This article helps you to understand the problems you may face if you are trying to sell your ex council property. If you purchased your home from a local authority and now want to sell your house quickly you might experience some obstacles that are preventing you from getting viewers and a sale.
The speed of the sale will vary from town to town but allot of the underlying factors remain the same throughout the UK when selling ex council properties.
First Time Buyer Shortage
The majority of council house purchasers are first time buyers. Like yourself you probably opted to buy a house off your local authority because it was cheaper and more within your reach.
Now you want to sell the house it’s likely to be another first time buyer that will purchase it from you. Due to the current economical climate it has become increasingly more difficult for first time buyers to get mortgages, this has led to a shortage in first time buyers.
You may get less than you think
This isn’t set in stone but council properties can be worth allot less than other properties so you could get in the region of 40 percent less than other properties in your area. This reduction in sale price could make you reassess your finances, especially if you are hoping to invest in another property when the sale of your current house goes through.
Location, Location, Location
Yes this is one of the biggest factors that will determine how fast you sell your house. Everything depends on your property and where it is situated. Certain areas are considered hot spots, places that people would prefer to live either due to work, crime levels and even distance from cities.
You might want to take some time to research properties that have sold in your area, don’t forget to include ex council properties in your research as we have established they often sell for less than other properties.
In most cases ex council houses are situated on estates where very few properties are privately owned, this can make it difficult to get an accurate valuation.
How to sell my home quickly
As with any house whether it’s ex council or not, there are many ways to get a house sale. You can use local estate agents, online property sites, or you can sell to cash buyers. One of the quickest ways to sell is via a cash buyer as they have funds available and do not need to wait for finance. Selling to a property buyer is very safe and is often a misunderstood method of selling property.
You may have many obstacles but you also have many options. Make sure you invest time in research!