Unsellable Falts/ apartments

anne211981

I s it just me or are more and more flats becoming unsellable, due to there being a huge massive stockpile of new flats and people just dont want flats they want houses.

I have a nice ground floor 2 bed flat/ apartment that has been on the market since jan, not long in these conditions but there are also 2 other flat in the same block, one being next door that have been up for 12-18 months now with no sign of being sold.
I fear that we will be saddled with this property for the long haul, which has only come into our poscesion due to my father in law passing away at christmas last year.

i would like to hear from anyone who is in the same possition with a flat, finding it hard to sell ect, or any tips. (this cannot be rented out due to a equity release being owed on it and it being part of an estate to be sold and split 4 ways, dilemma)

oh and we have priced ours lower than the other 2 flats and open to offers, but we have had only 2 viewing since jan. the flat is modernised to good standard.

HELP!!!

airhostess

Hi there,

I sold my 2 bed flat in November, here are some points I would take into consideration:

Estate agent - are they doing all they should be? Are pics clear & sharp, on Rightmove itself, without having to click through to links? Is teh ground rent amount shown on there, council tax band & how many years remaining on the lease? Does the advert mention parking, communal gardens or dying area, if applicable? If not, give the agent a boot and try someone else. I went though housenetwork.com, they cost under £500 and got me my asking price.

What level are the other flats on? Ground floor flats can sell for quite a bit less than other levels as some people may percieve them to be easier to burgle, so price accordingly.

Stamp duty - is the flat for sale over the 1% stamp duty threshold? If so, offer to pay stamp duty as an incentive, this should attract first time buyers to pick yours as it can save them thousands.

Include white goods/furniture - I inluded the white goods, I think this helped me get my asking price.

Basically, flats are in general first time buyer territory. Anything you can do to save them expense should help you sell it. Good luck! Post a rightmove link if you are feeling brave!

Doozergirl

Do you have a link to the property? Perhaps we can help with pricing comparables, not just the immediate block, and see how your agent is presenting the property?

neverdespairgirl

All the flats will be sellable - at the right price.

hjb123

Hiya,

Im still living at home with the parents but I think when I move out I will want a flat but not too sure I would want a ground floor one but not too sure, depends on location, price etc. I just need to save the money up first (dont have the foggiest clue about how much money I would need etc and havent got much at all so could be with parents for a long while yet:D)


Have your estate agents given any reasons for not selling? Is it priced too high or not in a convenient location or need work doing etc?

Bogof_Babe

I am currently looking for a one bed flat for use as a holiday retreat (not btl, just personal use), and I am frustrated that none of the EAs seem to give details of service charges, ground rent, lease length etc. As these are crucial considerations, given that we won't be using the flat as our primary home, it is annoying to have to keep asking for these details. Also those who are supposedly contactable via their website never seem to bother to reply :mad: .

Sorry to go off topic, but just saying that it is as frustrating for the purchaser as it it the seller sometimes .

neas

rent the flat out.

ukmike

Does the advert mention parking, communal gardens or dying area,

that'll put people off!

anne211981

http://www.rightmove.co.uk/viewdetails-16872904.rsp?pa_n=1&tr_t=buy

this is the link to the property in question. although there is furniture in the pictures there is no furniture in there now. (main room) its priced less than the next door flat by about 10k. no stamp duty applicable. there is a ground rent payable and a service charge of around £46.00 per month but theres a very good management committee that take charge of all out door areas and communal hallways and look after the buildings. garages are avil but extra charge and you cant even get a car in them so hence there pointless. parking for cars is avail although you cant always park near the block (near meaning right out side your flat)

all advice will be taken in hand
thanks

Bogof_Babe

It looks lovely to me, except for that strange design on the side of the bath. That's just my personal taste though. Kitchen is great. Second bedroom a bit small, but you can't do anything about that. I must say I prefer room dimensions shown in feet and inches, but again that's just my age .

I think the whole market must be pretty stagnant at the moment, while people wait to see which way the economy is going. If you need a quick sale I think the only dead cert way to get one is to drop the price as far as you have to go.

Doozergirl

Call me crazy, but is this an almost identical property within yards of yours on for £25,000 less with the same EA?

http://www.rightmove.co.uk/viewdetails-16827748.rsp?pa_n=2&tr_t=buy

Apart from the price issue My advice is to get new photos taken without the furniture - parker knoll won't appeal to the target market of FTBs. Personally, if you can afford it, I suggest painting the whole place magnolia and buying new carpets to give it an update. Empty house are hard to sell and they show the imperfections.

How much would it rent for? You might get an okay kind of rent for it.