Do you have a property that has been languishing on the UK market for a long time? Perhaps your property has been sitting unsold for a year or more. How do you know if the reason behind the failure to attract buyers is just a slow market or in fact a problem with the property itself? This is an important question to ask, and answer because if you have a problem property on your hands you’ll need to make adjustments in order to secure a sale, but if the market is the culprit, you may just need to be patient and wait or boost your marketing techniques.
Problem Properties- What They Look Like
Problem properties are those properties that have serious faults that make them difficult to sell. A problem property is usually undesirable to home buyers who want to be able to use the property immediately after purchase. It may appeal to people who plan to renovate, but this isn’t a very wide market. As a result, problem properties tend to spend years on the market.
Leading house buyer, Open Property Group, have highlighted some of the things that are likely to deem your property a ‘problem property’:
- Structural faults such as building code violations, dry rot, subsistence, faulty roofing, sub-par construction and incomplete construction
- The presence of Japanese Knotweed in the garden or building crevices. Japanese Knotweed is notorious for causing structural problems. If it is already on or in the building, chances are it has already started to damage the structure. If it is in the garden, it may eventually reach the building in the future and damage it.
- Conditions that make the property unfit for human use such as infestation, damp, mould, the absence of power or running water, decaying structure and foundation faults.
- A lease lasting less than 70 years.
- An undesirable location (in a flood-prone zone or next to an electricity pylon for example)
A Professional Inspection- The Key to Identifying a Problem Property
Before putting your property on the market, you should secure the services of experts to conduct inspections. A thorough inspection that checks for infestation, mould, plumbing and electrical issues and structural soundness will help to reveal any faults that may make your property unsellable. Be sure to hire a professional team of experts for this important task.
How Feedback from Your Open House Can Help You Identify a Problem Property
While they may not be expert home inspectors, some buyers will be frank enough to point out the unattractive features of your home. Perhaps they will be able to identify things that you may have missed. Pay close attention to what prospective home buyers say during each open house event.
Problem properties are difficult (and often impossible) to sell. But if you are armed with all the necessary information from the start and are prepared to make the necessary changes, you can convert a problem property into a sold property.