Thinking of selling up. How can we add value?

by , 3 months ago

Retired couple. Empty nesters rattling around in big period house. Too may repairs and no money coming in. We have reluctantly resigned ourselves to the prospect of selling our beautiful home. A recent depressingly low valuation has prompted us to try to increase the value by applying for planning permission on our fairly large outhouses. We already have expired permission for an artist's studio. Should we resubmit that or has anyone a suggestion for a more universally desirable option?

Responses (6)

yes toosie get planning for a grannie dwelling and lets hope it pays off for you good luck

by bluej, 3 months ago

I thought an annex would be a good option too.It would appeal to a bigger market too Bluej. Perhaps for a Granny or teenager. Thanks.

by toosie, 3 months ago

Much as I am not keen on estate agents, a chat with a good one here might help toosie. In a large town it might be worth getting planning permission to divide it into flats, depends how sentimental you are about it. I loved my last house and would've been gutted if someone had divided it up!

by Jazzj, 3 months ago

Thanks Jazzj. It's the potential with the outhouses that we are trying to tap but yes, I agree, I think a chat with an estate agent may be the best place to start.

by toosie, 3 months ago

I agree with Jazzj - go to several estate agents and get comparative valuations and ask them what would be best to do to get a sale for the house. You really need to have an agent that you trust so get a local recommendation if you can. Some agents will take the easy and quick option (for them) and suggest a reduced price allowing the buyer to do any work necessary, but often you can increase the saleability with some redecoration and restyling to show the possibilities of the house for the greatest possible number of buyers. Please don't be sentimental about the house. You want a sale and if that means a buyer is going to pull it apart then so be it.

by Sidesalad, 3 months ago

A fresh lick of paint can work wonders on the sale price.

by Noddy1, 3 months ago

Thanks Noddy1. The outhouses are virtually derelict Noddy. One is two storey and the other is single storey. The single one we already have plans for has potential to be knocked into one large space. To give you an idea of scale it would be big enough to accommodate a bedroom and an open plan ktchen, dining and sitting area. It's giving the space a "role" that we need help with. I wish a coat of paint could do the trick.

by toosie, 3 months ago

I wouldn't bother to do anything to the outhouses as it leaves the buyer the possibility of a range of options. Someone might want a home office or studio, someone else a granny annex. It sounds as though you need to market the house well outside your local area as it will probably attract buyers looking to move out of an urban area. Your chosen agent must have a good web presence.

by Sidesalad, 3 months ago

I'm with sidesalad about leaving the buyer with flexibility so you don't limit your options

by Jazzj, 3 months ago

Hi,

I was wondering if the estate agent explained why the valuation was low. If it's because things aren't selling for higher prices, then you might end up paying out money for nothing as if people aren't buying at the current valuation, they wouldn't be able to buy at the higher valuation.

by G-Man, 3 months ago

He based his valuation on the only other comparable house in the area, a nearby Georgian property which struggled to sell until recently. But in a nutshell he told us that no-one really wants old, draughty, single glazed houses regardless of their decorative order.I suppose we just want to add the permission as enticement to buyers who would normally see the outhouses as a negative.

by toosie, 3 months ago

Hmm.

In that case, I wonder if double glazing and insulation might be a better investment? At least then if it still didn't sell you'd at least be in a warmer, less draughty home with cheaper heating bills :)

And talking of which... Solar Panels might be a decent selling point if you've got plenty of south facing roofage. Just get them installed ahead of the deadline for the better feed in tariff.

by G-Man, 3 months ago

Very sound advice G Man and this is probably exactly what any buyer will do without hesitation but sadly we don't have the money to do any of these things and we aren't old enough to avail of any grants. To give you an idea of the extent of the expense involved our home has 13 tall windows. Goodness knows what they would cost to replace. Wish we'd done it when we were still employed!

by toosie, 3 months ago

I don't know that double glazing adds value but it would make it more saleable. That said, I don't know if you would recoup the cost of installing them. Not so sure about solar panels, could put some buyers off. I do think you need a chat with some agents

by Jazzj, 3 months ago

Go and speak to a local professional architect (not a bloke who "does plans" for a builder) who has experience of dealing with domestic extensions, new builds and maybe small developements. He will hopefully have some good rapport with local planning / building control and can give some suggestions. Maybe budget £200 - £400 for an initial chat, site visit, verbal recommendations. You can then take it from there depending on what seems viable.
I hope you got several (I'd try for 5) valuations on the property in view of its more unusual features/land/outbuiding/possible planning permissions.

by ihateavatars, 3 months ago

Actually we only got one valuation so perhaps we relied too heavily on his assessment. Will arrange a few others. We know an architect we could approach too. In these matters I suppose it's wiser to leave it to the experts.Thanks for your input.

by toosie, 3 months ago

No doubt you must go to several agents Tootsie and ask about how they intend to market the house. It's nonsense for an agent to say that no one wants an old draughty house. You love it and the agent needs to find a buyer that will love it just as much. A good agent will be proactive in making suggestions for marketing and will put the house on a national database. A one-off house like yours is always difficult to value but it sounds charming and with some good photography in the spring and a well-written sales brochure I'm sure that you will be successful.

by Sidesalad, 3 months ago

Many thanks Sidesalad you have made me feel more positive. We fell in love with the period charm of our house 20 years ago when it was in a dreadful state and I stayed awake at nights wondering how we could get enough money together to buy it. I guess I was shocked when the estate agent basically trashed all notions that someone else could love it just as much and belittled a lifetimes effort. Maybe it was my pride that took a knock too!

by toosie, 3 months ago

Tootsie - don't use that agent! You need someone who shows enthusiasm for the house - how otherwise will they sell it?! You can't trust an agent you don't like or that you think has no liking for the house. Like you, our last house was a one-off old farmhouse that we had restored when we moved in but that needed expensive work to update by the time we sold it. Our agent was fantastic and suggested that we do some redecoration here and there and it looked beautiful in the ads and brochure and sold very quickly. In fact the buyers have done absolutely nothing to it at all and love it as it is.

by Sidesalad, 3 months ago

No doubt you need the right agent. So many of them are smarmy so and sos with no interest in anything than making a quick buck.

by Jazzj, 3 months ago

let us know toosie what you decide

by bluej, 3 months ago

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