Advice needed on Selling Bungalow

mi-key

koalakoala said:

It’s a nice bungalow but I personally wouldn’t look at anything without two bathrooms and a utility room 

Bungalows are a different market. Most are bought by retired couples or a single retired widowed person. There is no need for two bathrooms

mi-key

Sarah1Mitty2 said:

I'm not a fan of it either, but I suppose the problem is if you just put it on at 465K because that's the minimum you need, then you get people coming along offering 10% under that and assuming you will accept it because that's what the internet tell them is a fair offer to make..

Most people will adjust their offer after a valuation anyway, so unless the property is priced sensibly that could involve a big adjustment in many cases.

Not really true. People may adjust their offer if their lender values it lower, but that doesn't mean the seller has to accept it or reduce the price. It mainly depends on hte LTV the buyer is dealing with. Only FTBs or people stretching themselves to the limit need to worry about the lenders valuation.

Sarah1Mitty2

mi-key said:

Sarah1Mitty2 said:

I'm not a fan of it either, but I suppose the problem is if you just put it on at 465K because that's the minimum you need, then you get people coming along offering 10% under that and assuming you will accept it because that's what the internet tell them is a fair offer to make..

Most people will adjust their offer after a valuation anyway, so unless the property is priced sensibly that could involve a big adjustment in many cases.

Not really true. People may adjust their offer if their lender values it lower, but that doesn't mean the seller has to accept it or reduce the price. It mainly depends on hte LTV the buyer is dealing with. Only FTBs or people stretching themselves to the limit need to worry about the lenders valuation.

Why would someone with or without a mortgage want to overpay for a bungalow? In the real world people are not going to stretch to "make up the difference" when they see values falling, there are two problems highlighted it seems about facilities available in the house and the fact that the house and land is overlooked by what looks like a council estate, the way to get round these perceived shortfalls is to price them away by cutting the price until there are noticeably more enquiries.

mi-key

Sarah1Mitty2 said:

mi-key said:

Sarah1Mitty2 said:

I'm not a fan of it either, but I suppose the problem is if you just put it on at 465K because that's the minimum you need, then you get people coming along offering 10% under that and assuming you will accept it because that's what the internet tell them is a fair offer to make..

Most people will adjust their offer after a valuation anyway, so unless the property is priced sensibly that could involve a big adjustment in many cases.

Not really true. People may adjust their offer if their lender values it lower, but that doesn't mean the seller has to accept it or reduce the price. It mainly depends on hte LTV the buyer is dealing with. Only FTBs or people stretching themselves to the limit need to worry about the lenders valuation.

Why would someone with or without a mortgage want to overpay for a bungalow? In the real world people are not going to stretch to "make up the difference" when they see values falling, there are two problems highlighted it seems about facilities available in the house and the fact that the house and land is overlooked by what looks like a council estate, the way to get round these perceived shortfalls is to price them away by cutting the price until there are noticeably more enquiries.

Which once again shows you know nothing about selling houses... If people followed your advice everyone would just list their houses for half the estate agents valuation. I wonder why that is..

YoungBlueEyes

Aren’t these threads getting very samey… 😒

Emily_Joy

YoungBlueEyes said:

Aren’t these threads getting very samey… 😒

Yep. @mi-key and @MobileSaver seem to be fighting @Sarah1Mitty2 all over this board.

Gavin83

Tiglet2 said:

I think it could be the location.  There are areas of Laindon which are not desirable and it's possible that someone with £465k to spend might look elsewhere.  

I agree with this. I know Laindon quite well (my Nan lives just round the corner from the OP) and it’s not a particularly nice area. I certainly wouldn’t live there. 

That doesn’t really help the OP though as they can’t pick up their house and move it elsewhere. Besides plenty of people do live in Laindon so it’s clearly desirable for some.

Emily_Joy

To @tarsh it seems clear that though 27 years of living there you adapted the place to your liking, like removing the wall between two bedrooms and so on. But alterations like this put the potential buyers off. You need to find a buyer who would be in a position similar to yours - and wanted to move to Laindon, so that he will also see advantages of this place.

jennifernil

We would rather like a bungalow, and are a retired couple, but this one would not be for us.......

No garage
No utility room
Only one bathroom........even retired people get visitors!
Flat roof over rear rooms
Overlooked by multiple properties
Room sizes a bit on the small side for our liking
Lack of built in cupboard space
A lot of maintenance in that front garden
 No idea on area, but if not good then that would be a drawback.  Otherwise it would be a good development opportunity for somebody.

We would not be put off by the dated kitchen, much rather  fit one to our own taste.

tarsh

Well, thanks everyone for contributing to this thread. Lots of food for thought.

It's interesting to see what people see when they look at your listing & have a search around google maps & streetview.