4 ms·

> I suspect that it will be impossible to sell. Genuinely curious to why that would be? Subsidence?

by pixxel 5y ago

XorNot 5y ago
If the bunker is permitted then he's going to have no trouble selling it - though the market does tend to get weird when stuff looks weird. That said, I have trouble believing in the current insanity of urban property markets that anything could make a regular house hard to sell. It won't make it more valuable (nobody's shopping saying "I really need that underground bunker") but I seriously doubt he'd have any trouble beyond that.
ufmace 5y ago
Any unusual or one-off traits that seem "unique", "fun", "quirky" etc tend to do very badly in the actual real estate market. Often, they are poorly engineered and will be a maintenance nightmare in 20 years. Inspection expertise to be able to tell whether it will be a maintenance nightmare will be very tough to find. Most sane buyers will just pass on it rather then try to sort it out. Even if the market is super hot right now and it seems like people will buy anything, anyone who looks at buying this will definitely be thinking about how hard it will be to sell in 10 years when the market isn't so hot. Most likely 90% of them will either back out or demand discounts that basically assume the whole thing is a mess and will need to be ripped out by professional contractors.
tweetle_beetle 5y ago
In addition to what ufmace said, the vast majority of buyers in the UK do what has just been changed to a RICS Home Survey. These are reports written by chartered surveyors, meaning that these are not just best effort opinions, they have legal implications. Some mortgage providers will not agree to lend without having a fresh one to consider. They list all kinds of small details: a single double glazed window containing condensation, or a gutter leaking onto an exterior wall. Experienced buyers would know which of the details are actually important, but it's still a sobering document. They encourage buyers and mortgage providers to act cautiously and are typically used as a tool for negotiating the price down. If you are a cash buyer and just don't care, then fair enough. But whether or not it's a sound piece of engineering, a DIY tunnel (without planning permission?) dug underneath the property would be a massive red flag for your solicitor and your surveyor who would likely provide professional advice against buying the property. And mainstream mortgage advisors and insurers and may even refuse to do business with you due to perceived risk.

> I suspect that it will be impossible to sell. Genuinely curious to why that would be? Subsidence?

by pixxel 5y ago

> I suspect that it will be impossible to sell. Genuinely curious to why that would be? Subsidence?

If the bunker is permitted then he's going to have no trouble selling it - though the market does tend to get weird when stuff looks weird. That said, I have trouble believing in the current insanity of urban property markets that anything could make a regular house hard to sell. It won't make it more valuable (nobody's shopping saying "I really need that underground bunker") but I seriously doubt he'd have any trouble beyond that.

ufmace 5y ago

Any unusual or one-off traits that seem "unique", "fun", "quirky" etc tend to do very badly in the actual real estate market. Often, they are poorly engineered and will be a maintenance nightmare in 20 years. Inspection expertise to be able to tell whether it will be a maintenance nightmare will be very tough to find. Most sane buyers will just pass on it rather then try to sort it out. Even if the market is super hot right now and it seems like people will buy anything, anyone who looks at buying this will definitely be thinking about how hard it will be to sell in 10 years when the market isn't so hot. Most likely 90% of them will either back out or demand discounts that basically assume the whole thing is a mess and will need to be ripped out by professional contractors.

tweetle_beetle 5y ago

In addition to what ufmace said, the vast majority of buyers in the UK do what has just been changed to a RICS Home Survey. These are reports written by chartered surveyors, meaning that these are not just best effort opinions, they have legal implications. Some mortgage providers will not agree to lend without having a fresh one to consider. They list all kinds of small details: a single double glazed window containing condensation, or a gutter leaking onto an exterior wall. Experienced buyers would know which of the details are actually important, but it's still a sobering document. They encourage buyers and mortgage providers to act cautiously and are typically used as a tool for negotiating the price down. If you are a cash buyer and just don't care, then fair enough. But whether or not it's a sound piece of engineering, a DIY tunnel (without planning permission?) dug underneath the property would be a massive red flag for your solicitor and your surveyor who would likely provide professional advice against buying the property. And mainstream mortgage advisors and insurers and may even refuse to do business with you due to perceived risk.