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Selling a concrete construction bungalow

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  • Selling a concrete construction bungalow

    Hi,

    We have a large bungalow built in 1921. It’s construction, apart from the modern extension, is poured concrete with reinforcing rods. The property is in need of modernisation and is being sold as such.

    We agreed a price with a potential buyer who intend to do the work necessary and then sell it on. The survey was conducted last Wednesday and the surveyor told us that because of it’s construction this could cause a problem for us because this kind of property can be difficult to obtain a mortgage on. It seems that if the rods erode this can undermine the property. He tested all over the place for dampness and couldn’t find any at all which he said for a property of this age was amazing. The rendering is a bit crappy here and there but we think it is the original and to be in the condition it is after 93years seem impressive.

    We have lived here for 30years and the one thing we know is the construction is solid as a rock. The amount of drill bits we’ve lost trying to get through the external wall is nobody’s business.

    I’m just wondering if our property is being grouped in with prefabriated block buildings which were so common in the post war years and now much maligned.

    Does anyone have experience of this type of property and the ability to gain finance? Is there anything we can do to help our situation such as have our own structural survery undertaken.

    Any help and advice greatly appreciated.

  • #2
    Re: Selling a concrete construction bungalow

    Hi,

    I have sold a few prefab and concrete homes as of late and I will be honest all of them were difficult.

    The biggest problem is the mortgage companies see them as none standard construction and are a danger due to the cost to fix issues whether they have issues or not.

    My most recent attempt was on a trus steel mk2 built home less than a year ago where we tried numerous sources for the buyer with no one willing to give finance.

    In the end the owner had no choice but to sell it cheaper to a cash buyer which is surprising considering the amount of timber framed homes that are being built these days.

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    • #3
      Re: Selling a concrete construction bungalow

      Hi, sorry to hear the problems you are facing, as an estate agent dealing with property sales we often have these issues come up. To be honest non-standard construction is very difficult and pretty much impossible to get funding. Even for a timber framed house it is difficult. My advice would be to advertise the property to cash only buyers. You will then not have the stress of purchasers trying to arrange funding when its not possible. Speak with your agent as they have probably dealt with these issues before. Good luck with the sale!
      Jacks and Jones Estate Agents
      http://www.jacksandjones.co.uk

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      • #4
        Re: Selling a concrete construction bungalow

        Our bungalow is of timer construction with a cement panelling in-between. It is a nightmare. Even though we got a mortgage no trouble 12 years ago, now this seem to have changed. We have a (slow) buyer but obviously they are taking advantage of the situation by offering much less and dragging their feet.

        I can't understand it as new builds are all timer framed and the construction that our is made of is damp proof, fire proof and keeps it warm in winter and cool in summer, what could be better!

        It's all money, the goal post change constantly and the only people who gain are the solicitors. We have no choice but to keep waiting for our buyer to go at their own pace. Never selling again.

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