WEEKLY PROPERTY ADVICE FROM SIMON MEEK:

Q Having read the County Press on Friday, October 26, I note you replied to a letter about the lack of interest in a property which had been on the market for a month.

Our property is on the East Cowes Marina and has been extensively upgraded with new double-glazed windows new bathroom, en-suite, new flooring and re-decorated.

The property has been on the market for ten months with a price reduction in the last few months of £10,000 and still we have had no offers?

Having spent over £8,000 in modernising the property and reducing the price, we are at a loss to know why it has not sold, when others in the area have sold for £10,000 more.

A I can understand your frustration. The property is in a good location, its condition is clearly appealing and, from what you say, the price should be in the right region too.

This seems to avoid the usual issues arising with properties struggling on the market.

The first thing to ascertain is whether there is a lack of viewings generally or are there no offers forthcoming from the viewings.

If it is the former then you will need to check the marketing; does the marketing suitably highlight the location, condition and general appeal? Or does it fall short of the smartly presented, recently decorated property it sounds to be?

This is simple to remedy, your agent just needs to revamp what the buying public sees regarding this property in all formats i.e. online and in print.

If it is the latter and no offers are coming from reasonably regular viewings, then you have to look a little closer at how viewings are being conducted or whether there are any factors outside of your control, such as noisy neighbours, nearby building works etc.

It is not clear as to whether your property is empty and vacant or you actually live there but if it is empty with no furniture and furnishings to offer a homely feel to the property this is also something worth looking at.

Regarding how viewings are conducted, you may want to check your agent understands the benefits of the location and has knowledge of the local facilities.

Without having this kind of understanding some of the benefits are being missed.

If none of the above applies in any way then you may have been just really unlucky and there is a shortage of buyers suited to your property currently or there is a reason why your property should be cheaper than the others sold nearby.

This may not be completely obvious at first but maybe the view isn’t quite as appealing, it’s closer to a source of noise, the house next door is especially scruffy etc etc. These points can be discussed on site with your agent.

I hope at least one of these suggestions bears fruit for you and generates an offer for you to consider.

Perhaps you can write to us and let us know the outcome further down the line.

Q I am a pensioner and my savings will cover a suitable purchase for me without selling first, do you think this is a wise move?

I assume your income is a regular finite amount and so your capital (savings) are very important and probably form part of your income.

The question really is how quickly you need to move and how important it to do so.

If you feel a sense of urgency to move and a property presents itself which you feel is ideal for your future well being then this takes precedence and I would seriously consider buying first and selling later.

It may be worth taking financial advice before doing this because if you are cashing in investments, shares or bonds sometimes there could be penalties or substantial losses made on investment.

You will also be caught by the current stamp duty regime incurring an additional three per cent stamp duty across the full purchase price.

However, this can be clawed back should you sell your main house within 36 months of the transaction.

If you do have time on your side and have a saleable property why not tie the two transactions together, after all, this is what 90 per cent of people do and shouldn’t give you cause for concern.