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Too Late To Sell To Rent?

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Hi, long time reader. Brief background - bought a 2 bed apartment near peak in North Down. family has now grown and have had several attempts to move on fail. More financial help has transpired from my parents and I am now able to put my apartment up at a price that might sell. (I bought for £141k, neighbours bought for £165k, RV £75k now, putting mine on market for £85k (one in my street sale agreed this week for £78k). If we sell going to have to rent for a year or so to rebuild the deposit pot after years of getting out of this place.

Can you see any risks to this tactic should I be successful - Im confident prices wont go up to rule me out again, so as long as we can save as I envisage and interest rates dont go mental and 90% mortgages remain an option, I may have a route out finally...

Thoughts appreciated

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If you want the most house for your money you need to sell now, rent and buy again at the bottom. Depending on how quickly they go down, it is often the case that the loss in value of a property per month is much higher than the rent, however low end rents are held high by the DHSS free money. The DHSS situation may change in the near future.

Hitting the bottom of the market can be tricky and it really needs to be your day job, however I think you would not go too wrong renting for a year or 2.

On your sell price at £85K, if other houses are selling at £78K you need to sell yours at £77K or so, in fact generally I would say RV is close to the right price for now (but its not that accurate). This is a declining market with few buyers and you need to advertise at the bottom of the bunch not the top. Building in room for bargaining will not do you any favours, people are just not bothering if the price is too high you need to *attract* buyers.

The faster you sell the more you will get, otherwise you just end chasing the market down and not selling.

Edited by Ride_on

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Are you going to take the hit on the negative equity, over £65k???

Would it be possible to rent out the appt, while you rent somewhere?

So many people are suffering the pain from the pre crash mindset of, buy buy, houses only go up in price.

Edited by wtw2

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If you want the most house for your money you need to sell now, rent and buy again at the bottom. Depending on how quickly they go down, it is often the case that the loss in value of a property per month is much higher than the rent, however low end rents are held high by the DHSS free money. The DHSS situation may change in the near future.

Hitting the bottom of the market can be tricky and it really needs to be your day job, however I think you would not go too wrong renting for a year or 2.

On your sell price at £85K, if other houses are selling at £78K you need to sell yours at £77K or so, in fact generally I would say RV is close to the right price for now (but its not that accurate). This is a declining market with few buyers and you need to advertise at the bottom of the bunch not the top. Building in room for bargaining will not do you any favours, people are just not bothering if the price is too high you need to *attract* buyers.

The faster you sell the more you will get, otherwise you just end chasing the market down and not selling.

Thats the plan get out asap to make this worth while. If things went well could have the next deposit raised in a 18 months or so. Agreed, need to go put mine on as low as aI possibly can. Cheers

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Are you going to take the hit on the negative equity, over £65k???

Would it be possible to rent out the appt, while you rent somewhere?

So many people are suffering the pain from the pre crash mindset of, buy buy, houses only go up in price.

Is the Negative Equity £65K?? Surely NE is my mortgage amount vs the value of the house, and nott he price I paid for it. Yes, it total I will lose £65k which is a hell of a lot of money but I have lived here for 4 years. Through extreme saving and overpaying and a bit of help from parents, my mortage is now approx £100k so I see the NE as £15k to £20k. If I wait around for my apartment to be worth £100k or worse £141k I am going to be living here for many years to come hence best to get out now.....

Thoguht about renting but mortgage is £200 more than what I woudl get for rent and when rates rise that will be more, not including the hassle and the voids etc.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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