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Would you sell now? Or hang on?(7 Posts)
We’ve been planning to move for a while now. But, directly behind us, very extensive building works are happening that will last another 8 months (builders say). The works are very loud, very noisy and very ugly. Right now, they’re really intrusive. But, in 8 months, it will look lovely and definitely increase the property value here and the area.
Would it put a buyer off?
My thinking is that - by the time their sale goes through - the bulk of the tricky living will be over with. So they will have benefited and get the slightly better area!
But I’m worried that, at the moment, you’d take one look at the building work and walk away!
Another option is to rent this place out and sell in a year. (The estate agent tells me she can rent this place out in a day. I didn’t talk to her about selling at the time though.)
We’re in south london, and the market is hot, I’ve been told!
Given the number of people working from home these days, in theory it could put people off a bit. However, I’m also in a hot S London market and there just isn’t enough supply and the open days are very busy. I’d be surprised if someone discounted the house completely given queues of 10+ potential buyers for anything that comes on.
Yes that’s my worry jojo. If you were in an office 9-5, the works wouldn’t be loud and intrusive (just temporarily ugly), but most people are at home now.
We’re planning to leave the area completely, but need every penny we can get so I’m worried it might be a bit devalued or that we’d get no views at all!!
But, at the same time, we’re very ready to move on and start our new life.
So difficult to know what to do!
The mood on the market seems to be rapidly changing depending on the location, type of property and price bracket so you definitely won’t get a definitive answer here. I guess there is an argument that this time might be the last window of opportunity for sellers to offload their house before the underlying economics catch up on all of us (mass unemployment and brexit) but London being London, who knows where prices will go next. In regards to the construction, it certainly won’t help, but at the same time, a buyer would recognise that the area is being developed and on the up potentially. I would try to put it in the market and see what I can get for it.
You can always put in on the market and see what happens. You haven’t got much to lose. If it doesn’t sell for a price you’re hoping for, you can take it off the market and re-list in a while.
Thanks jojo I think I might. My only hesitation was that I was planning to use Tepilo / Purplebricks type agent (it worked well before) but you have to commit to sale or lose the fee. Eek!
Why not try it with an EA first?
They may be able to advise you on the likely impact of the building works while trying to sell.
And you would only pay (admittedly a lot more) if they are able to sell it.