If you’ve inherited a property, you may be keen to sell it on as quickly as possible. However, an inherited property can come with a variety of problems that have built up over many years, damaging the value of the property and making it difficult to sell. Here are five common problems and what you can do about them.
Hoarding
Hoarding has found to get worse with age, so it’s fairly common for inherited properties to be affected by this. You may find that the property contains a lifetime’s worth of items the owner could not bring themselves to part with. A house that is severely affected by hoarding provides multiple problems for those who have to deal with it. Allowing potential buyers to view the property will be difficult until the hoarded items have been cleared – but doing this can take time that you simply don’t have, as well as being an emotional process. There also may be health hazards related to the items that have been hoarded, so it’s a good idea to call in professional cleaners and house clearance specialists. This will come at a cost, but it will make the process much easier and safer. Alternatively, you could save the money and sell the property as it is to Property Buyers Wales. We’ll then take care of all the work and clearing that needs to be carried out.
State of repair
Inherited houses are commonly in a poor state of repair, often because their elderly owners lacked the money, inclination or ability to look after their upkeep. Sadly, even a small issue like a dislodged roof tile can cause expensive problems if it’s not addressed promptly. Selling such a property through an estate agent can be difficult, because buyers will often need a high-cost specialist mortgage or enough cash to buy the property outright. Another option is to sell the property at auction, which is speedy but does bring with it a large amount of uncertainty about the price it will fetch. A third option is to sell to Property Buyers Wales. We’ll give you a clear price, which we’ll stick to, so there is no chance of disappointment on the auction date. We’re happy to take on houses with significant repair issues, leaving you to move on with your life without having to handle the stress and cost of repairs.
Japanese knotweed
An invasive species that was introduced into the UK by the Victorians as a decorative plant, Japanese knotweed can rampage through a garden, growing 10cm a day during the summer. Left unchecked, Japanese knotweed can cause structural damage to the property as well as damaging buried services such as gas pipes and drains. Selling a property with Japanese knotweed is very difficult and may require full treatment of the infestation. The full treatment process can take a number of growing seasons in order to truly eradicate the plant, leaving you with a long wait before your property has recovered its value and saleability. An alternative is to sell to Property Buyers Wales: we’ll take on the property in the condition it’s in now and we’ll pay you a fair price, which we’ll stick to, completing the sale in days.
Subsidence
According to Royal Sun & Alliance, 15 percent of the UK housing market is at risk of subsidence. Subsidence occurs when the ground underneath your property shifts or collapses, causing the building to develop cracks. It’s a worrying situation and is more common if the property is old and/or is on clay soil. Having the roots of trees and shrubs nearby is another issue, as is the presence of cracked water or drainage pipes, which can wash the ground away. Danger signs include a crack that appears both on the inside and outside of the property, which is thicker than 3mm and is close to doors and windows. Other signs include doors and windows that stick repeatedly and wallpaper that has started to ripple. Subsidence is expensive to treat, but if the property is properly insured, the insurer should be able to help. However, they will sometimes decide they cannot assist due to the cover not matching the problem with the property – or they may want to monitor the property over a period of time to see whether the signs of subsidence progress. If you want a quick sale, an alternative is to sell to Property Buyers Wales. We’ll pay a fair price based on the condition of the property and likely development of the problem, giving you the freedom to deal with winding up the deceased’s estate.
Neighbours
Problem neighbours can have a devastating effect on the value of a property, as we highlighted in this article. Properties nearby with overgrown gardens, piles of rubbish and a generally poor state of repair devalue properties by around 8.2% – that’s about £17,321. Broken or boarded up windows next door can knock £23,000 off your house price. Buyers are generally reluctant to buy a property with a dilapidated property or a student house next door. You can’t hide the issue of problem neighbours either, because you have a
legal obligation to disclose any disputes when selling your home. Sadly, your best course of action is usually to lower the price in order to tempt buyers – but you may still face a long, drawn out selling process. If you want a quick sale, get in touch with Property Buyers Wales. We’ll buy your house immediately for a fair price.
