Topic: PROBLEMS WITH HOUSE SALE

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This topic contains 2 replies, has 2 voices, and was last updated by Richard Watters Richard Watters 4 years ago.

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  • #1986

    ctprod
    Participant

    I have been trying to sell mum’s retirement flat for 9 months. Original price £110,000. Now at £100k.
    How do i price the flat to just sell it? I can never live there or rent it. The flat is with 3 agencies. Any advice really welcome.

    #1987
    Richard Watters
    Richard Watters
    Moderator

    There will be a reason, or reasons, why it isn’t selling but I don’t know what they are unless I see the property. Can you reply here with a link to the property, or if you prefer, email me the link, and I’ll take a look.

    #1990
    Richard Watters
    Richard Watters
    Moderator

    Hi again,

    Thanks for emailing me the link.

    This property is only available to over 55’s (and in reality is likely to be purchased by downsizing retired people, or recently bereaved, who are 65+). It’s on the first floor (ground floor is better). However, none of this can be changed.

    Within your target market, people rarely want to buy a property that needs work doing to it. Your competition will be not so much the others for sale in the block, as better quality flats in the locality with modern efficient heating and “mod cons”.

    Your property is quite dated, particularly the kitchen, and it has storage heaters which many people will be unfamiliar with and be concerned about the running costs.

    I think you have 3 options:

    1. Do nothing. In a rising market you will, sooner or later, get a buyer.

    2. To try and get a quicker sale, reduce the price by £5,000 (taking it below the price of the other flat in the block currently on the market).

    3. Replace the kitchen, install Gas Central Heating, decorate in neutral colours and fit new carpets. This will make it stand out. This should cost you less than £10,000. Take it off the market for a few weeks whilst you do the refurbishment and then put it back on with new photos. I’d be surprised if you couldn’t market it at £110,000 or even more. Remember, your potential buyer wants to be able to move into a finished home, so give them what they want.

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