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Property/DIY

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Original poster

Selling property needing refurbishment

25 replies

EnergyVampire · 07/06/2019 15:43

My house needs complete refurbishment. It's verging on dilapidated. Unfortunately I don't have anything like enough money to tackle this, nor the time, energy, or heart. I'm too old and too weary to think about getting it sorted over the long term, and there's too much other stuff going on in my life. I've decided I just want to get rid and start again somewhere else.

What's the best way of selling a property that needs such a lot of work? Auction? I'm afraid I have zero experience and also no instinct for this kind of thing and dread messing up and selling for less than it's worth. The good news is it's in a desirable area in London zone 4 and I own it outright. I would be so grateful for any help here before I make some terrible mistake!

OP posts:

Alexalee · 07/06/2019 15:44

I would try it on the open market to be honest... people love a project and you will probably get more for it than you think

DoraNora · 07/06/2019 15:47

Sell it on the open market! There's plenty of people looking for a 'project'.

But ask a reasonable price for it, factoring in the cost of work for people. I went to look at a house yesterday that needs a good £300k spending on it (not been touched in 45 years) and the owners are completely deluded, asking for the same price as other houses on the same road that need no work doing. It's been up a week or so now, but it's the kind of road/house that if the vendor was asking a fair price would have gone within a day or so (maybe to me )

Good luck!

Original poster

EnergyVampire · 07/06/2019 16:14

The thing is, it isn't just that it needs updating, it's really off-putting things like rotting windows, ceilings falling in, possible asbestos, massive cracks down walls, etc. Oh, the list is endless! The configuration is terrible too. In fact, I'd say it needs complete gutting.

I thought of getting it valued by a few local estate agent, but I'm almost too ashamed of the house to have anyone in. I've never seen anything remotely as bad as mine on Rightmove, but I have on Homes Under the Hammer, which is why I thought that auction might be the way to go!

OP posts:

dreichuplands · 07/06/2019 16:21

Serious projects sell well in our area. Part of how easy it will be to sell will still be usual issues like location and footprint.
The advertising makes it clear it is a serious project.

justasking111 · 07/06/2019 16:30

We bought a doer upper. Think sewage running in an open gulley to the septic tank, the kitchen floor floated when it rained corrugated iron roof. Mice nesting in kitchen drawers and cupboards drug addict son in dining room. We had to burn the carpets in there. No heating. We loved the location and the challenge. Spent money and time doing it up were very happy there. Fast forward 20 years it was dated we sold to someone else who wanted a project.

Someone will want your home.

Original poster

EnergyVampire · 07/06/2019 16:32

Location is fine: it's in a sought-after area and in a nice road (which is let down only by my house!).

By footprint, do you mean the size and shape of the building? If so, it has a really bad footprint – pokey little narrow kitchen that you have to walk through to get to the pokey little (downstairs) bathroom. It's a small 2-bed mid terrace.

OP posts:

WhereDoesThisToiletGo · 07/06/2019 16:44

If it's "poky terrace" then you have neighbouring houses that once had the identical layout. Once a 6 foot by 5 foot kitchen was deemed adequate. They've just been brought up to date
Ask some estate agents round, and ask them to check if they have had any neighbouring properties on their books for comparison
Get several valuations.
The good thing about selling a doer upper is that no one expects you the seller to faff about poncing it up with fresh bed linen and flowers....
I hope you sell it so that you can buy somewhere more suitable

AnotherNightWatering · 07/06/2019 16:48

I've never seen anything remotely as bad as mine on Rightmove
That's maybe because estate agents often alert local builders, so the houses don't even get on Rightmove. Do make sure you get more than one valuation, as you don't want an estate agent to undervalue it, then sell it to one of their contacts.

Mildura · 07/06/2019 16:57

I find that far more buyers would prefer to buy a property in dilapidated condition, and refurbish it to their own taste and specification, rather than spend a larger some of money on a house that's done up, but in a way that is not to their taste.

Not everybody of course, but there are enough people out there to warrant trying the usual channels.

granadagirl · 07/06/2019 16:58

You could still go on Rightmove and just have a look at houses same as yours in your road sold prices and the date it was sold.
Have a look if pics are still available too, that will give you some idea what as been done to them
And what they went for

I’d get at least 3 valuations, don’t be ashamed.

legodisasterzone · 07/06/2019 17:01

This thread is so reassuring-thanks MN!

