Help London flat too BIG!! Post Reply

[Nell200]

So with all the stories in newspapers about ridiculous prices for a flats that measure less than a table in width you'd have thought that my really lovely huge Wandsworth flat with a 23ft long lounge would be snapped up. Wrong!!
So far all the people who have viewed it have said it is too BIg!! It is a really lovely flat on two levels with outside patio leading into gardens, huge original sash Windows, including two sets of French doors, high ceilings.........
Everyone who has ever visited it has said 'Wow, it's amazing' etc etc but now sellers say 'Ooh it's too big' 'Ooh I haven't got enough furniture!!!" "Ooh I wouldn't know what to do with the space."
The reason I'm posting is to ask for suggestions, obviously I fcan't make the place smaller!! I'm absolutely desperate because I took redundancy from my job believing I would sell quickly and could finally realise all the dreams of travelling etc with my young daughter.
Why, oh why in London do people just seem to want a tiny box in a big development where you will be plagued by noisy neighbours instead of somewhere where sitting on the patio is so quiet you could be in the countryside.

[Fisherprice]

2 suggestions:

1. "Its too big" might be code for "its too expensive". Are you being realistic in asking price and if you are flexible on price is that being communicated to buyers.

2. If you are desperate to sell have you considered styling the property. if a space is unique (either very large or small) then properly styling it should allow prospective buyers to see what they can achieve. I assume based upon the feedback you are getting that the current styling isn't working so if you cant afford a professional stylist then perhaps look online at what others have done. In that space you should easily be able to have two "zones" such as a reception area and a dining area. Also maybe ask the agent for their advice?

Otherwise if its so big then split it and get an extra bedroom! That will add some value

[Nell200]

Hi thanks for your advice. I have princed it realistically, it's on at much less than I originally put it on two years ago when in end I decided to rent it out. And much less than some other properties in area. It's next to one of the best schools in area and in one of the best streets in Wandsworth.
The Brexit and diffuculty to get mortgages seem to have made market very bad. Bath bathrooms have been completely refurbished with new walk in shower in one so they look fantastic, I have tried to style it as best I can, including a dining area in lounge.
The kitchen needs a new one, but is okay at moment and I have painted the room and styled it.
It was rented for last two years by one of UKs top food bloggers who regularly featured the flat on her website and videos, so it can't look that bad!!
Both estate agents love it, but describe it as unique. They don't want me to reduce price if I can, but I'm running out of money. The price one suggested if I really wanted to reduce means I would be selling it for £15,000 more than one flat in neighbouring black that has no outside space and one bathroom. It just seems mad!

[Nell200]

Hi thanks for your advice. I have princed it realistically, it's on at much less than I originally put it on two years ago when in end I decided to rent it out. And much less than some other properties in area. It's next to one of the best schools in area and in one of the best streets in Wandsworth.
The Brexit and diffuculty to get mortgages seem to have made market very bad. Bath bathrooms have been completely refurbished with new walk in shower in one so they look fantastic, I have tried to style it as best I can, including a dining area in lounge.
The kitchen needs a new one, but is okay at moment and I have painted the room and styled it.
It was rented for last two years by one of UKs top food bloggers who regularly featured the flat on her website and videos, so it can't look that bad!!
Both estate agents love it, but describe it as unique. They don't want me to reduce price if I can, but I'm running out of money. The price one suggested if I really wanted to reduce means I would be selling it for £15,000 more than one flat in neighbouring black that has no outside space and one bathroom. It just seems mad!

[papinian]

It is a truism that you will make a lot more money buying a wreck on an expensive street and doing it up to the average for the street than improving a house beyond the average. This phenomenon isn't peculiar to houses - it also affects how people shop at the supermarket.

Is your flat ex-council? I am guessing that it may be as they tend to be larger. If so then it will sell at a discount to something that's not. That's not based on practical considerations so much as social stigma of living in an ex-council flat - the amount of that depends on the area.

There's also a point with larger flats where, unless its high end super central living people prefer to buy a house of the same floor area than a flat. There are lots of sound reasons for that preference, including not having to deal with other flatowners, ground rents, lease renewal, etc.

The issue with your flat isn't about a price reduction - it's about widening the pool of people who come across it. I'm not sure how you can best do that, but the internet and your estate agent should have some ideas. If the flat's merits are only valued by one person in 100 then you need to get as many of those people to view it.

