Selling a bungalow will have a similar process to selling a house; however, bungalows will likely have a different target market for which you may need to modify price and key selling points – all of which will affect the time it takes to sell the bungalow.
You can sell a bungalow more quickly by marketing it correctly, choosing a competitive asking price and preparing it for sale by carrying out small-scale repairs and decorative changes.
Are Bungalows Easy To Sell?
Bungalows have experienced a growing demand in recent years meaning that it is a good time to sell a bungalow. Generally speaking, bungalows will hold their value and may even increase their value, so they are considered to be a good investment. That said, bungalows have a specific target market meaning that the pool of prospective buyers might be smaller. If that specific group is not looking to purchase, it might be more difficult to sell.
The demand for bungalows is strong and could be a good potential option for buy-to-let investors. Following the coronavirus pandemic, there has been a shift in consumer demand, particularly for renters, with a clear preference for more outdoor space. – large bungalow plots can be a great option for this.
There has been a rise in the demand for bungalows; however, simultaneously there has been a fall in the number of bungalows available with fewer and fewer bungalows in the UK being built – this means that it is a seller’s market.
What Should You Consider When Selling Your Bungalow?
Before you put your bungalow on the market, you should ask yourself the following questions?
- What condition is your bungalow in?
- What is the current state of the market and your local area?
- What is your asking price for your bungalow?
All of these factors will help determine the speed of the sale and are factors that you might be able to improve.
How Can You Sell Your Bungalow Quicker?
If you are in a hurry to sell your bungalow, there are different actions that you can take in order to increase the likelihood of the sale.
Make your property more appealing for buyers
In order to make your property more attractive for buyers, there are certain small-scale actions you can take which can have a large impact. One of the most effective things you can do is to declutter and clean your bungalow – a less cluttered space will make your bungalow appear larger, cleaner and less personalised meaning that it will be easier for prospective buyers to see themselves living there.
Give your property a bit of love by providing a fresh coat of paint where needed, making any small repairs, polishing your furniture and buffing any small scuffs or marks. All of this will help your bungalow appear fresher and newer, making it mroe appealing for prospective buyers.
Modify your asking price
If you are in a hurry to sell, you could make your asking price more competitive and increase the likelihood that someone is looking for a good deal when purchasing a bungalow. In order to set a realistic asking price, do some research about similar properties in your local area and compare your asking price to those. Also, think about the pricing scale that you were advised when you first had your bungalow valued – opt for the lower end of this scale for a price that is realistic but competitive. You also need to be careful not to go too low when thinking about asking price – not only will you want to make a profit, if you lower the price too low, prospective buyers may assume that there is something wrong with the property.
Highlight the key features
If people are looking to purchase a bungalow, rather than a house or a flat, they are likely looking for specific key features. Make sure to highlight these when listing your bungalow, thinking carefully about the property description and the photos that you are using. For example, many choose a bungalow for its accessibility purposes; they are often popular with elderly people who find it more difficult to move around the home or for families with young children who want to stay clear of stairs. Additionally, many opt for a bungalow because of the land that it comes with so make sure to emphasise the amount of space they will be receiving and any garden space.