09/03/2008
Q. I live in what was a very large Edwardian three bedroom house in Edinburgh. At some point – probably the 1960s, all three bedrooms were divided. It is rather an ugly solution, but has created six rooms that can just about described as doubles. The property would be a lot more attractive is the dividing walls were taken down – do you think that there is any sense in doing this before I place the house on the market.
GF Edinburgh
A. Presentation, always highly important when marketing property, will become absolutely crucial in 2008 and, perhaps beyond, in all sectors of the market. This includes prime Edinburgh locations where, up to now, houses in various states of repair have had little or no difficulty attracting buyers.
High-end borrowers, in particular, will be affected by the credit crunch; this means that even once-favoured Edwardian villas will be competing in a decreasing market. Therefore, I would strongly suggest that you take down the walls of the subdivided parts of the property and return it as much as possible to its former glory. This time last year, the current condition of the property would not have mattered as there would have been no shortage of buyers keen to carry out the alterations themselves – and still pay you a good price. This type of buyer is now likely to be squeezed, and if so, your market will be reduced to those owner-occupiers who want a property to be in a move-in condition.
Also this time last year, I might have said carrying out the alterations was advisable to get the best price; now I would contend that these alterations are absolutely crucial if you want the property to sell at something other than a knock down figure.
David Alexander is proprietor of D.J. Alexander, the Edinburgh- and Glasgow-based firm of estate and letting agents.
The Sunday Times, 9 March 2008
The guide - top ten: How to land a trouble-free tenancy
Prepare to say farewell to all our Scottish fame
Lenders must take stock of housing
Top Ten - Survival guide for the reluctant landlord
RENTAL PROPERTY MARKET: The perfect property storm
Home rental market now dominated by ‘reluctant landlords’
Three of the best places to view the Festival fireworks
Worrying rise in rental defaults
New-build flats – a paradox of supply and demand
Rental demand soars as house buyers' dreams are shattered
Desperate’ builders turn to renting as house prices fall
Builders turn to rental market as sales fall
Remember the 1990s housing crisis?This is a whole new ball game
Landlords demand higher rent as hesitant buyers ride the credit crunch
Ways for buy to let investors to avoid being crunched by the credit squeeze
It's survival of the fittest for landlords in 'Parliament City'
Housing crisis deepens as city rents soar 20%
Rental properties to the rescue of mortgage-starved couples
David Alexander gives a Sunday Times reader advice on timing
Credit crunch may yet turn out to have a silver lining
David Alexander's reader advice column in The Sunday Times
Even when targeted by the taxman, buy-to-let does pay
Rate cuts will carry few over the threshold
If you thought buying a house in Scotland was tough, just try securing a place in London
David Alexander's reader advice column in The Sunday Times