Selling a house can be challenging at the best of times.
But for properties in bad locations, it’s even more difficult.
The blog below outlines what exactly a bad location is and how to sell your house in one.
What makes a location bad?
Everyone has their own opinion on what makes a location good or bad.
For example, for young professionals, nearby employment opportunities are important. And for young families, schools are important.
However, the main concerns of most buyers converge on the below list.
Crime rate
Overall, the UK has relatively low levels of crime.
For example, with a murder rate of 1.148 per 100,000, Britain is 64th out of 204 countries. (The global average is 5.4 per 100,00).
Within Britain, it’s easier to measure and compare more crime rates. The average for all crimes in the UK (excluding Scotland) is 84 per 1,000 people.
This figure is only 35 per 1,000 in Cornwall and 128 per 1,000 in West Yorkshire.
Behaviour of neighbours
Within towns and cities, streets vary. Neighbours behaviour is a big part of this.
There are several different property disputes that could be going on. These range from disagreements over boundaries to arguments over unkept gardens.
Local amenities
Local amenities cover transport links, schools, healthcare, shopping, and more.
In general, the more the better. But some buyers prefer quieter surroundings.
Schools and healthcare are two of the most popular types of amenities.
Employment opportunities
Employment opportunities attracts homebuyers from most groups, especially young professionals.
Housing market performance
Positive trends for housing prices are a priority for most homebuyers. Most see their homes an investment.
Housing markets rise (or fall) at different rates across the UK. Some areas can even decline whilst the national average rises.
Tips for selling your house in a bad location
Be completely honest
Honesty is always the best policy. You can be sued if you deceive potential buyers on details about your house or the area.
Some people choose to host open viewings so that potential buyers can see the property for how it is.
If your house is in a bad location, it may be well-known in the area – especially to estate agents. So, not addressing the issue will likely make buyers suspicious.
While you should not be gloomy, viewers will appreciate honesty.
Offer incentives
You could offer potential buyers incentives to make the sale more attractive.
You could offer some of their costs in the buying process, such as their conveyancing fees. You may also choose to pay for their house survey.
Some sellers include furniture as part of the deal. Especially if it is high-quality and the buyer is interested in it.
You could leave behind curtains, blinds or shower curtains if the new owners want them, too.
You could offer to bring a professional gardener in before the sale completes.
In some cases, the sellers have offered to help the buyers move their belongings on moving day. This means that they don’t have to pay for a removal company.
Be flexible on your price
Being in a bad location will effect the optimal price to put your property up for.
Speaking to an estate agent can be useful in this instance. They should have information on recent house sales made in your area.
Viewing nearby properties on Rightmove or Zoopla may be tempting. But this is not always the best indicator.
After all, these houses have not sold yet, and may still be on the market because they are too highly priced.
If you want buyers to choose your house in a bad location, then you need to compromise on some aspects of the deal.
Lowering your price will attract more interest. It will also help ensure that you still find a suitable buyer for your property.
Research investments and improvements that are coming soon
If your location is undesirable, it doesn’t mean that it will always be.
Research future developments in your area to see if there are indicators that the location will improve.
For example, you should inform house viewers if a new school or transport links are being built nearby.
These details might make your house seem like a worthwhile investment. People may buy in the hope of the value going up soon.
Market towards first-time buyers
First-time buyers are often more willing to compromise on location. This is because they are more concerned with getting onto the housing ladder.
For instance, families with young children will be less willing to compromise. This is because they want their children to be safe and well-educated.
However, first-time buyers may not have these obligations yet. They could see an affordable area as the perfect place to start their journey.
Online listings for your house could emphasise that it is ideal for first-time buyers. You could also advertise the property on forums that younger people visit.
Ask your estate agent if they have a network of potential first-time buyers they could contact.
Consider the timing of your sale
You should consider the time of your sale. After all, it will impact the demand amongst buyers.
Housing market conditions change all the time.
When it’s a ‘seller’s market,’ there are more buyers than sellers. So, because of the competition, buyers have less negotiating power.
A ‘buyer’s market’ is the opposite of this. Selling your house in a buyer’s market can be very difficult.
Use a cash buying company
Most people are only familiar with the most popular way to sell a house: through an estate agent on the open market.
But there are many ways of selling your house. These range in how cheap they are and how fast they can lead to a completed sale.
For example, you could sell your house privately or sell your house online.
However, using a cash buying company is generally the fastest and cheapest way to sell.
Sell your property fast with We Buy Any Home
We Buy Any Home are chain-free cash property buyers. We can buy your house fast in any location or condition.
Fill in our enquiry form below for a free, no-obligation cash offer.
