Selling Property With Old Wiring / Electrics
Old wiring or electrics are common in 30+ year old properties, and it’s crucial to learn about the extra steps that might be required in trying to sell your home with old wiring / electrics.
Your top questions when selling with old electrics / wiring
✅ How do I know whether my property has old wiring?
If your freehold or leasehold house or flat is more than 30 years old then it’s very likely that the wiring is considered to be old. Other typical signs of having old wiring in the home include the lights dimming on and off or flickering randomly, getting mild electrical shocks when using power sockets in the home, and if the wiring is covered in lead or rubber and not PVC.
✅ Does old wiring make selling a home more difficult?
It can, and that’s because many buyers will be concerned that the old wiring or electrics could pose a number of risks, ranging from damage to their electrical devices all the way to electrical fires that could be catastrophic. Even those buyers that might still be interested in your home are likely to offer significantly reduced prices for it because of the aged wiring.
✅ Should I attempt to modernise the wiring in my home before selling it?
You are not required to do so, and new wiring is unlikely to significantly improve the overall value of your home. However, it would have the benefit of removing the potential situation where a buyer reduces their offer by the amount of money it would cost them to fix the issue. But many homeowners will not be able to spend the time and funds on such work.
✅ If I can't afford to upgrade my wiring can I still sell my home?
Yes, you have a few options, including getting an Electrical Installation Condition Report from a professional that certifies the wiring is satisfactory for use, but these can be quite expensive. Alternatively, you can contact a quick home buyer like LDN Properties who should be able to make a competitive and speedy offer to purchase your home even with the old wiring.
✅ How much Capital Gains Tax will I pay when selling my home with old wiring?
You might not have to pay any Capital Gains Tax, particularly if you sell at a loss compared to what you first paid for the property, or you sell breakeven close to the purchase price. If you are required to pay this tax on the sale of your home then it will be assessed based on how much profit you are able to make compared to the price that you initially paid for the property.
✅ What are the slowest and fastest ways to sell my property with old electrics?
Your slowest choices are typically using an estate agent, an auctioneer or selling with any assistance, because all three of these processes can take many months or even more than a year. The fastest way to sell your property is to a quick home buyer like LDN Properties, because the entire process from beginning to end should only take a few short weeks.
✅ What amount of commission will I have to pay when selling house or flat with old wiring?
If you sell through an estate agent or auctioneer you will often be charged commission as a percentage of the sale price. But if you sell without any help or you sell to a no-fee quick buyer like LDN Properties then you will not have to pay any commission.
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