Selling A Retirement Flat

jturt83

I appreciate that it's costly - I'm in more or less the same position keeping a vacant property ticking over whilst waiting to sell as an executor of an estate (although thankfully I don't have a large monthly service charge to subsidise). But in your shoes, as the only beneficiary, as I understand you are, and with such a property I would have simply put it up for a traditional auction or onto the market at a low price right from the start just so as to get shot as quickly as possible.  

I am the only beneficiary yes, it wasn't quite as easy as that. Covid restrictions were still rife etc at that time and to be honest as much as the costs per month are high I do still want to get what I believe and many others believe is a fair price. Hence the reason I have a temporary fix with the renting out

jonnydeppiwish!

jturt83 said:

I appreciate that it's costly - I'm in more or less the same position keeping a vacant property ticking over whilst waiting to sell as an executor of an estate (although thankfully I don't have a large monthly service charge to subsidise). But in your shoes, as the only beneficiary, as I understand you are, and with such a property I would have simply put it up for a traditional auction or onto the market at a low price right from the start just so as to get shot as quickly as possible.  

I am the only beneficiary yes, it wasn't quite as easy as that. Covid restrictions were still rife etc at that time and to be honest as much as the costs per month are high I do still want to get what I believe and many others believe is a fair price. Hence the reason I have a temporary fix with the renting out

I totally understand what you’re saying, however the only person that actually matters when it comes into the price is the purchaser. If they don’t thinks it’s worth it then you could end up with it in the market for a long time, costing you you a lot more than if you had just dropped the price earlier.

NameUnavailable

jturt83 said:

I appreciate that it's costly - I'm in more or less the same position keeping a vacant property ticking over whilst waiting to sell as an executor of an estate (although thankfully I don't have a large monthly service charge to subsidise). But in your shoes, as the only beneficiary, as I understand you are, and with such a property I would have simply put it up for a traditional auction or onto the market at a low price right from the start just so as to get shot as quickly as possible.  

I am the only beneficiary yes, it wasn't quite as easy as that. Covid restrictions were still rife etc at that time and to be honest as much as the costs per month are high I do still want to get what I believe and many others believe is a fair price. Hence the reason I have a temporary fix with the renting out

A fair price is the price it will actually sell for. That may be somewhat less than you've been led to expect. People can ask whatever they want, but if the places aren't selling then that should tell you something. 

NameUnavailable

koalakoala said:

I guess the service charge is too much for some people to consider ?  Where I live retirement homes sell really quickly, there aren't enough of them. But they don't have service charges that high. What do you get for the £250 ?

Retirement properties usually have some extra facilities over a 'normal' flat, such as common rooms, laundry room, resident or on call staff (with pull cords in the flats if someone has a problem or a fall etc.).

Larac

Took us 18 months to sell my late Mums flat in 2019.  There is a limited market for these flats and often people are put off by the service charges.  You need to look at what other retirement flats  are selling at and price accordingly.  We eventually went for the approach of offering the flat at the lowest price in the development.  The hit was around £30k from the original SP.  By this time we had over a year of service charges, rent and the Council Tax was about to double.  Such a relief when it sold.  Never in a million years would I go near one of these places again!