Well Located House Not Selling. Wait, or What?

GDB2222

Davesnave said:

Scotbot said:

Davesnave said:

Stairs provide a specific form of exercise. As a bungalow-dweller I'm aware of this, because I can walk 5 or 6 miles on rough terrain without problems, yet just going up the stairs in a shop feels awkward.

As an 'older person,' having stairs wouldn't worry me unduly.I'd see them as useful exercise. If the worst happened, I'd get a stair lift. They even go around corners these days.

My 80 year old MIL has a stairlift and has no intention of moving out of her 2 story home. However where elderly buyers decide they don't want stairs they will look for a true bungalow or a dormer with the majority of space downstairs and an upstairs bedroom for guests. This house doesn't fit that bill plus it is a fixer upper with no central heating. I expect it to sell to a younger demographic

My 85 year old mother and father in law have a house with three staircases, no stairlifts and no intention of moving. Of course, one can generalise about 'old' or 'young' people, but thank goodness they don't always conform to people's expectations!

We used to have a house with 2 staircases, but three is well posh!

"I'd build a big tall house with rooms by the dozen

Right in the middle of the town

A fine tin roof with real wooden floors below

There would be one long staircase just going up

And one even longer coming down

And one more leading nowhere, just for show"

I'm pleased your parents are still fit enough to manage. Well done to them for keeping that way. Plus, a bit of luck helps.

Davesnave

No, not posh. You get 3 staircases when you convert a row of workers' cottages on a hill!

edgex

Davesnave said:

edgex said:

Davesnave said:

Thanks for the answers so far, many of them highlighting my concerns.

To answer a few questions, I'd say the outlook is preserved and my friend thinks there is enough leeway in the price to allow for the CH and updating of kitchen, bathroom etc, as similar properties have gone for around £375k this year. However, they may not have come with the landscaping challenges of this one.

There's room to put in a bath and the roof could be altered to give more space upstairs,

Less than half a mile away, & £45k less https://www.rightmove.co.uk/properties/97278341#/

What you've just linked to is a perfectly nice SEMI with no downstairs bog, a poky kitchen and a conservatory pretending it's a dining room. It has a nice garden and views, so I suppose the -£45k could be used to extend, but it would still be a semi with a tiny bed 3......so personally, I wouldn't, but each to their own..

But it's not about you, or your friends/sellers, it's all about who are they targeting.
If it's families with young children, or a couple starting a family, then the semi ticks all the boxes;
it's a standard layout with bathroom same floor as bedrooms,
it's got a big garden laid to grass, so perfect for children (it's even west facing to get the afternoon/evening sun)
it really is a 3bed house, not a 2bed trying to be a 3bed

Davesnave

edgex said:

Davesnave said:

edgex said:

Davesnave said:

Thanks for the answers so far, many of them highlighting my concerns.

To answer a few questions, I'd say the outlook is preserved and my friend thinks there is enough leeway in the price to allow for the CH and updating of kitchen, bathroom etc, as similar properties have gone for around £375k this year. However, they may not have come with the landscaping challenges of this one.

There's room to put in a bath and the roof could be altered to give more space upstairs,

Less than half a mile away, & £45k less https://www.rightmove.co.uk/properties/97278341#/

What you've just linked to is a perfectly nice SEMI with no downstairs bog, a poky kitchen and a conservatory pretending it's a dining room. It has a nice garden and views, so I suppose the -£45k could be used to extend, but it would still be a semi with a tiny bed 3......so personally, I wouldn't, but each to their own..

But it's not about you, or your friends/sellers, it's all about who are they targeting.
If it's families with young children, or a couple starting a family, then the semi ticks all the boxes;
it's a standard layout with bathroom same floor as bedrooms,
it's got a big garden laid to grass, so perfect for children (it's even west facing to get the afternoon/evening sun)
it really is a 3bed house, not a 2bed trying to be a 3bed

Yes I get it that the semi is a fair buy and more in line with what most family buyers would want. As a family person with 2 kids, I lived in a semi for 21 years, although it had the space a  proper dining room provides. We didn't want to sacrifice things like a large garden or a quiet position just to be detached.

Anyway, word came this pm that an offer has been made which is proving acceptable, given the feedback this thread has generated. The thread has fulfilled its purpose by alerting the seller to the idea that a price may not just a matter of totting-up what a thorough update would cost and docking that from the sale price of modernised 3 bed detached houses in the area.

Let's not forget though that the property has a protected rear outlook, and where I live there's a similar location where houses never sit around very long, no matter how challenging. Someone always wants them. The last one to sell there was a concrete panel bungalow; they replaced the outer skin!

GDB2222

That's very good news. I hope the sale goes through okay.

Thrugelmir

Davesnave said:

Crashy_Time said:

It`s not the stairs, it`s the price.

It's still getting viewings; a new one and two second ones is what I'm told. If any of them offers, the headline price may influence that.

And it's easy to say "Knock another £10k off!" when it's not your £10k.

I distinctly remember when it was my £15k and thinking, "Jeez, how long would it take me to save this?"

Not disagreeing with you; just providing context.

What has the feedback been from those that have viewed the property?  What has the EA said?  Though might as well wait until the New Year now before taking any action. . 

Crashy_Time

Angela_D_3 said:

Crashy_Time said:

Davesnave said:

Crashy_Time said:

It`s not the stairs, it`s the price.

It's still getting viewings; a new one and two second ones is what I'm told. If any of them offers, the headline price may influence that.

And it's easy to say "Knock another £10k off!" when it's not your £10k.

I distinctly remember when it was my £15k and thinking, "Jeez, how long would it take me to save this?"

Not disagreeing with you; just providing context.

Just think how FTB`ers (the one`s daft enough to still believe in the magic "Ladder") feel when they are begging their family for a deposit?

Since the begining of time ftb have had to scrape together deposits.  I worked two jobs in 1998 to get together 5%.  Theres nothing new to see here.  

No comparison between 1998 and now, sorry.

Crashy_Time

RelievedSheff said:

GDB2222 said:

What’s the interest rate on a 90% mortgage at the moment?

Around the 3% mark. So while not the cheapest they are certainly not extortionate rates either.

Got a link?

phoebe1989seb

Great news for your friend, Dave 👏

RelievedSheff

Crashy_Time said:

RelievedSheff said:

GDB2222 said:

What’s the interest rate on a 90% mortgage at the moment?

Around the 3% mark. So while not the cheapest they are certainly not extortionate rates either.

Got a link?

You are able to use Google yourself one assumes?

However here you go:

https://www.uswitch.com/mortgages/90-ltv/?utf8=✓&sort_by=&category=remortgaging&property_value=200000&loan_amount=180000.00&ltv_val=90&mortgage_period=15&mortgage_type=any&repayment_method=capital_repayment&initial_period=-1&cb=1

Scroll down a few pages to get to the ones that don't need you to be an existing customer.