Issues selling flat - help!

Crashy_Time

EmmaYo said:

poolboy said:

Ok thanks, your 53m2 includes the balcony at c 5m2, so for comparison you still have 48 m2 usable for a 1 bed flat.  I have a 1 bed at 40m2, its South facing single aspect though so looks a lot bigger.  Speak to your agent if investors are buying, if they are, maybe you could market to them and get the certificates done, epc 50 gbp, eicr, 200 GBP.  I don't know the rental potential of your block but if you can beat 3% gross yield you could try marketing to investors, there's a few groups on social media.  I m toying with selling 1 of mine but the cgt is eye watering, be warned if you go down the letting route.

Hmm, in which case probably not a viable option for us, particularly as we’re loosing a fair bit of equity. My advice to anyone would be to NOT buy a new-build from a developer, but to buy one second-hand. Easy way to more of a bargain, which in time you’d probably sell for profit.

Many people are starting to get this I think, especially about being suckered in with help to borrow schemes.

poolboy

Yes new builds do command quite a premium, cgt is a tax on profit so I can't really complain but it does seem a big number.  For new landlords you are taxed on purchase, income and sale so v little incentive to go down that route.  It is an option though to tide you over.  Generally the new builds in my area sell to people from more expensive areas moving out, locals think the price is crazy but they all sell.

EmmaYo

@Crashy_Time that's exactly what happened to us. The problem (for the government) is it's a flawed strategy - assuming it was created with making money in mind, and not just to give meer mortals like me a leg-up. We rolled our HTB loan into our mortgage at the earliest opportunity and the government made nothing.

Crashy_Time

EmmaYo said:

@Crashy_Time that's exactly what happened to us. The problem (for the government) is it's a flawed strategy - assuming it was created with making money in mind, and not just to give meer mortals like me a leg-up. We rolled our HTB loan into our mortgage at the earliest opportunity and the government made nothing.

HTB was about supporting developers and keeping banks balance sheets solvent, both would suffer if house prices were allowed to correct to values related to wages rather than over-borrowing.

ts21

FTB here (though not looking for a flat or in this area). I agree that it looks cluttered - lived-in is a nice idea, but really I just want to see the space and if I can imagine my own stuff in it. Sunset etc. pics are a nice idea, I wonder whether it's worth jazzing up the balcony a little to make it seem like you make more use of it? Maybe plants, fairly lights, that sort of thing. I also think the pics of yours just aren't as good as your neighbour's.

EmmaYo

ts21 said:

FTB here (though not looking for a flat or in this area). I agree that it looks cluttered - lived-in is a nice idea, but really I just want to see the space and if I can imagine my own stuff in it. Sunset etc. pics are a nice idea, I wonder whether it's worth jazzing up the balcony a little to make it seem like you make more use of it? Maybe plants, fairly lights, that sort of thing. I also think the pics of yours just aren't as good as your neighbour's.

Thank you for your perspective. I guess the reality is it comes down to personal taste, and whether you can see past what other people have in their homes. We saw some of our neighbours listings & thought they had garish wallpaper & bland uninspiring homes. On the other hand there are other 1 beds in our development that are more lively & lived-in, and these were much more appealing to us. If we strip back any more for the pics we may as well be moving out 😂 so I guess we’ll end up appealing to someone more like us. Good point on the balcony though - it is dressed up & used (outdoor rug / nice furniture, plants) so I guess we just need a good pic of it. Good luck with your search! My one bit of advice would be to make sure you do look past what’s in people’s homes. I understand the role of ‘dressing’ but you’re buying the space at the end of the day & if you get too sucked into how it’s all laid out you might miss a great place, or even overlook something important in the place you do buy.

EmmaYo

@ts21 we need a pro-pic for sure, but here’s the balcony in all it’s glory. Hopefully someone doesn’t see it & think ‘clutter’!

leypt1

You have a balcony, it's a new build, and there's no external picture. With EWS1 in the news a lot more lately, maybe this is worrying people enough to not enquire?

Has your block had an EWS1 survey done?

EmmaYo

leypt1 said:

You have a balcony, it's a new build, and there's no external picture. With EWS1 in the news a lot more lately, maybe this is worrying people enough to not enquire?

Has your block had an EWS1 survey done?

Yes we have an EWS1, we wouldn’t have listed otherwise. I think we will put some people off new build and reduce the available audience, but it hasn’t prohibited my neighbours from selling. The frustrating thing is, every building has combustible materials - a period building is made of wooden beams (not to mention a whole host of other problems 😕) so new builds are getting an unfair amount of attention.
In the old pics of the living space you could see the balcony better, and there was an accompanying video, but for some reason it’s disappeared. Something to speak to the agent about next week!