House not selling

DrSpendLittle

Gav75 wrote: »

Apart from that it needs new windows, interior and exterior doors, carpets, old fitted furniture removing. The usual stuff really. House is completely sound otherwise

That might be your issue, together with price.

It's a buyers market at the moment and given Brexit uncertainty, people may just want to wait for something that doesn't need all these things doing to it to come on the market.

Gav75

Beenie wrote: »

The house we bought was owned by an elderly lady. She had about 40 views in the first couple of months, but no offers. Everyone said it was dated and needed work. We came along and saw through all the problems, preferring to stay focussed on the location and potential. All we did was add up what we estimated the costs would be and deducted that from the asking price. It was about a 20% reduction. She accepted. Don't lose heart, a buyer will come along, but be prepared to take a hit on the sale price.

Thanks. I think my issue with that is that the estate agent when valuing the property, said that after being modernized, it's a £250,000 bungalow. So, I've priced it with the cost of updating reflected in the price. Originally it was offers over £200k, but I reduced it in Feb.

Gav75

DrSpendLittle wrote: »

That might be your issue, together with price.

It's a buyers market at the moment and given Brexit uncertainty, people may just want to wait for something that doesn't need all these things doing to it to come on the market.

That's kinda my point from the original post. There are two comparable bungalows on the same estate/same builder, they don't need work but are at least £60k more expensive, so I'm hoping that's not the issue. Anyone who comes can see from the photos, it's a 'fixer upper', and hopefully they've also noted the more expensive houses which give them an idea of how much they could make on an investment in the property.

lincroft1710

You have 2 choices.

1. Sit and wait until a buyer comes along.

2. Reduce the price to a level which will attract buyers and none of this "offers over" nonsense!

If other bungalows are selling and yours isn't then either the amount of work needed is too daunting or considered to be uneconomic given the asking price. Or there is something about the location or layout which is putting people off.

Gav75

lincroft1710 wrote: »

You have 2 choices.

1. Sit and wait until a buyer comes along.

2. Reduce the price to a level which will attract buyers and none of this "offers over" nonsense!

If other bungalows are selling and yours isn't then either the amount of work needed is too daunting or considered to be uneconomic given the asking price. Or there is something about the location or layout which is putting people off.

I think I have decided to wait for the right buyer. I was just wondering if there were any suggestions that I could do to improve my chances.


3 separate viewers did comment that it's a walk either up or down a steep hill the bungalow is on, to get to a bus stop. That could be putting older people off.

Alan2020

Why not do it up and sell?

I had a brief look at this and did a quick sums, not sure of local prices and cost;
New roof
New heating system
New wiring
New windows and doors
Full strip and replaster of asbestos (??)containing artex?
New kitchen
New bathroom
Garden fence etc

I would think you will need circa £85k

So I would offer £160k or thereabouts. Hence why it is not selling.

Gav75

Alan2020 wrote: »

Why not do it up and sell?

I had a brief look at this and did a quick sums, not sure of local prices and cost;
New roof
New heating system
New wiring
New windows and doors
Full strip and replaster of asbestos (??)containing artex?
New kitchen
New bathroom
Garden fence etc

I would think you will need circa £85k

So I would offer £160k or thereabouts. Hence why it is not selling.

Thanks


There's nothing wrong with the roof so that doesn't need doing.


I have had quotes a few months back when I considered doing it up, but the total for all of the above (without roof and asbestos because that's not an issue either), was under £40,000. So £85,000 is quite a way off, unless of course you're looking at high end kitchens and bathrooms, which I wouldn't be.


I always consider that a prospective purchaser might not like what I pick anyway, so that was the main motivation for not doing it up, and letting the purchaser choose. I'm totally aware doing the work would speed up the sale, but I have decided that's not the route I wanted to take.

Alan2020

Sure you know the area a lot better and costs. I just saw neighbours had new roof.

I think we all forget that when doing the house up people will need to rent and store stuff, perhaps a local estate agent can comment, doing up and selling.

If you think only £40k why not do it up and sell and make extra despite tax etc? Can’t you diy the strip off etc

Oxon

I’d remove the offers over wording as I think this puts people off and add a floorplan. You say it had amazing views - why not add a picture of these.

lincroft1710

Gav75 wrote: »

I think I have decided to wait for the right buyer. I was just wondering if there were any suggestions that I could do to improve my chances.


3 separate viewers did comment that it's a walk either up or down a steep hill the bungalow is on, to get to a bus stop. That could be putting older people off.

plus the fact it needs work doing

The longer you wait, the more the standing costs will mount up and viewers will see how long it has been on the market and will naturally think it is overpriced. Unless you need £190,000 to fund a project why not just reduce the price and SELL?