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WWYD- selling a far from perfect house in the current economic climate (long, sorry)

8 replies

ohdearwhatamess · 23/03/2009 10:02

We need/want to sell our house asap (without wanting to give too much away about where I am there are plans to build a major road and houses right on my doorstep). We bought 3 years ago, and would expect to have to sell at or below what we paid (not a major problem as we'd be moving somewhere much bigger and hopefully the fall in asking price on a bigger house would more than compensate for the loss). We always planned to move, but not quite yet.

The house is very, very dated - a 1970s timewarp. We've managed to do far less to it than we'd hoped so far.

Good features:
*2 fab bathrooms upstairs. Recently refitted.
*2 of 3 bedrooms upstairs have been decorated
*outside looks nice enough
*recently decoated sitting room - pleasant enough, if a bit bland and characterless
*drains, soffits etc being replaced this week
*utility room redecorated
*planning permission for extension granted

Bad features:
*very dated kitchen (although it works fine and is huge)
*very dated downstairs loo
*ugly, child unfriendly stairs (but very £££ to replace)
*entrance hall needs wallpapering
*master bedroom needs wallpaper stripping, redecorating, and fitted wardrobes replaced or renovated somehow
*landing and wall by stairs need wallpaper stripping and painting (a scaffolding job)

My question is this - should we attempt to 'fix' all the above to make it look lovely (which will involve having to pay people to do it all - no way we can manage it ourselves, other than the odd bit of painting), or should we attempt to sell it as it is, as a 'project', and just set a very low asking price?

OP posts:
brettgirl2 · 23/03/2009 10:13

What about putting it in an auction (with a reserve obviously)?

With any luck a couple of idiots won't have done their homework.

lalalonglegs · 23/03/2009 10:23

Yep, auction (although the reserve might be set quite low before they accept it). If you really can't manage any of the work yourselves and don't want to go the auction route, I would sell it as a project but it will very much depend if the plans for the road are official or not - if they are and it really is on your doorstep, then any local search will pick them up.

ohdearwhatamess · 23/03/2009 11:06

Auction is an interesting idea.

Searches will pick up the road/houses plans but I'm hoping that the chance of selling would still be higher now than when there are actually bulldozers sitting in the field opposite.

OP posts:
Sorrento · 23/03/2009 22:49

People will surely be aware though of the plans a foot to do whatever they are doing, it can't be a secrete ?

I would sell it as a project too rather than spend more money as you don't want to stay, it'll be your taste plus won't you need the cash to buy your next place ?

hatesponge · 23/03/2009 22:57

I probably wouldnt spend the extra money...not sure you would get it back given the planned building works around you - would think people would be more interested in buying it cheaply as a project than the finished article.

good luck with selling - if my recent experience (in trying to buy) is anything to go by, the market could be picking up - spring bounce & all that. I'd get it on the market asap.

ohdearwhatamess · 24/03/2009 13:30

Wise words, thank you.

I think we'll do all the decorating before putting it on the market, but leave big jobs like replacing the kitchen, downstairs loo, stairs, etc. Just writing down what needs doing has helped to clarify my thoughts. It is all a bit daunting.

I'm going to get some estate agents round to advise on what we could do (I figure they've got time on their hands atm).

Some houses here have gone under offer in the last few weeks (with horrific price reductions). I'll be watching with interest to see if they actually complete.

OP posts:
ohdearwhatamess · 24/03/2009 13:30

Wise words, thank you.

I think we'll do all the decorating before putting it on the market, but leave big jobs like replacing the kitchen, downstairs loo, stairs, etc. Just writing down what needs doing has helped to clarify my thoughts. It is all a bit daunting.

I'm going to get some estate agents round to advise on what we could do (I figure they've got time on their hands atm).

Some houses here have gone under offer in the last few weeks (with horrific price reductions). I'll be watching with interest to see if they actually complete.

OP posts:
goldenpeach · 26/03/2009 19:43

As a buyer we encountered similar situations and we felt cheated at not being told of plans afoot that could affect the enjoyment of a property. Also it's dead giveaway when many houses in the same street are suddenly up for sale. Thanks to the net, it's very easy to find out what is going on in an area, most planning departments have online searches that are free to browse. So people don't need paid searches to find out that kind of information. I understand you need to sell but I am feeling sorry for the prospective buyers.

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