Do Bungalows Sell Quickly?
The property market has been somewhat turbulent over the past few years, with people struggling to both buy and sell. Affordability, property type, and location have all meant that sometimes acquiring a new home, or selling your existing one, can be tricky.
It’s the property type we focus on today. Bungalows. This unique house type poses slightly different challenges to other types of property, often resulting in a much slower sale or one where prices need to be lowered to drive the sale through. Bungalows do tend to sell slower than standard houses, let’s have a look at why and see how you can sell your house fast.
What is a bungalow?
It’s perhaps easy enough to assume you know what a bungalow is, but there are some homes that you wouldn’t think are a bungalow but are. A bungalow is commonly a single-storey, detached house. In some cases, a second level may be present where a loft conversion has taken place. However, if the loft conversion does not have a sloping roof, the property is no longer classed as a bungalow.
Are bungalows cheaper than standard houses in the UK?
For the most part, bungalows are more expensive than standard houses across the UK. Despite the lack of second, or even third storeys. This is because they are built out rather than up, and as a result, take up costly land space. In a time when affordability is being tested, high asking prices for bungalows are turning people to look at houses that offer more space for less. In many instances, somebody looking to buy a property could afford a three-bedroom house for the price of a two-bed bungalow.
Just last year, the Daily Express ran a story covering bungalow values and uncovered that prices have risen by a staggering 17% when compared to the previous year. Put this increase up against the rate that more standard properties were increasing, and bungalows eclipse them by almost 5%.
Why are bungalows more expensive than houses?
Two reasons see people often having to pay more for a bungalow than a house, and this can make it hard when you come to sell yours. As we mentioned earlier, bungalows are built out and not up. More land being used comes at a price and this can be difficult for homebuyers to afford, making it trickier for sellers to sell.
In addition, bungalows don’t tend to be built anymore. Property developers see that they need to use more land to facilitate building them and could lose out on sales from fitting fewer homes in the space. This presents us with a supply and demand issue that further drives prices up. People want to be able to buy a bungalow, but with fewer available, it becomes too competitive. As a result, a bungalow owner struggles to find a buyer that can match this highly competitive price.
Are bungalows hard to sell?
In many cases, yes. Bungalows are harder to sell than a standard home, and not just because of the likely asking price.
For the most part, bungalows are older buildings. And, where they are preferred by older people or those with mobility issues, they need a degree of modernisation or alteration to make them suitable for people to move into.
This can pose problems. The refurb work can cost thousands, and this alone is enough to deter potential buyers. They are already paying more for a bungalow than a house, and to have to pay even more to bring the bungalow up to scratch may be enough to push them away from making an offer at all.
We should also look at the target market. Bungalows, as we mentioned, do tend to be preferred by retirees or those with mobility issues. In the case of older people, the market for a seller very quickly becomes diluted. Mortgages aren’t available to everyone, and in most cases, age restrictions apply, meaning that the very people more inclined to purchase a bungalow can’t get the mortgage for it, even if they have a sufficient deposit saved up.
Why is my bungalow not selling quickly?
The traditional market is a slow mover. The average time to sell can range from six months to a year or more, so regardless of property type, you aren’t alone in seeing the sale move at a slow pace. Bungalows can see this time extended further though, as this particular property type comes with not only a limited target market but also some potential property problems other types may not encounter. You should ask yourself before listing your bungalow for sale:
- How much garden space (front and back) is there?
- Will buyers have suitable privacy?
- Will a buyer have to spend lots to refurb the bungalow and make it suitable for their needs?
- Where is your bungalow located in relation to local amenities?
- Is there any kerb appeal to the bungalow?
Of course, these questions can apply to all property types, however, due to the size of a bungalow, and the likely pool of buyers you may have, these questions perhaps hold more weight when trying to sell a bungalow quickly.
How can I sell a bungalow quickly?
With a limited buyers’ market, and affordability for that market potentially unobtainable, perhaps the easiest way to sell a bungalow is via a cash house buyer. This way there is no waiting for an offer that may never come, there is no risk of a chain break, and the sale is guaranteed. Furthermore, without the need to pay any fees, you can bank the full amount of money from the sale and use it for your next property venture or for anything you fancy.
A cash buyer will also allow you to sell a house as is and not worry about any potential issues that may have made it an unsellable property to your target market.
With the sale concluded in as little as seven days, it makes for a smooth sale with no stress and just the reassurance your bungalow has sold.
If you are looking to sell a bungalow quickly and have found that the traditional market is stopping you from doing so, speak to Gaffsy. Our team of property experts are on hand to make you a free, no obligation cash offer. It won’t matter where your bungalow is or the condition it is in. In fact, we buy any house.
