[abroad]

Just put my old flat in West Dunbartonshire on the market, decided it had to go once the relative who was using it died last year. Cleared the place and tidied it up a bit and had a couple of agents in over holiday period and got a pretty similar message from both. Market is dead, Fixed Price only and if you are lucky you'll get home report value.

Place lacks full double glazing and teh bathroom needs replaced. I was told to do nothing as the money would be wasted. Ordered home report survey, so we'll see what happens

[naptrel]

abroad, on 09 January 2012 - 12:05 PM, said:

Place lacks full double glazing and teh bathroom needs replaced. I was told to do nothing as the money would be wasted.

I suspect the estate agent is right--you won't get your money back. But you will have a better chance of selling. I wouldn't suggest full double glazing or a new bathroom, both of which might be quite pricey (though you could buy and install a new bathroom set pretty cheaply if it doesn't require relaying flooring or rerouting plumbing etc?), but I wouldn't sell a property in this market without substantial redecoration. A fresh coat of magnolia walls and white woodwork (it sells!) will be cheap and may be the difference between selling and not. Dingey won't sell. I think it's worth investing a couple of thousand to ensure the place shifts--there are buyers out there, but you're competing with other sellers, and unless your property is bigger/nicer/better-located/cheaper than the competition, you'll join the growing list of 'same-olds' that appear on buyers weekly property searches.

[abroad]

Depends on home report but theory is that if I undercut nearest priced place by a fair bit I'm creating a new market interest as most similar flats are done up.

[abroad]

Survey came in about 4 or 5K more than I expected and with no 3's on the home report. Other similar places on market but in better interior condition are between 6k and 20K higher than my valuation. I'm going to put it on a fixed price just under the valuation. Still mulling over doing it up and renting but if it sells at the asking then I'll just add it to my STR fund......already had neighbour asking me to rent it to his daughter who is on housing benefit but limited to 450 per month. Which is in alignment with home report lease valuation in current condition, just not sure I want the hassle.

[TTD]

abroad, on 16 January 2012 - 11:15 AM, said:

Survey came in about 4 or 5K more than I expected and with no 3's on the home report. Other similar places on market but in better interior condition are between 6k and 20K higher than my valuation. I'm going to put it on a fixed price just under the valuation. Still mulling over doing it up and renting but if it sells at the asking then I'll just add it to my STR fund......already had neighbour asking me to rent it to his daughter who is on housing benefit but limited to 450 per month. Which is in alignment with home report lease valuation in current condition, just not sure I want the hassle.

It's not just the hassle, it's the legal obligations.....

Pop over to the House Buying, Renting forum at moneysavingexpert.co.uk and browse a few 'new/reluctant landlord' threads .....

[abroad]

We had 3 viewers, one said rooms too small which is bizarre as they live in a modern flat, one said garden too big and one didn't say. I've spent 4K on carpets , decorating and a bathroom suite. Renting it out and got an offer before it was even on the market. Based on 'valuation'+ refurb costs I'm getting just under 7% return. Seems like rental market is booming and buying market is dead in West Dunbartonshire.