Sellers need to carefully consider things when selling a property in need of refurbishment. There are some simple steps such as clearing up the garden of weeds and repairing a minor leak which can be inexpensive to fix. An unmodernised house , is just that, its not worth while making improvements to a place that someone else will want to put their stamp on and you could easily fall between two markets. It could be that several purchasers register their interest, putting an upward pressure on the price, though its important to remember that when it comes to the Survey, valuers comments will determine the outcome. There is always the possibility that the renovation costs exceed the budget or expectations of the purchaser, or if there is is no comparable evidence of sales within the locality. This could cause the property to be "downvalued" and make it unmortrgageable if the buyer needs a high loan to value arrangement.
Selling agents need to be diligent so as to be clear about the buyers position; Do they need to sell a property or are they unencumbered ? What level of mortgage are they applying for ? , Have they any experience of refurbishment projects? or will they be in for a shock when the builders quotes get put through the letterbox? It could also be that they have plans to develop the property , though may not be granted consent from the local authority, or breach of a restrictive covenant, all of which could render the sale to fall through at some point.
Its always important to consider the buyers position in such a scenario, by providing as much information as possible, it will go some way to helping him/her/them make an informed decision. Where there has been significant interest, taking it sealed bids may be the most practical solution.
How Much Is Your Property Worth? Click Here To Find Out For FREE
If you are looking for an agent with experience that can help you find the right tenant for your property, then contact me to find out how we can get the best out of your investment property. Email me on chris@ashmoreresidential.com or give me a call on 020 7435 0420. Pop in for a chat – we are based at Ashmore Residential, Suite 7, 25-27 Heath Street, London, NW3 6TR. There is plenty of parking and the kettle is always on.
If you are looking for an agent with experience that can help you find the right tenant for your property, then contact me to find out how we can get the best out of your investment property. Email me on chris@ashmoreresidential.com or give me a call on 020 7435 0420. Pop in for a chat – we are based at Ashmore Residential, Suite 7, 25-27 Heath Street, London, NW3 6TR. There is plenty of parking and the kettle is always on.
Don't forget to visit the links below to view back dated deals and Hampstead Property News.
No comments:
Post a Comment