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Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.First time accidental land lord - top tips?
Comments
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Why couldn't sell your old house?
I can't imagine what problems a house must have that make it unmarketable or unsalable.
Some of you think the housing market is booming, prices are rising and everything sells quickly with sellers outbidding each other.
Not EVERYWHERE. Here the housing market has stagnated since 2008, prices have not risen and house sales are still slow, particularly at he top end of the market.0 -
That just sets the level for "too expensive", it doesn't affect that being the one and only reason it hasn't sold.Some of you think the housing market is booming, prices are rising and everything sells quickly with sellers outbidding each other.
Not EVERYWHERE. Here the housing market has stagnated since 2008, prices have not risen and house sales are still slow, particularly at he top end of the market.
This area's one that's slow, and hasn't risen. I can think of two ostensibly similar (small two-bed cottages, access/parking issues) properties within easy walking distance of here. One's been on the market for a few years now. During that time, the other was fought over as a shed of a repo, had a lot of work by the buyers who intended staying there, and was fought over when it went back on the market when they outgrew it - instant sales both times. The only real difference? Price realism. The "unsellable" one keeps coming down, but isn't quite there yet.0 -
Some of you think the housing market is booming, prices are rising and everything sells quickly with sellers outbidding each other.
Not EVERYWHERE. Here the housing market has stagnated since 2008, prices have not risen and house sales are still slow, particularly at he top end of the market.
Then drop the price. Anything sells if the price is right!0 -
Not at all - it's just too expensive for the local market.
Okay my final word on the subject.
We were given a professional valuation of what our 5 bedroom house was worth (home report valuation)
On that basis we started construction of our replacement smaller 3 bedroom house. Expecting to downsize and release a little equity in the process.
It was on the market 2 1/2 years at 15% under the home report valuation. Meanwhile the cost of building the new one is more than we hoped. Even doing most of the work ourselves it is costing more, building materials don't stop going up because the housing market is not.
Yes we could have reduced it to give away money to sell it. But that could well mean selling it for less than the construction cost of our smaller replacement house. WHO on here can honestly say they would be prepared to put themself in a situation where it COSTS money to downsize?
Plan B is we rent it for a few year, that will have given us some income from the property, then when it goes back to market we might consider selling for equal to the cost of the new house but still not less.0 -
Still not an accident.....Okay my final word on the subject.
We were given a professional valuation of what our 5 bedroom house was worth (home report valuation)
On that basis we started construction of our replacement smaller 3 bedroom house. Expecting to downsize and release a little equity in the process.
It was on the market 2 1/2 years at 15% under the home report valuation. Meanwhile the cost of building the new one is more than we hoped. Even doing most of the work ourselves it is costing more, building materials don't stop going up because the housing market is not.
Yes we could have reduced it to give away money to sell it. But that could well mean selling it for less than the construction cost of our smaller replacement house. WHO on here can honestly say they would be prepared to put themself in a situation where it COSTS money to downsize?
Plan B is we rent it for a few year, that will have given us some income from the property, then when it goes back to market we might consider selling for equal to the cost of the new house but still not less.0 -
Maybe a more appropriate term would be "reluctant landlord"?
I agree with ProDave, the market here is completely stagnating too (also Scotland). A lot of properties are sitting for a long time, prospective buyers cannot offer as they still have houses to sell. Not everything is down to price.
The market is not the same everywhere - city centres seem to remain busy, but the rural market is slower at the best of times, and certainly seems slower at the moment. Bizarre when the daffs are all coming into bloom!0 -
Then drop the price. Anything sells if the price is right!
Yes but if you sell low and then cant buy low you have a massive hole to plug, also the cost of selling and buying with SDLT, solicitors, estate agents, mortgage fees etc is a big reason people are not selling. Especially if you are not sure if the move will be permanent, a lot of people are renting out their house and then being a renter themselves.0 -
We basically need a sticky thread entitled 'Do not use the phrase "accidental landlord" or some people will bite your head off'0
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IMO the problem with the phrase 'accidental landlord' is that it's used in so many 'whoopsee!! I forgot to protect the deposit/issue a gas safety certificate/remove my dead mother from the front bedroom' type threads as an excuse for being unprofessional.0
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Ah, Scotland.We were given a professional valuation of what our 5 bedroom house was worth (home report valuation)
The valuation was too high, then.It was on the market 2 1/2 years at 15% under the home report valuation.
Which isn't really your putative buyer's problem, is it?Meanwhile the cost of building the new one is more than we hoped.
Great. We're all agreed, then. It's too expensive for what it is, where it is - and reducing it enough will shift it. However, I can feel an approaching...Yes we could have reduced it to give away money to sell it.
I knew it!But
Still not your putative buyer's problem.that could well mean selling it for less than the construction cost of our smaller replacement house.
There y'go. No accident. A deliberate choice. We ARE all agreed, after all. <group hug>Plan B is we rent it0
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