Advise me on reducing the price of my house

[SpongebobControlpants]

please!

It's been on the market for about 7 weeks at offers over 89,950. Only 3 viewings.

There are approx half a dozen of the same type house (large housing estate) in the immediate area on sale for 95 or even 100k. Frpm pics and descriptions on rightmove, they are in slightly better decorative state than ours, and, crucially, they all have central heating (we have gas warm air heating downstairs only, upstairs is unheated). Have been trying to get DH to see how crucial this is, he thinks it shouldn't make that much of a difference.

We (especially I) am very keen to sell and can certainly afford to drop the price. So, the thing is, do we drop gradually by small amounts, or just slash to bargain level now? What's best?

Absolute minimum we could sell for is 75k, not that we'll let on to the EA....

How much would it be to have central heating put in? If your home is appealing to the FTB market, they might not want the hassle of installing it.

How are houses selling in your area in general? What sort of houses (price, decorative order, etc) have sold best - ie, do people typically want low price so they can afford to add in extras, or do they want to purchase a 'ready to move in' sort of house at a higher price?

Any idea what it would cost to bring your house 'up to standard' wrt to heating?

What does your EA advise?

I wouldn't buy a house without central heating throughout - it would totally put me off viewing it.

If you can, I would get the heating installed on your dime then re-market it at the current asking price. Many buyers don't want the hassle themselves, they want the major stuff done already.

Agree with sidge. Do it yourself and then market it again. If your house is at a lower price already and not selling (because of hte lack of CH) it might make no odds how low you drop.

I doubt DH will go for the idea of installing CH. Disruptive and messy etc.... but I may as well investigate how much it would cost.

Ahouse up the road finally sold after reducing to 80k (not sure what it sold for) and it has tenants, so was being marketed primarily to landlords. Not much else seems to be selling, just one or two here and there. Another agent we nearly went with said they'd sold a house with no heating at all for 72k.

Really hard to know what to do. I wouldn't even look at a house without CH either. DH has lived here for 14 yrs and it doesn't bother him. I've been here for 5 and don't even invite people to stay in the winter because it gets a bit nippy upstairs!

We are thinking some of these on the market for 10ok won't get that much, because the area is getting increasingly rough (graffiti, litter, youths hanging around smoking cannabis etc)

Could you have some vents put in upstairs to make the upstairs directly heated? It may be cheaper than moving to radiators.

I don't think so, Lost. We did think about that ages ago before thinking of selling.

DH does not want to put too much expense/effort in, really wants to just sell at a realistic price. But if the lack of CH is really putting people off....

Earlybird, I'll have to get on to the EA for more info of that type. It seems to me from the few that have been selling that people prefer the ready to move in option.

I think that central heating is crucial. Have you had quotes to see how much it would cost to have it put in?

No quotes, because DH really doesn't see the point of going to all that trouble if it STILL doesn't sell due to general slowness of market. Will have to suggest it to him again though....

Is CH fairly 'standard' in similar houses in your area? If so, think you'll either need to put it in, or drop your house price to reflect the lack.

All the houses were built as ours is, in about 1970. DH was convinced they are all still warm air heating, but I think that every house I've seen on rightmove has CH.

DH will want to go with the drop the price option, so question is do we just drop it right down now and be done with it?

If you def don't want to install ch (and your dh is INSANE to think it's not important), then I would go for a realistic price immediately. The agents will explain to buyers that it's priced owing to lack of ch and desire for quick sale. There is a considerable market out there of people that want to buy a project, or at least a house that needs some work. Target those.

Thanks hully, I agree with the insane comment! I've just phoned a local company, who quoted a very rough figure of 4,000 with a top notch boiler and copper pipes, so could cost less than that.

I think DH is more concerned with the disruption of having floor boards up and all that, with 2 young DC in the house. I can see his point.

I think if you go for a price cut it has to be a proper price cut. Around here people cut by 2% but that doesn't bring in a new audience. Buyers who can afford 98% of your asking price will have already seen your house on rightmove. I think you have to go for as much as a 10% cut for a new audience to view your house.