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Selling a retirement flat

26 replies

Nikkinoognarrrr · 09/06/2022 16:54

I am looking for some help on selling my late df’s flat. We are struggling to sell (18months) as there are always 4 or so on the market and they can’t be sold to anyone under 67.
We have changed estate agents and lowered the price once.
It is now costing us to own it in fees etc while it sits empty.
I suspect it is too expensive but would like kind suggestions and thoughts on how to get it sold.

Flat

OP posts:
TheVillageShop · 09/06/2022 17:15

Two of the most important details are missing:

  1. What is the length of the lease?
  2. What are the service charges?
Leasehold flats are often offered for sale with very few years left to run on the lease, which makes them a very bad investment, so hard to sell at any price. Also the monthly / annual service charges are sometimes extortionate, and have to be paid even while the flat sits empty, as you are probably finding out now.

A friend of mine was recently in your position. She dropped the price lower than all the other flats for sale in the retirement development, to make sure that if any sold it was hers. It did sell quickly after her realistic pricing. She was glad to be rid of the worry and ongoing expense.

Frecklespy · 09/06/2022 17:20

This is unfortunately very common when selling retirement flats.

The only way to get it sold and no longer be responsible for service charges/ground rent will be to lower the price to a level that is very competitive against all the other similar flats on the market.

Your target market is limited because of the age limit.

GU24Mum · 09/06/2022 17:28

Agree that ultimately it's always price. But..... the photos don't do the flat or the inside of the development any favours. Can't you stage the bedrooms a tiny bit and get better photos all round?

BreadInCaptivity · 09/06/2022 17:47

These flats can be a nightmare to sell and it's why I would never buy one (nor my parents).

The people who build them make their money on the service charges. They keep building more and more developments and everyone wants the new shiny modern apartments.

Being blunt, even at the price the apartment looks, cold, shabby and outdated.

Worse the fact it's empty and unfurnished is a sign the previous owner has passed on, which isn't exactly a ringing endorsement to further buyers who will not want to be confronted with their own mortality.

Realistically you need to do two things.

Firstly you need to update the property. Don't need to go mad, but remove the sofa of sadness and bed of boredom.

Paint the walls and the kitchen units. Get rid of the fridge freezer as it makes the kitchen look too small and ideally put in a modern induction hob. Put a nice tap on the sink.

Freshen up the bathroom taps, get rid of the shower curtain and mustard towel. Consider painting the tiles.

Get rid of the outdated wardrobe in the bedroom or at least update it in some way.

Good news is the carpets look fine and the exterior of the development looks nice.

Then when you've done that, update all the photos and market it as refurbished and put it back on the market at a realistic price compared to other options. I don't just mean on the same development, but other shiny new ones in the local area.

Upshot is it's not an asset and you need to sell asap.

Laska2Meryls · 09/06/2022 18:10

We are looking to sell late MILs flat.. Its in a really nice block and the facilities are really fresh and good. But theres always other flats up for sale and rent so we are totally decorating. So far we have have have put in new kitchen worktops, door fronts and taps , , new shower screen, toilet seat, taps and new carpets, and flooring in kitchen and bathroom and replacing all light fittings and cords ..

Its also totally empty and will have a professional deep clean of all kitchen units cooker and hob before it goes to market ad a new fridge freezer is ordered... if the oven and hob dont come up well ( they should however as hardly used) we will replace that also ..

Sadly the only way to sell in these type of places is to spend to make it look and smell new ..

Laska2Meryls · 09/06/2022 18:13

New carpets are ordered .. we obvs wont get them in until after its all decorated ..we are leaving the curtains as they are neutral and good quality , but they are being dry cleaned ..

Josoliesmlaurdog · 09/06/2022 18:14

I have no words of wisdom but the problem you have is exactly why I tried to get my husbands family to persuade MIL not to move there !! She is there and sadly I think it will be a problem for them in the future!

PragmaticWench · 09/06/2022 18:24

The flat is mostly unfurnished and has a really sad look, probably better completely empty than with just a few items. It's far from inviting.

Photos 17, 19 and 21 need to go, they're awful.

BlanketsBanned · 09/06/2022 18:26

The agent needs to list the length of the lease and the service charges, if you look at the ground floor one in the same block there is much more info about the rooms. ,they always seem difficult to sell where I live, ground floors are the most popular. Can it be rented out instead.

Keyboardist · 09/06/2022 18:47

Those photos are awful. Why are there so many of the exterior?

friendlycat · 09/06/2022 23:01

I sympathise with your predicament. But as stated above by Bread you need to make this far more inviting in both price and presentation.

These are always a hard sell due to the limited market. Plus the crucial point what is the monthly service charge that is an ongoing commitment.

You need to make it look shiny and new or radically reduce the price. For senior living people want to move straight in and not do any work. You are up against the new options which potentially will be far more attractive. Currently you are having to honour the service charge so it’s obviously in your best interest to take a radical rethink of how to off load the property in the shortest amount of time. That may be quite simply reducing the price so you are the lowest option on the market.

You won’t be the first person or the last caught in this dilemma of trying to sell this type of property with what may be high service charges that are passed onto relatives until the property is sold. Personally I think it’s heinous practice by the management of these places. There should be a moratorium on charges when vacant but sadly there isn’t.

justasking111 · 09/06/2022 23:17

Friends mum went into a McCarthy one just before lockdown. She hated it so bought a little bungalow is now as happy as a clam. Shifting the flat was a nightmare. My MIL went into a brand new development died 16 years ago. They're selling for the same price today.

