Reduction in property price?

AdrianC

sticko24 said:

Am I reading it wrong? Metres is listed first? 

Not the floorplan's overall area - the room sizes in the description text.

NinjaTune

numbercruncher8 said:

I think you've already presented it as well as you can.
The bigger issue probably is, there is a much bigger flat available at the same price, and that one is selling either.....

I can't work out what's going on in the bedroom with that one - what's that bit behind the wardrobe?  Narnia?  I can't match it up with the floorplan.

sticko24

Well well Ninjatune... you are correct. It doesn’t. 

We may be onto something here my new MSE buddies as I have the original floor plans here. 

Our “much larger” neighbour in question here...I believe he isn’t much larger. He is almost certainly same size overall.

You may well have uncovered some EA scullsuggerey going on! 👀

sticko24

Ninjatune: 

After some sleuthing that bit is the next door neighbours bedroom,  it is the same design reversed next door if that makes sense. 
The rest of the “step” is the stairwell. 

As you pointed out it not shown on the EA floor plan and his dimensions are surely very wrong as the bathroom steps in, in line with that step in the bedroom. 

The rest of it is the staircase in the hallway. 

I’ll try to post the actual plan. 

Deary me that surely can’t be allowed to be misrepresented as such. That extra Sqm that people such as yourselves notice and may convince people to view or buy... doesn’t exist 

sticko24

This is the actual floor plan 

sticko24

I just noticed the Narnia comment 😂👌🏼 

NinjaTune

It certainly makes the bedroom an awkward shape - they probably didn't take that 'chunk' into account when working out the overall size, same with the kitchen.  Somewhat misleading if so.

GDB2222

I've now caught up with this thread! And I've looked at other properties available on RM in the area. 
There's a one bedder on at 125k. Must be something wrong with it? 

I really like the doors opening out onto your garden-ette and the main garden. That's a real plus.  On the other hand, what's behind that fence? If it's a busy road, I wouldn't want to sit and have my morning coffee there. 


Some practical advice:   If you're not selling and want to sell, think about reducing the asking price to the absolute minimum you can accept. I appreciate that you need to end up with a deposit for the new place, so price it at the minimum that you need to achieve. Not what you want to achieve, the minimum you need to achieve. If the flat still doesn't sell, then at least you know where you stand. If it's an undervaluation, there'll be a queue of buyers bidding each other up. You actually can't lose.

sticko24

Hi GDB 

thanks so much for your input 

The 125k-er has a short lease and it’s £15k for an extension of that taking it to 140k.
Plus additional for updating which it needs in terms of kitchen and bathroom. 

Behind the fence is a footpath to the side leading on a rambling route to nature park, and to the front a car park for Aldi which is close to the property. So it’s not “quiet” but definitely not overly loud / busy either. 

The proximity to shops is a plus for some and a negative for others. I loved it as I’m lazy 😂 

thank you for the advise this is what we have been considering. 

deannagone

The bed looks like its against the wall, which means if two people use it at any point in time, someone struggles to get out?  If the bathroom is dark, I'd put candles in there for the video and make it look 'romantic' .., some people like that. I wouldn't criticise how the flat looks myself, it looks smart and whatever the comments about smallness, it doesn't look small in the pictures.  Perhaps it does in reality?  I'm one of the ones that would love being next door to an Aldi lol.

BUT I would say, yes you need a deposit but you aren't going to get that deposit to put against the new purchase if it isn't selling.  If you bought it for £130 you are 'making' £40k in a time when prices aren't necessarily attracting people to buy them?  You want to sell it now, not in two years time when possibly prices people will pay could be higher.  I know you put a new bathroom in but if the previous one was cracking etc and needed replacing, I'd be wondering what else in the flat had design faults.I'd probably tidy up the back garden a bit so it gleams at you 'buy me', well cared for garden area.

I remember talking to someone who had sold a number of properties over the years (we are talking decades), sometimes in price slumps.  He said sometimes he got vastly increased prices, sometimes less than he paid but over the years he'd been gradually able to improve what he was able to purchase.