Danny Deflation Posted August 5, 2009 Share Posted August 5, 2009 Don't listen to this lot. They will be telling you it's going to drop to £20 soon. I'd either rent it out or stay put. It will go up soon and you'll have plenty of dosh. Do not listen to this man. Quote Link to comment Share on other sites More sharing options...
Tiger Woods? Posted August 5, 2009 Share Posted August 5, 2009 Hi there, In a bit of an irritating situation. Due to personal circumstances I am looking at relocating to a different city. Although not essential, life will be difficult if I don't. I bought my house in 2006 for £107,000. I put down a £20,000 deposit and through mortgage repayments, my mortgage now stands at around £80,000. In order to be competetive with other similair properties on the market, the house is advertised at £99,950. We had a viewing today and the viewer put in an offer of £86,000. When the estate agent asked if we would accept this, I said there was absolutely no way I could afford to sell at this price. The estate agent has since negotiated the buyer up to £92,000. We had another viewing when the house first went on the market 2.5 months ago and were offered £95k straight away. Unfortunately the buyer was unable to secure the finance. It is unlikely that I'll be buying another house straight away due to the limited availability of mortgage products and the loss I will make on my current house I need to make a decision tomorrow morning, however am very concerned for several reasons. *My £20K deposit and 7K worth of mortgage repayments will have turned into £9k after solicitors fees etc *If I sell now while the market is at a low, I will be in a far worse position when wanting to re-enter the property market in the future I would probably accept £95K, however £92k is 3k lower, and 3k makes a big difference! Please advise for/against. Cheers HaX How much can the property be rented for (realistically)? I do agree with other posters that it might be worthwhile selling, but not enough information to give an opinion I'd be happy with. Quote Link to comment Share on other sites More sharing options...
OzzMosiz Posted August 5, 2009 Share Posted August 5, 2009 ok you may "lose" 15k but over the 3 years of living there that equates to 400 quid a month rent. Not that bad really. Quote Link to comment Share on other sites More sharing options...
tedies friend Posted August 5, 2009 Share Posted August 5, 2009 There is a sesonal cycle to HP's, now i'm afraid is a good time to sell, since you are getting the best price you can get at a good time of year do it. Your losses are irrelevant im sorrey but hopefully you willl be in a good position as a no chain buyer if repositions start to kick in, try to hold off till after the next GE, I fear the conservatives will rais IR's soon after comming in Good luck TF Quote Link to comment Share on other sites More sharing options...
markdh Posted August 19, 2009 Share Posted August 19, 2009 Alot of people have discussed renting the property out as an option. If you are considering renting the property out I would say you need to consider the distance you are moving from the property if you are going to do this. It would be easier to rent out a property if you are not moving too far away (where too far would be defined as a distance you would not be happy driving to fix something like a faulty door handle etc). If you are moving too far away from your property then I think it is likely that it would be frustrating to rent it out in the longer term if you plan on saving costs of renting the property out by performing routine manintenance yourself and not involving a management company to a high degree. I guess the calculation of annual yield needs to be considered in some detail too to ensure you have accounted for any maintenance on the property and any periods where it is estimated that the property will be empty. A £3k difference between the offer and your the price you want to achieve doesnt seem to be a very big number. Can you split the difference with the purchaser to facilitate the sale? Quote Link to comment Share on other sites More sharing options...
Tim Miller Posted August 19, 2009 Share Posted August 19, 2009 Sell while you can - and this is a good window.If that's the only offer that you can reasonably expect to get : Take the money and run ! +1 Quote Link to comment Share on other sites More sharing options...
roy? Posted August 30, 2009 Share Posted August 30, 2009 It's no good advising to rent it if you have a residential mortgage, unless you get the lender to agree. Frankly, everyone here will render their own opinion, but the best thing to do is subjective to your needs. If i were you, i would get the consent, let it out and rent myself. Rents are relatively low, and whilst interests are low, you can try to pay off the capital. Further, when rates go up (and they will), you must hope that it's to quell HPi and not stabilise the £. Quote Link to comment Share on other sites More sharing options...
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