BreadInCaptivity · 10/06/2022 00:07

friendlycat · 09/06/2022 23:01

I sympathise with your predicament. But as stated above by Bread you need to make this far more inviting in both price and presentation.

These are always a hard sell due to the limited market. Plus the crucial point what is the monthly service charge that is an ongoing commitment.

You need to make it look shiny and new or radically reduce the price. For senior living people want to move straight in and not do any work. You are up against the new options which potentially will be far more attractive. Currently you are having to honour the service charge so it’s obviously in your best interest to take a radical rethink of how to off load the property in the shortest amount of time. That may be quite simply reducing the price so you are the lowest option on the market.

You won’t be the first person or the last caught in this dilemma of trying to sell this type of property with what may be high service charges that are passed onto relatives until the property is sold. Personally I think it’s heinous practice by the management of these places. There should be a moratorium on charges when vacant but sadly there isn’t.

Totally agree with your post.

The whole thing is a scam IMHO.

People move in to these properties naive to the fact they are worse than depreciating "assets".

They think they will leave a legacy to family but they end up leaving a property that will be worth less than they paid for it, responsibility for service charges until it sells and the need to invest in it to make it remotely sellable.

The reason people buy these properties to start with is because they are modern, shiny and new. Nothing needs to be done to them.

This is not a demographic that wants a fixer upper or even to put paint on the walls.

After 10 years of occupation they need a radical rehaul (new kitchen/bathroom/carpets/decoration) to make it worth less than what you paid for it in order to sell - and that assumes the communal aspects of the development are kept up to date.

Cutting the price won't nwork either - even if you are ruthless.

It needs to be an easy property to move into. I only know about this as a friend got caught in this situation with her parents 5 years ago.

From memory their apartment was bought for circa £340k (2 bed) posh development in a desirable area. When they died she couldn't sell (3 years on the market at increasingly reduced prices) and was spending £££ pm on service charges.

To sell she finally spent around £25k refurbishing it and got circa £275k for it.

She wishes she'd been realistic sooner and not wasted money on service charges holding out for a good price she was never going to get.

On the property you've listed, I think you'll be lucky to clear £75k to sell it by the time you've refurbished it and reduced the price.

Threetulips · 10/06/2022 10:01

There are two beds on that development for not much more money.

knickersniff · 10/06/2022 10:24

I work in retirement homes , the staged apartments always sell quicker . In your case I'd get the wood work painted round the windows . No one has brown anymore .

knickersniff · 10/06/2022 10:25

Also if that's carpet in the bathroom . Change it to some high quality , non slip lino .

Brownlongearedbat · 10/06/2022 14:25

We sold my fil's retirement flat last November. We put in so much work to make it look appealing - completely redecorated and new carpets and curtains. It certainly looked lovely and clean and bright, but still took 6 months to sell at a 5k profit (originally bought in 2013). However, we are in the Cotswolds and quite a few have been sold as holiday homes for the rich elderly from London!
Op, I think you should empty the flat of furniture, redecorate (even though it says it has been recently done - it looks dingy) including painting the kitchen cupboards and window frames.
Has it got a short lease? This will be your major sticking point. I wouldn't spend any money other than the small amount needed for paint, and then lower the price - everything sells at the right price. Also, get new pics taken - 5 or 6 should be sufficient for such a small place.

TizerorFizz · 10/06/2022 22:36

There are 31 photos! This needs to be reduced to about 10. As others have said, make it looked lived in and attractive. Put up curtains. Paint windows. Probably reduce price.

Most people make money from selling bigger properties to have these so have other funds. People do know what they are buying. They cannot be second homes in many cases. Not allowed .

Twiglets1 · 11/06/2022 06:48

It does look sad and unloved. It needs a fresh lick of paint (white around the windows not brown) and to get rid of the old furniture. You could stage it but that will cost money - personally I would find it easier just to reduce the price after doing the above

PerseverancePays · 11/06/2022 08:14

I am of the age to be downsizing and looking at this was the most depressing thing I've seen. It looks like something run with no thought of comfort or anything to look at to bring joy to the eye. I'm not surprised it hasn't sold.
I don't know why the estate agents are bigging themselves up, the pictures are awful. Grim beyond words, I'd stay in my draughty two up two down terrace then move into that.

TizerorFizz · 11/06/2022 10:01

I think some people do see these flats as a convenience and some have all sorts of amenities and folk employed to check you are ok. It’s not all bad. Relatives seem to like them for peace of mind. Some even come with furniture packages. That just seems like giving up on your own life and choices to me. However some people are ok with it.

Mxflamingnoravera · 11/06/2022 10:23

I had to sell my mothers flat after the death of her husband (she is in a care home) and her ex husband's adult children were involved. Dropping the price by 10% sold it in three weeks. It's pretty much the only thing you can do, you can't change the location, the lease etc and the agents all use the same promotion methods so price is your only variable. His sons were furious, but it sold and they got their half of the reduced price.

Mxflamingnoravera · 11/06/2022 10:26

Ah sorry. I had not realised that there had been pictures. If it looks tired and old then yes, it will need freshening up and a price drop.

astbdjlutcchjj · 11/06/2022 10:51

I think most people do know what they are doing when they buy these. They come with communal facilities and usually a variety of social activities.
They are a rip off, but the alternatives simply do not exist for most people. Bungalows are too expensive for most people.

TizerorFizz · 11/06/2022 12:11

Where I live, some luxury retirement flats were built and they are £625,000. A bungalow would be cheaper! They have sold second hand!

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