When you come to sell or purchase a house the location is probably the most important factor with the condition coming in a close second. It’s these factors that determine the value of a property and how much one is willing to pay to live there.
We have most likely all seen the property programmes on television and with Homes under the Hammer being as popular as every, many people are either looking to add to their retirement pot after the government stuffed us big time or they are hoping to become property tycoons.
Sellers need to consider a few simple things when selling a property in need of refurbishment i.e clearing up the gardens – that foot high grass will put prospective buyers off. How about ensuring there are no rusting cars on the driveway, discarded or broken childrens toys or bins overflowing with rubbish. You get the idea! inexpensive but certainly worthwhile small things, can be be carried out to ensure the front of the property alone does not deter potential buyers from crossing the threshold.
Are the renovation works likely to exceed several thousand pounds and is the write up on the property a true and factual piece of writing.
It doesn’t matter what price the vendor is hoping to achieve, if the surveyor has no comparable prices to work on, the property may be down valued and the purchaser may struggle to acquire the mortgage required on the property.
So now you have a few very interested parties, which way do you turn, who’s going to be your choice of the day.
If you are selling your property through an agent, the agent must carry out due diligence on the buyers market position – do they have a property to sell and if so is it being marketed yet. Do they require a mortgage, have they a mortgage in principal already. Are they experienced at refurbishing properties and the bigger picture – do they have planning consent for their 10 bed home of multiple occupation? A good agent will find out as much information as possible about the buyer and what they are hoping to achieve with the property.
The seller will have then have a uniformed approach on each prospective buyer and be able to make their decision based upon the information from the agent.
Which ever purchaser you decide to go with, there are no guarantees that things will run smoothly from start to finish or that they will not pull out of the transaction, you can only do your best and choose an agent that works for you.
If you are a landlord or thinking of becoming one for the first time and you want to read more articles like this about the Tamworth Property Market, together with regular postings on what I consider the best buy to let deals in Tamworth (out of the many of properties on the market, irrespective of which agent is selling it) then feel free to get in touch!