell the house and it would go on at a price that would appear to be higher than other properties in the area are selling for. The reasons for this are that I had damp course and wood treatment done (with a guarantee that is for another 20? years), safety glass in the upstairs windows, floor joists replaced along with the kitchen floor now being new, the slate roof redone a couple of years ago, and a new boiler in 2017.
Current rent is £425 and I would be looking to sell for £70k It is in an area where voids are short on change of tennants.

So, is the fact that it would be possibly 10k more than others in the area put off a landlord? I do not want to cancel the AST as they seem to be good people to have in the house, so prefer to sell to a landlord who would probably appreciate them!
Credit card debt - NIL
Home improvement secured loans 30,130/41,000 and 23,156/28,000 End 2027 and 2029
Mortgage 64,513/100,000 End Nov 2035
2022 all rolling into new mortgage + extra to finish house. 125,000 End 2036

Comments

  • Bossypants
    Bossypants Posts: 1,276 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    Not to burst your bubble, but the sad fact is that very few people are going to pay extra for work done unless the work done will noticeably improve their day to day use of the property (e.g. adding substantial living space via loft conversion or similar). The things you've listed are just regular property maintenance items, which need to be done (or something similar) in many properties at some point, they aren't really 'extras', just things people expect to have been done as and when needed. I'm in a similar situation, I redid all the windows and external doors in my place as they needed replacing, but now that I have to sell unexpectedly, the (significant) cost is totally lost to me. I've accepted that and been glad to enjoy the new stuff while I lived here.

    As for whether landlords would pay extra in any event, I doubt it. Landlords are business people looking for business opportunities at the best price they can get them, they aren't going to 'fall in love' with any aspect of your property which might induce them to pay more.
  • SusieT
    SusieT Posts: 1,267 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Bossypants wrote: »
    Not to burst your bubble, but the sad fact is that very few people are going to pay extra for work done unless the work done will noticeably improve their day to day use of the property (e.g. adding substantial living space via loft conversion or similar). The things you've listed are just regular property maintenance items, which need to be done (or something similar) in many properties at some point, they aren't really 'extras', just things people expect to have been done as and when needed. I'm in a similar situation, I redid all the windows and external doors in my place as they needed replacing, but now that I have to sell unexpectedly, the (significant) cost is totally lost to me. I've accepted that and been glad to enjoy the new stuff while I lived here.

    As for whether landlords would pay extra in any event, I doubt it. Landlords are business people looking for business opportunities at the best price they can get them, they aren't going to 'fall in love' with any aspect of your property which might induce them to pay more.
    Thanks, its pretty much what I expected really, annoying for me as there are a lot more things that have been done to it, and a lot of places closeby will need the same sort of things doing soon if they do not needing doing already or are just being patched up. Looks as if I will have a few more years with it. I will maybe tell the agent to keep their ears open for someone and keep my fingers crossed.
    Good luck with selling yours :)
    Credit card debt - NIL
    Home improvement secured loans 30,130/41,000 and 23,156/28,000 End 2027 and 2029
    Mortgage 64,513/100,000 End Nov 2035
    2022 all rolling into new mortgage + extra to finish house. 125,000 End 2036
  • anselld
    anselld Posts: 8,494 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    It is not too bad a yield, but a Landlord is not going to buy one for 70k if they can get one down the street for 60k with the same potential rent.

    Well maintained is a bonus but it isn't going to change the price much.
  • SusieT
    SusieT Posts: 1,267 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    anselld wrote: »
    It is not too bad a yield, but a Landlord is not going to buy one for 70k if they can get one down the street for 60k with the same potential rent.

    Well maintained is a bonus but it isn't going to change the price much.

    Thank you. Yes the yield is ok, but I think I may look after my property rather better than a lot of other landlords in the area, hence hoping the difference would be ok. Next week I will have a chat to a few locals and see if they know anyone.
    Credit card debt - NIL
    Home improvement secured loans 30,130/41,000 and 23,156/28,000 End 2027 and 2029
    Mortgage 64,513/100,000 End Nov 2035
    2022 all rolling into new mortgage + extra to finish house. 125,000 End 2036
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.3K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 240.9K Work, Benefits & Business
  • 617.1K Mortgages, Homes & Bills
  • 175.6K Life & Family
  • 254.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.