Is it even worth putting my concrete house on the market?

fastwigglylines · 2021-02-09T23:24:04+00:00

I have a 1930s concrete built house. It's significantly harder to get mortgages for them in recent years. I'd like to sell, but it looks like it'll be very difficult and will probably have to sell it cash only. A neighbour is currently trying to sell theirs and it's been on the market for months. Would an auction be a reasonable option? Or should I just give up and accept we're stuck here forever?! Does anyone have any experience with selling a concrete construction house?

MojoMoon · 10/02/2021 10:44

Someone will buy any property if it's at the right price.

If you want to sell and aren't too bothered about trying to get the very highest price, then an auction will work and will be cash buyers.

It would be the fastest way to do it as well.

lastqueenofscotland · 10/02/2021 11:17

Realistically you will need a cash buyer. Speak to an agent and get a realistic valuation and decide from there if the finances make sense for you

BiBabbles · 10/02/2021 11:51

I'm buying a concrete house, if that helps.

We've had a formal mortgage offer (75% LTV). The sellers were able to provide a PRC certificate and repair scheme information which my broker told me I should make part of the condition of our offer, but other than that, we've had no additional steps and no concerns raised by the bank about that (though that may be partially because of the LTV/larger deposit). I've read (while we waited to see if the PRC certificates would be found) that there are companies that do in-depth surveys on structural integrity for concrete builds as evidence for banks, though they're pricey (I want to say all the ones we saw were over £1k) & we were clear that while we were happy to pay for other surveys, that one we weren't - not paying that much to find out we can't go further. Others might not be as put off by that as we were, but it's definitely a hurdle.

The house I'm in the process of buying was only on the market a week before our offer was accepted - we were there the first day they were doing viewings and told then there were 5 other views that day (we saw those before and after us) and some the next day and there were multiple offers. It was well-priced for the area (a rarity around here as we have HMO landlords selling properties for well over the odds that are lingering) and for the repairs and low EPC.

Concrete build probably plays a role in your neighbour's house lingering, but there may also be other factors. It's trickier, but there are buyers out there for you.

Original poster

fastwigglylines · 10/02/2021 15:28

@BiBabbles

I'm buying a concrete house, if that helps.

We've had a formal mortgage offer (75% LTV). The sellers were able to provide a PRC certificate and repair scheme information which my broker told me I should make part of the condition of our offer, but other than that, we've had no additional steps and no concerns raised by the bank about that (though that may be partially because of the LTV/larger deposit). I've read (while we waited to see if the PRC certificates would be found) that there are companies that do in-depth surveys on structural integrity for concrete builds as evidence for banks, though they're pricey (I want to say all the ones we saw were over £1k) & we were clear that while we were happy to pay for other surveys, that one we weren't - not paying that much to find out we can't go further. Others might not be as put off by that as we were, but it's definitely a hurdle.

The house I'm in the process of buying was only on the market a week before our offer was accepted - we were there the first day they were doing viewings and told then there were 5 other views that day (we saw those before and after us) and some the next day and there were multiple offers. It was well-priced for the area (a rarity around here as we have HMO landlords selling properties for well over the odds that are lingering) and for the repairs and low EPC.

Concrete build probably plays a role in your neighbour's house lingering, but there may also be other factors. It's trickier, but there are buyers out there for you.

That's really useful, thank you. I've never heard of PRC. I thought the only steps you could take were to effectively rebuild around the house in brick, which costs a fortune as you might imagine - no way can we afford to do that!

OP posts:

Didyousaysomethingdarling · 10/02/2021 16:26

@BiBabbles Please could you let us know what mortgage interest rate you are being charged? I image it's a higher rate than usual? Thank you.

BiBabbles · 10/02/2021 17:46

1.94% fixed for 5 years, followed by a variable rate which is 2.49% above the Bank of England base rate, which seems pretty normal for around where I am for a high street bank.

PRC certificates are for concrete houses that used methods that were condemned as defective and there were a lot of different repair schemes, some replaced some of the walls, others don't, but yes they're pricey. My spouse found surveyors that do checks on 'non-standard construction' that are more in-depth than most get for mortgages and other purposes which, unless your house is a type that was listed as defective, would be more what those needing a mortgage would want. There are professionals that help people navigate this, it's what our broker did for us -- we've a lot of concrete houses around here so he had experience, you might find someone near you who can help you figure out what's needed.

Asdf12345 · 10/02/2021 19:03

A family friend snaps up Rema houses locally before they are advertised, arou d there they generally sell for about half the price of a normal build but rent out at normal rates so atypical constructions can be very popular with buy to let portfolios if using equity rather than loans to fund expansion.

Original poster

fastwigglylines · 10/02/2021 19:33

No way can I afford to sell the house for half the price of an equivalent "normal' house. There would be no point, we'd only be able to afford a shoe box then

OP posts:

Original poster

fastwigglylines · 10/02/2021 19:34

@BiBabbles

1.94% fixed for 5 years, followed by a variable rate which is 2.49% above the Bank of England base rate, which seems pretty normal for around where I am for a high street bank.

PRC certificates are for concrete houses that used methods that were condemned as defective and there were a lot of different repair schemes, some replaced some of the walls, others don't, but yes they're pricey. My spouse found surveyors that do checks on 'non-standard construction' that are more in-depth than most get for mortgages and other purposes which, unless your house is a type that was listed as defective, would be more what those needing a mortgage would want. There are professionals that help people navigate this, it's what our broker did for us -- we've a lot of concrete houses around here so he had experience, you might find someone near you who can help you figure out what's needed.

How can I find out if my house is a type listed as defective?

OP posts:

Roselilly36 · 10/02/2021 19:50

Put it on the market with a traditional no fee no sale estate agent, non standard construction, cash buyers only etc, and see what happens, you have nothing to lose, if it doesn’t sell. You brought it, I presume, so it may be a good option for another buyer too. Good luck OP.

Didyousaysomethingdarling · 10/02/2021 20:23

@BiBabbles
Thanks for the reply.

user1471538283 · 10/02/2021 22:27

I've seen some go to auction. However, my DA's house is concrete and its fab.

Funf · 11/02/2021 08:21

Its a pity you couldn't keep it and rent it out.
I would talk to a Mortgage broker who can get a mortgage for it, so when you get a viewing you can pass the details on.
Just stick your own For Sale board in the garden, roll it on glitter, give it lots of Kerb appeal.
Be ready with answers as to why they are not an issue