OT-ish: Estate Agents advice, House selling timing

Hi all situation: a discussion amongst family members about putting a house on the market. We can do it 'now, in a hurry', or 'in a little while, maybe doing some mild tarting up'.

An Estate agent is advising that we put in on the market asap, for reasons (A, B, C). At least one family member is being strongly influenced by this advice

I am suggesting that an agent will always prefer to get a house *actually* on their books now, rather than *the possibility* of same, in some months time. And that therefore their suggested reasons may be spurious, and that this advice should be taken with a pinch of salt,

Comments as to my thoughts, please? Note that I'm not necessarily suggesting that now is a bad time do do this, just the motivations behind the advice.

Thanks Jon

Reply to
jkn
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Well, its horses for courses I'd imagine. Unless there is aan almighty crash in house prices, or Government ups the taxes or changes the rules, then why hurry? I'd think that just doing the bare minimum to make it look nice and have no serious gotchas is all you would need as most people seem to rip out the innards and put in something else in any case.

What annoys me is the number of houses bought by small time big shots, converted to flats and then rented out at silly high prices. I wonder if you can protect a neighbourhood against this sort of thing. Brian

Reply to
Brian Gaff

What are A B & C?

And define "mild tarting up". You won't get the money back from an increased selling price by fitting a new kitchen or bathroom and the chances are it'll be in a skip outside within a year of the new owners moving in. A good clean, washing down paint work, fittings, walls (non-papered!), wet clean of carpets, minor repairs, etc to make it presentable/livable is minimal cost and may add a few grand to the price.

The agent is after the commsion and 5 grand on the price doesn't make a great deal of difference to that. Having the place clean and liveable will make it easier and possibly quicker to sell.

Reply to
Dave Liquorice

Think it may depend on the end of the market it's aimed at. A first time buyer house might well be worth putting into 'move in' condition.

Most others as you say a waste of money. But make sure the outside and garden etc looks as presentable as you can without spending a fortune.

Reply to
Dave Plowman (News)

I'd be very surprised if you get near recovering the cost of doing it. Even more so if it's decent stuff.

Reply to
Dave Plowman (News)

you can get a good quality kitchen fitted for under 5 grand.

You could easily recoup this

If you spend 25K unnecessarily, I agree

tim

Reply to
tim...

Which would you rather have? The cost of a new fitted kitchen in your hand when you move in, so you can choose your own? Or pay the same for some one else's choice?

And - if someone is having a new kitchen fitted just for sale purposes, it will likely be end of range and maybe even installed as cheaply as possible. With no comeback.

Reply to
Dave Plowman (News)

Surprisingly so, most people prefer to move into a house with a brand new kitchen, even if it isn't to their choice, rather than bumble along with a "dirty" worn out one for a few months whilst they go thorough the aggro of looking in the kitchen shops, getting quotes, appointing fitters and living without a kitchen for a week whilst it is fitted.

I don't understand it either, but that really is how it is. Ask any EA, oops, that's where we came in :-)

(Of course the exception here is the market where people are buying a house that they aren't going to move into straight away, but I suspect that the OP isn't selling a house like that).

Why on earth would that be the case? It's a nonsensical suggestion

I've already said that it had to be done properly.

It doesn't actually add much to the price

tim

Reply to
tim...

I'd agree. A first time buyer is probably scaping about for a deposit etc so tolerable kitchen/bathroom included in the mortgaged part is probably a plus. For anyone else, why live with someone elses taste for years until it's worn enough to replace? If it's a really a wreck then you either sell as a wreck, or do it up for profit, but that means the discipline to do it as an investment: doing what works in the market not your own inclination. If it's in fair condition just spend a bit on making it clean and tidy, anything more won't repay the effort.

[I finally sold my flat last month, I gave it a quick coat of paint on the walls and finally refixed the skirting boards I took off to lay a new floor ten years ago. Needn't have bothered as the new owner is ripping everything out to put in a new kitchen. Place I am buying, hasn't had a major refit for over 20 years, but it's not a wreck, I can live in it while deciding what to do first.]
Reply to
DJC

Hi all thanks for the various comments.

For clarity, it wasn't the wisdom of doing some tarting up, or not, that I was querying (FWIW any such work we do will be of the order of washing down, a lick of paint, carpet cleaning etc.). It was how much notice to take of an Estate Agents advising to put on the market as soon as possible

I suppose another way of putting this would be: How likely is it that an agent would advise you to "leave it four months, spend the time making a few cosmetic improvements, and come back to me then"? ;-o

Cheers J^n

Reply to
jkn

I know it's not here, but my brother-in-law in Canada sold his house. The Estate Agent arranged for decorators to come in. They got far more for it than if they'd put the very used house straight on the market. And, of course, the agent's larger commission paid for the deocrating.

Reply to
charles

Dunno how it works in Canada, but in some US states all "snagging" discovered by the buyer during the process has to be paid to be put right by the seller.

None of this "buyer beware" stuff applies.

(I guess that there is a process for selling a tumbledown, but suspect that selling that way means that the normal lending process can't be used to9 get a loan)

tim

Reply to
tim...

I think, at the moment you should wait a few months. It is now mid-May the spring selling season is ending, and things have been a bit quiet after the beat-the-SDLT rush. So you could put it on the market in September when there would be more interest.

Reply to
DJC

Based on my experience, I totally agree with your assessment of EAs: they want you on their books at all cost and NOW (in case you'll end up going elsewhere). They have very little incentive for you to get "that little bit extra" that a little investment in tarting up a place may bring you. Say their fee is 1% of the sale price. 1% of £100k if £1000, but 1% of £110k if £1100. £10k extra as a result of spending, say, £2k on making the place looking a little more presentable is a lot of money for you, but do you really think the £100 extra in fees that they get really acts as an incentive for them?

Making a little effort with the kitchen, bathroom, even new cheap carpets, as long as the cost involved is reasonable, is well worth the effort in most cases.

Borrowing is very cheap at the moment, but financial institutes requires high deposits. This often leaves the buyers (e.g. first time buyers) with very little cash in their pockets to do the essential work. The prospect of being able to move into a place that is habitable/looks acceptable can be very attractive and increase your target market.

People tend to "make the place their own" eventually anyway, so it is important to try and hit the soft spot in terms of return on your investment.

Reply to
JoeJoe

I have bought and sold many houses (was flipping a few a year for a few years). An EA will NEVER tell you to wait. The extra that you may get for selling "at the right time of year" has an insignificant impact of their fees. ...and yes, I have yet to meet an honest EA...

Reply to
JoeJoe

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