Is your property being left behind in a booming housing market?
Here are some of the most common reasons that make property ‘hard to shift’ and suggestions for what you could do to improve your chances of selling:
Cracking, subsidence, settlement – are all things that may make it impossible for a buyer to raise a mortgage on the property and could cost thousands to repair. If you have adequate buildings insurance, check the policy; you might be covered for a complete repair - but be aware that you may need to pay around £1000 yourself first, as excess. Once repairs have been carried out you will need to have the property monitored to ensure it isn’t still moving which is usually carried out over a year or so.
Properties in need of renovation
Many people are happy to buy a project and put their own personal style on the decorations, however, if a lot of work is needed this will deter several potential buyers, especially those with families or older buyers who wouldn’t enjoy the upheaval involved. Consider getting the property renovated before marketing it, but keep things neutral to try to please as many potential buyers as possible.
We all like to hang onto items in case they 'come in handy' one day, but too much furniture or general clutter will put off even the most imaginative buyer. Consider having a clear out before marketing. Perhaps a self storage unit for unused items would be a good option?
If your home has a short lease (around 80 years or less) it could cost tens of thousands to renew it. Until you do, the property will be unmortgageable and therefore almost impossible to sell. You can renew your lease by paying a fee to your freeholder - get a solicitor to look into it for you.
Gardens full of unwanted items and unclean accommodation will stop buyers in their tracks. Consider a professional clean/clearance to get the property looking its very best.
Too much competition
In some areas it is particularly hard for homeowners to sell their homes. If your property is in such an area, you need to compete hard on price with other properties nearby. Get the house looking good and price it lower than similar houses to snap up that elusive buyer before somebody else does!
If all of this sounds too demanding, you should consider using a cash property buyer such as Reader’s Digest Property. We buy any house, in any condition in England and Wales.
To find out more call us on 0800 433 7979 or fill out the form below and we’ll be in touch.