[Nell200]

No it's not a ex council flat - it's one of 6 in a beautiful conversion of a Victorian washouse.
I've lived her 24 years because I loved it so much it's got one bedroom on lower ground floor with bathroom with beautiful French doors to patio - I've never been burgled in whole time as there is a gated entry to rear garden.
I think the problem is that it is unique so only appeal to certain people - if I could afford to
Keep it and rent it out I would as I love it so much.
The Sun pours in through femch doors in lounge and a sash window - What I've realised as well is that if you enter Wandsworth in estate agency search engines you get earlsfield and Southfields as well and that's not Wandsworth but you obviously can get houses there - the ones on my street go for at least 1.4 million. I fear I will end up selling at auction to a developer who will rip ur to bits and cram in as many tenants as he can to make money.

[Nell200]

Sorry just to make clear it has a kitchen desperate lounge bedroom and bathroom on one floor and one bedroom downstairs - off street parking too

[Goldhawk]

Post a link to the estate agent / rightmove ad and we can give you feedback on why it's not selling

[Goldhawk]

http://www.zoopla.co.uk/for-sale/detail ... 1w5gMDt.97

Is this it? Upside down living can put people off

[Nell200]

Yes that's it, is that really the case? So I am doomed? One girl at weekend really loved it and spoke about moving kitchen downstairs which I think would work. The upside of having the bedroom downstairs is you don't hear a thing, nothing.
I can't believe someone would rather buy in the block next door a flat half the size with tiny box kitchen in lounge, no outside space at all and one bedroom for virtually what mine is? And their service charge is more!]
Anyway does anyone have suggestions? Has any used a stylist? Are they worth it.
If it gets desperate is it better to go Purple Bricks and reduce price reflecting fact you won't be paying estate agents fee, auction or selling to one of those awful we pay 75 percent of the price places.
I would really be grateful to anyone who thinks they could help me. Thanks

[Nell200]

By the way those photos of the bathrooms are old ones - the downstairs bath is brand new with new mixer taps and is not whirlpool anymore (that was a bit 80s!)
The upstairs now has a brand new walk in shower that has never been used and has been retiled. Both sash windows at front have been reweighted and refurbished to make them draft proof. To be honest I'd have been better buying a horrid pokey dark place, sticking in UVC Windows, having no garden and no parking space and I'd have sold it for a huge profit.
London really is one of kind when it comes to property.

[papinian]

It's also worth remembering that the tax changes mean there is little if any new money going into buy-to-let these days.

[Goldhawk]

Why is your agent using the old photos?

Change agent to someone like Jacksons or Dexters or even Foxtons
Get new better photos
The first photo on the search listings is the garden - it would be better to have a pic of the outside of the building first
Calling it a maisionette and the garden photo may make people assume it's excouncil

[FLH03]

Please don't despair, you just haven't found the right buyer for your flat yet. Your flat has masses going for it, the listing does not do it justice. Friends had a flat with garden leading off the main bedroom which can put people off, took longer to sell, so it is not a "standard" offering, and while there are lots of people looking for a "standard" place, there are those that want something a little different and will love yours.

The market traditionally picks up after Easter, so as Goldhawk suggests get a new agent, get new photos done, ask them about home stylists (a couple of hundred pounds of time and some accessories may pay off down the line). Good agents will be proactive about the marketing, giving you feedback ("too big" doesn't sound quite right to me) and converting other interest. Don't go down the Purple Bricks or DIY route with a unique place - you need a good experienced local agent.

Also have a Plan B in place - you mention redundancy and travelling and young daughter, it's not clear if you are buying somewhere else, and chains add extra stress and pressure. Can you rent this out (very different market) then rent somewhere smaller and cheaper, possibly further away so that provides you with a roof and income. Renters sometimes then may want to buy the place once they have fallen in love with it.

Good luck, I am sure it will be ok, it will just take time.

[AbbevilleMummy]

My advice would be to change agents straight away.

Going with a cheaper agent is not a good idea if you don't have a perfect property that will simply sell itself.

A damn good agent will proactively find you your buyer and produce amazing photos and description. They will actively sell your property.

I would recommend Rampton Basely or Hamptons. Stay away from Purple Bricks!