OP I am selling my house soon. It doesn’t need as much work as yours,but I’ve had sleepless nights worrying whether someone will buy a house needing modernising-needs new bathroom and kitchen,new front door and 3 of the windows need replacing. A couple of rooms need replastering. The whole place is generally ‘tired’ due to having to DC with disabilities and our time and money being needed elsewhere.

Hopefully,in a few months we will both look back and wonder why we were so worried.
Good luck.

AwkwardPaws27 · 07/06/2019 17:02

They probably won't put internal photos on Rightmove if it's bad - just the front, a floorplan and maybe the garden. It will be of interest to builders, or anyone with trades in the family who can live elsewhere while it's renovated. It might be worth getting a survey yourself to see if there a structural issues?

Auction could be an option but I think you'd have to complete and move out pretty quickly (28 days springs to mind but I'm happy to be corrected!). If you sell via an estate agent, you could be in a chain and use the proceeds to buy another home (so no interim renting etc).

Original poster

EnergyVampire · 07/06/2019 17:11

This is the sort of thing I am worried about, Nightwatering. I think I was born without any savvy genes and lack the instinct for a fair deal that some people have. On the other hand I don't want an estate agent to convince me into overvaluing it and then it hangs around unsold!.

WhereDoes, for the last few years I've been keeping up with sales in my road on Rightmove, and all the other houses have had properly sized and well-proportioned extensions with upstairs bathrooms. Every one! I have not even seen one with a tiny single story bathroom-through-galley kitchen job like mine.

OP posts:

Mildura · 07/06/2019 17:13

Do make sure you get more than one valuation, as you don't want an estate agent to undervalue it, then sell it to one of their contacts at less than the market price

Fine for one of their contacts to buy if they're paying the going rate.

Shitsandgigglez · 07/06/2019 17:16

Open market is fine. Don't be put off by having a valuation done - just do it. Estate agents will have seen all sorts!

By asbestos you probably mean in the artery which people will not be put off by. Additionally cracks will just be superficial if neighbouring terraces have sold ok - all part of the same structure after all.

With regards to not seeing stuff as bad on rightmove - photos hide a multitude of sins.

At the right price in the right area a doer upper will sell very quickly.

You have nothing to lose by trying

Shitsandgigglez · 07/06/2019 17:16

Artery = artex

Original poster

EnergyVampire · 07/06/2019 17:19

Thank you AwkwardPaws27. I did have a survey done last year because I was a bit worried it was actually falling down. It does need structural work, although it isn't about to fall down anytime soon.

I won't be in a chain, and moving out quickly isn't a problem because I can stay with family until I find my next (better nick) property. I don't have much to put in storage.

Thanks everyone; this is really helping.

OP posts:

Pipandmum · 07/06/2019 17:19

If you put it up for auction they still have to come round and value it. An estate agent may already know a developer that would snap it up.

Gentlemanwiththistledownhair · 07/06/2019 17:36

Echo what everyone else has said! Also, the fact that everyone else has had extensions means that it's financially worth doing in the area. It means that a buyer can buy the house cheaply now, and add to it at a later date to increase its value.

It's far more off putting to see an overextended house that's maxed out in terms of improvements imo.

Buddywoo · 07/06/2019 17:40

As a former estate agent, houses like yours always sell well provided the price is right. Usually builders or property developers. Give it to a reputable agent to put on the open market.

Original poster

EnergyVampire · 07/06/2019 18:10

Thank you everyone – it's really helpful to see you're all unanimous on this. I've decided to tidy up the place, get rid of as much clutter as I can, get a few estate agents in to value it and then have a crack at selling it on the open market.

OP posts:

HotChoc10 · 07/06/2019 20:48

Let us know how it goes!

Alexalee · 08/06/2019 11:57

What are the prices of the done up houses on the road with extensions? A full refurb and kitchen extension would probably cost 60kish so if the done up houses go for 500k you would probably get over 400k

FrogFairy · 08/06/2019 13:16

I think you will be pleasantly surprised at how much interest you will get. As they say, buy the worst house on the best street.

Your house will be like catnip for a property developer or someone looking for a project.

granadagirl · 08/06/2019 16:51

Yes to de-cluttering,
Get rid off furniture you may not be taking
Ornaments pics anything you have stored up thinking you may use, but haven’t

You’ll be surprised how much bigger your rooms feel.

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