The Inside Edge
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.
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.