Property in need of modernisation?
Selling a property in need of modernisation to bring it up to current standards can be difficult. Most buyers want to buy a house they can move straight in to. Whilst minor works and decoration aren’t a problem to many, anything more than this deters most potential house buyers. This can significantly reduce the number of people who will buy your house.
If your property needs work, the price you will achieve will also be lower. If a property needs £20,000 spending on it to bring it in line with others in the area, the market value is more than £20,000 below these neighbouring properties. This is because people put a premium on their time as well as the financial cost of renovating the property.
Additionally, if an offer is accepted, the survey will often highlight other issues – out of date electrics and plumbing, inefficient heating systems, damp, problems with the roof, and so on. This will slow down the sale process and inevitably result in the offer being reduced further to compensate.
In many cases the Mortgage Lender will retain some of the mortgage funds until the works are complete. This is a problem for any buyer without the cash to pay for these upfront. As a result the proportion of sales that fall through is much higher on properties in need of modernisation.
Many of the houses we buy need work to bring them up to standard. We have years of experience in doing just this. Invariably we can modernise properties more cost effectively and faster than an individual owner.
We also know what level of work will add the most value, and what grade of kitchen, bathroom and décor is required to maximise the return on a specific property. Depending on the price band and location we create the most cost effective upgrade. As a result we can often offer a higher price than other house buying companies who simply want to buy your property and sell it on quickly.
If you have a house in need of modernisation, call us or complete the online enquiry form. There are no fees and there is no obligation.