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Why even a dilapidated house can be sold Wed, 09 Apr 2014 17:02

For evidence of how difficult it can seemingly be to sell a problem property for a good price on the open market, one only needs to look to the well-publicised instances in recent years of local councils practically giving away such houses in rundown areas. Those with dilapidated properties, in particular, may feel any sale to be impossible unless you know how to secure a cash buyer with a particular interest in purchasing property with problems.


Derelict property can represent a big opportunity for the eagle-eyed investor, but your own property type may not be in great demand in the present market. The home's architectural style may be out of fashion, or you or a previous owner may have been overambitious with a renovation project, leaving a lot of work to be done to get the property back into a saleable condition. A lack of general maintenance or a period of inoccupation can also leave a home rapidly looking worse for wear.


With the chances of being able to sell the problem property seemingly low, owners may chose an auction sale or selling to a cash buyer which can offer a certain route of sale. For those who do attempt to sell, reasons range from a simple unwillingness to continue living in an ill-maintained property, to a lack of money to correct the problem themselves. Building work, and specialist engineers can be expensive when having to fix underlying problems such as structural defects, subsidence, and roof problems. However, there may still be interested buyers for the home. As well as opportunistic individual investors, dilapidated properties can attract people with building related skills.


Although a mortgage on a dilapidated property can admittedly be difficult to obtain, buyers may still be able to secure local council empty homes grants to fund renovations. It is likely that mortgage lenders would request specialist surveys, including structural reports, and there may be a retention which means that the lender would hold back a sum of the mortgage, until essential works were completed. Moreover, if the property has been underpinned, it may affect insurance policies and result in an increased excess.


However, one undoubted recent bombshell for empty property owners has been the end of automatic council tax discounts, meaning substantial increases to your bill. Although councils weren't forced to increase taxes on empty properties, most did so out of financial need.


Such a combination of circumstances may leave the owner of a dilapidated house with just one option: to sell the problem property to a firm that specialises in property refurbishment and development. Dreamhouse Buyer, for example, has more than 20 years of property buying experience, and guarantees an immediate cash offer for all types of property regardless of the condition or problem.  


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