Jane Donaldson spent £200,000 doing up her bungalow but like many vendors can’t find a buyer
Judith Heywood
Times Online-Jane Donaldson did not expect to be selling her house now. She did not expect it when, in 2004, she bought a rundown £365,000 bungalow in Ryarsh, Kent, and lavished £200,000 extending, improving and refurbishing it into a dream home for her husband and two young daughters. She certainly did not expect it in July 2007 when she put the freshly finished “chalet-style bungalow” up for sale hoping for a speedy deal after her unexpected divorce.
This week Britons announced themselves more optimistic about the economy than at any time in the past 18 months, according to a Populus poll conducted for The Times. But while some are now determinedly anticipating the next housing boom, many existing homeowners are stuck with the hangover of the last one.
More than two years after putting her home up for sale (and four agents and price cuts of £170,000 later), Ms Donaldson is struggling to sell for the £625,000 that she needs to settle a “substantial” boomtime mortgage. She says: “When we bought it, there was us and another couple fighting over it. Now, despite all the work we have done, I can’t find one person to buy it.”
Agents say that the best homes are selling well, in all regions of the UK, but that leaves many others that are being passed over. In the area around Ryarsh and West Malling, buyers can snap up three-bedroom bungalows for under £200,000, making it difficult to entice buyers to view a four-bedroom on a main road at three times that price, even though it has a good school near by, a three-car garage, electric gates, substantial garden and backs on to farmland. A train into London Victoria is within walking distance, but it takes 50 minutes; many buyers are opting instead to invest closer to the high-speed line into King’s Cross.
Jason Tebb, a director with Chesterton Humberts, says that such prices can be achieved for a home of this type in the area, but that targeted marketing is crucial, especially as many local buyers are after low-maintenance homes in which to downsize. He said: “If your house does not sell within a week or so you need to work hard to find the buyers. If the quality of the finish of the property is not immediately apparent, it may work to take it off the market and relaunch it with an open house, to get them in the door. And, while we advise decluttering and neutralising, do not go so far that the kind of buyer you are targeting can’t imagine themselves living in your house.”
The difficult conditions in the mainstream market are behind predictions from Savills, the estate agents, that prices may fall again next year, by an average of 6.6 per cent, as Britons grapple with high unemployment and taxes. From 2011 more sustained recovery is expected — but the agent does not anticipate recovery to 2007 levels until 2013 in the South and 2015 for most of the rest of the UK.
Ms Donaldson may have overspent in her refurbishment of the home, but did so because she and her former spouse expected it to last a lifetime — the long-term approach that experts usually counsel. But circumstances can change. Ms Donaldson says: “Despite what the headlines say, for anyone trying to sell, it is a tough time.”
Callis Court Cottage in Ryarsh is for sale at www.lambertandfoster.co.uk
How to wrap up a sale in time for Christmas
Your house isn’t selling? Here are the top tips for securing a sale.
Is the price right?
Rebecca Monday, of Wooster & Stock, says: “Some agents will overvalue just to get an instruction. Look on nethouseprices.com to see what similar properties on your road or block have sold for this year.”
Consider changing agent
If you’re not happy with your agent, don’t be afraid to get a new one. The brochure should be easy to obtain from the agent’s website and contain full details, good photography and an accurate floorplan. Giles Cook, of Chesterton Humberts, says: “It is also incredibly important to have a For Sale board. It is the best form of advertising.” Don’t turn down a good offer — you may regret it in six months’ time.
Be flexible about viewings
Agents say that this vital. Be “on call” during working hours and be prepared to show people around at weekends. Penelope Court, director of the Central London agent Beauchamp Estates, recommends an “open day”, with drinks and canapés for potential buyers.
Be realistic about your taste
Take a fresh look at your home: does the bathroom need repainting? Might that purple wall be off-putting to potential buyers? Agents recommend painting dark walls a light colour, and “neutralising” rooms where possible. Robert Green, associate director at John D Wood in Chelsea, says: “Presentation is key. It is worth getting an impartial set of eyes to look at your home.” Strutt & Parker has two warehouses of furniture that it uses to “dress” vendors’ homes.
Declutter
Your home should look immaculate. Declutter and thoroughly clean your property — including windows — and make sure that all rooms are tidy and beds are made. Keep personal items to a minimum.
Deep clean kitchens and bathrooms
These rooms are apparently the “make or break” factor for many buyers, so make sure you show them in their best light. David Rathbone, of Strutt & Parker’s Guildford office, says: “Don’t leave dirty dishes in the sink and bathrooms should be sparkling too.”
Evict pets and children
A chaotic house full of noisy children and excitable pets can be off-putting for anyone coming to view. Arrange for everyone (including pets) to be out of the house to create an atmosphere of calm.
Get planting
Make sure the outside is tidy: mow the lawn, sweep up leaves, cut back overgrown trees and hide bins. Add a few flowers for colour.
The personal touch
As winter closes in, it’s important to make sure that your house is welcoming. Light the fire — if you have one — and put the heating on. “Personal touches help to differentiate one property from the next,” Lisa Cavanagh-Smith, a partner at Carter Jonas, says.
