Bad time to build to sell ??

beetlebailey

Hi,

I`m thinking about building a 3 bed house onto the side of my own house purely to sell on.My question is, is this a bad time to to attempt such a project with the property market in its current state. I couldn`t afford to build a house and have it lying unsold for months on end!

Any advice would be great!

muffler

This is probably more suited for the Accommodation & Property forum.

Moved

Do-more

Where abouts are you? The market is different all around the country.

A good place to look is http://daftwatch.atspace.com/ to get an idea of the amount of properties available in your county.

Have a look around you, is there a forest of "For Sale" signs. Is anything selling and at what price?

Have you already got planning permission?

Assuming you have PP it will still be about a year before you can have the house built and on the market, so the question is what will the market be like then?

There is already a huge amount of unsold property on the market and there is nothing to suggest that this will disappear anytime soon.

If you can't afford to take the risk then don't do it. A much less risky strategy would be to sell the site as it is and let someone else shoulder the risk.

Raskolnikov

Do-more wrote: »

Where abouts are you?

Have you already got planning permission?

These are the two most pertinent questions.

If you're living in the backend of Balivor then you don't even need to bother answering the second question.

If you're in a decent location, then worry about getting planning permission.

SarahMc

Swings and roundabouts... Its a good time to build as builders are hungry for work, will price keenly and actually turn up.
But, yes, the dog in the street knows it is a bad time to sell.

Would you think of getting planning permission and selling the site and the headache on?

beeno67

Another point to remember is that building a house in your garden can seriously reduce the value of your current house. People seem to forget this.

Victor

beeno67 wrote: »

Another point to remember is that building a house in your garden can seriously reduce the value of your current house. People seem to forget this.

Sure, but two house will be worth more than one. Do it right and the effect won't be too great.

bugler

I couldn`t afford to build a house and have it lying unsold for months on end!

Then I'd be very careful with your sums. There are many sellers who have had their houses up for sale for many months or indeed much longer.

If you can't afford this to happen to you then you need to be sure you can offer the house for sale at a price that it will sell at quickly. Bear in mind we are on a downward trend at the moment.

In the current climate and with this statement in mind I'd suggest holding off.