The Inside Edge
How to Sell Your Ex-Council Property
Last week we published an article on buying ex-council property and the savings that can be made, but what about selling your ex-council property?
Selling ex-council property can be a little tricky for a number of reasons. Firstly, it can be difficult for prospective buyers to find the funds to buy ex-council properties. And secondly, first time buyers are thin on the ground right now and this is the market your property will appeal the most to.
Whilst there are many resources online for helping people to buy a new home there seems to be a real shortage to help those trying to sell their home. Here are a few things to bear in mind when selling an ex-council property.
- Ex-council properties are usually priced for a lot less than those built privately. Depending on the location and type of property, your ex-council house could sell for up to 40% less than comparable properties in the same region. However, this is only a rule of thumb and this isn’t always the case.
- Most prospective buyers of ex-council properties are first time buyers, investors or people on a tighter budget. Think about this when trying to sell your property as it’s important to know who your potential buyers are.
- The market is slow right now and will make selling your property that much harder. However, everything depends on your location, the property itself and how many potential buyers you can attract.
- Just like a private house sale, ex-council properties require a valuation. However, ex-council house valuations aren’t always so straightforward as they can be located in estates where the majority of properties are still owned by the council.
If you are just starting out in the house selling process there are many resources available to help you. Just remember that selling an ex-council house requires the same attention as selling a private house. It’s always advisable to hire the services on an estate agent and you’ll find most have invaluable expertise when it comes to selling ex-council houses and flats.
A good agent will steer you through the process ensuring your house is listed and advertised in the best possible light. They can even show prospective buyers around your home if you are unsure of how to do this or you are uncomfortable doing so. The great thing about hiring an estate agent is that they can handle the selling process for you ensuring all the great points of your home are highlighted. An estate agent also has the required knowledge to give your house a fair valuation given the state of your property, the location and other similar properties in the area.
If you have sold a property in the past then perhaps you might want to get more involved in the process or even selling privately if you are brave enough!
Of course, supply and demand for ex-council properties varies, but if your property is well priced you may find you sell your home quite quickly.
This is especially true in London and other major cities. Here there is always high demand from buy to let investors and in major cities there is already a market so you should be able to find lots of resources to help you sell your ex-council property.
I agree with the fact you can get advice from an estate agent, but with the help of friends and family who have house selling experience are just as reliable for advice. My friends and family recommended using an online estate agent: http://www.emoov.co.uk . After having bad experiences with high street estate agents, I decided to use eMoov which everyone recommended. I sold my property within 2 months! You can take different approaches to sell your own ex-council property.
One of the main problems as I see it, is the fact that you may not know if your neighbours will be council tenants or not. Where I grew up in Surrey, the school bullies and vandals almost always lived on the council estate. I`m not sure if the council would supply a list of which houses on an estate were still tenanted, or whether you would have to ask the prospective neighbours yourself.
Mum has just died. I own her house. It’s an ex council house. It’s been valued at around 100,000. Is it best to rent it out for a couple of years until the market picks up? It was worth 135,000 in 2007!!! An estate agent said it may be worth this in 2 years time. It needs a new kitchen, new windows at the back, 2 new external doors and new carpets. Do I update it to sell. Update it to rent it out. Or leave it as it is, whether I sell it or rent it? One estate agent says he has 2 clients desperate to buy it at 100,000 – as a project. He says they want a ‘blank canvas’, which is exactly what Mum’s house is.
Am in the process of buying council flat in tower block. Main reason is the location. Walking distance from Earls Court ( Zones 1 and 2 ). Have looked at other local authority properties for sale within 1/4 mile of this postcode and they are not moving.
My main reason for buying is long term investment. I know these kind of properties are out of reach for first time buyers because lenders are very reluctant to lend above four floors in tower blocks. The potential buyer would be an investor with cash. You shouldn’t buy with the intention of trying to flip the property in 5 years and make a big profit. You have to accept that re-selling will take time and your buyer will almost certainly be an investor.