Renegotiate the lease
“A property with a short lease could eliminate a significant number of buyers as most mortgage companies won’t lend on a property with a lease of less than 80 years, especially if you’re a first-time buyer,” Mark Hutton, from Douglas & Gordon’s Battersea Park office, says. He advises renewing the lease to maximise your selling potential.
Claire Carponen and Laura Dixon
This week Britons announced themselves more optimistic about the economy than at any time in the past 18 months, according to a Populus poll conducted for The Times. But while some are now determinedly anticipating the next housing boom, many existing homeowners are stuck with the hangover of the last one.
More than two years after putting her home up for sale (and four agents and price cuts of £170,000 later), Ms Donaldson is struggling to sell for the £625,000 that she needs to settle a “substantial” boomtime mortgage. She says: “When we bought it, there was us and another couple fighting over it. Now, despite all the work we have done, I can’t find one person to buy it.”
Agents say that the best homes are selling well, in all regions of the UK, but that leaves many others that are being passed over. In the area around Ryarsh and West Malling, buyers can snap up three-bedroom bungalows for under £200,000, making it difficult to entice buyers to view a four-bedroom on a main road at three times that price, even though it has a good school near by, a three-car garage, electric gates, substantial garden and backs on to farmland. A train into London Victoria is within walking distance, but it takes 50 minutes; many buyers are opting instead to invest closer to the high-speed line into King’s Cross.
Jason Tebb, a director with Chesterton Humberts, says that such prices can be achieved for a home of this type in the area, but that targeted marketing is crucial, especially as many local buyers are after low-maintenance homes in which to downsize. He said: “If your house does not sell within a week or so you need to work hard to find the buyers. If the quality of the finish of the property is not immediately apparent, it may work to take it off the market and relaunch it with an open house, to get them in the door. And, while we advise decluttering and neutralising, do not go so far that the kind of buyer you are targeting can’t imagine themselves living in your house.”
The difficult conditions in the mainstream market are behind predictions from Savills, the estate agents, that prices may fall again next year, by an average of 6.6 per cent, as Britons grapple with high unemployment and taxes. From 2011 more sustained recovery is expected — but the agent does not anticipate recovery to 2007 levels until 2013 in the South and 2015 for most of the rest of the UK.
Ms Donaldson may have overspent in her refurbishment of the home, but did so because she and her former spouse expected it to last a lifetime — the long-term approach that experts usually counsel. But circumstances can change. Ms Donaldson says: “Despite what the headlines say, for anyone trying to sell, it is a tough time.”
Callis Court Cottage in Ryarsh is for sale at www.lambertandfoster.co.uk
How to wrap up a sale in time for Christmas
Your house isn’t selling? Here are the top tips for securing a sale.
Is the price right?
Rebecca Monday, of Wooster & Stock, says: “Some agents will overvalue just to get an instruction. Look on nethouseprices.com to see what similar properties on your road or block have sold for this year.”
Consider changing agent
If you’re not happy with your agent, don’t be afraid to get a new one. The brochure should be easy to obtain from the agent’s website and contain full details, good photography and an accurate floorplan. Giles Cook, of Chesterton Humberts, says: “It is also incredibly important to have a For Sale board. It is the best form of advertising.” Don’t turn down a good offer — you may regret it in six months’ time.
Be flexible about viewings
Agents say that this vital. Be “on call” during working hours and be prepared to show people around at weekends. Penelope Court, director of the Central London agent Beauchamp Estates, recommends an “open day”, with drinks and canapés for potential buyers.
Be realistic about your taste
Take a fresh look at your home: does the bathroom need repainting? Might that purple wall be off-putting to potential buyers? Agents recommend painting dark walls a light colour, and “neutralising” rooms where possible. Robert Green, associate director at John D Wood in Chelsea, says: “Presentation is key. It is worth getting an impartial set of eyes to look at your home.” Strutt & Parker has two warehouses of furniture that it uses to “dress” vendors’ homes.
Declutter
Your home should look immaculate. Declutter and thoroughly clean your property — including windows — and make sure that all rooms are tidy and beds are made. Keep personal items to a minimum.
Deep clean kitchens and bathrooms
These rooms are apparently the “make or break” factor for many buyers, so make sure you show them in their best light. David Rathbone, of Strutt & Parker’s Guildford office, says: “Don’t leave dirty dishes in the sink and bathrooms should be sparkling too.”
Evict pets and children
A chaotic house full of noisy children and excitable pets can be off-putting for anyone coming to view. Arrange for everyone (including pets) to be out of the house to create an atmosphere of calm.
Get planting
Make sure the outside is tidy: mow the lawn, sweep up leaves, cut back overgrown trees and hide bins. Add a few flowers for colour.
The personal touch
As winter closes in, it’s important to make sure that your house is welcoming. Light the fire — if you have one — and put the heating on. “Personal touches help to differentiate one property from the next,” Lisa Cavanagh-Smith, a partner at Carter Jonas, says.
Renegotiate the lease
“A property with a short lease could eliminate a significant number of buyers as most mortgage companies won’t lend on a property with a lease of less than 80 years, especially if you’re a first-time buyer,” Mark Hutton, from Douglas & Gordon’s Battersea Park office, says. He advises renewing the lease to maximise your selling potential.
Claire Carponen and Laura Dixon
Labels: Times Online
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