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can't sell our house
Comments
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daddyorchips wrote: »our large house is on the market at the top end of the valuations and we have had very little interest.We cannot afford to drop the price.
Now I've come back to this thread and read through it, the above would seem to be a bit of an over-exaggeration no?
Large house... top end of valuations... kids moved out.... unless you've been a bit crazy with your finances there must be some equity in there.
It seems more a case of not wanting to drop the price.
Good luck with whatever you decide - renting.... waiting it out.. whatever, but my personal view is this market will begin to school a lot of people.
Just as the rising market has caused misery for so many priced out of it, we could be seeing a reverse of that for the people who thought 300% increases over 12 years were a permanent new reality.0 -
daddyorchips wrote: »Yep..fair comment.The idea was to rent ours out at approx £1200pcm and rent a smaller property at ..say £750pcm but as you say, the gamble is whether we have any unoccupied periods on our property.It's not an easy decision and probably not what we are going to do.
Rental income is taxable (to the extent it exceeds your mortgage interest and other outgoings on the property). So, it's not obvious that you are going to save a lot by renting your property out, once you take tax into account.
As for voids, it's worth looking at the latest ARLA review, which gives all sorts of statistics, such as average void periods.
http://www.arla.co.uk/buytolet/latestreports.aspx
(Look at the members survey)
In your position, I would without any doubt sell now, or expect to be stuck with your present property for at least 10 years.No reliance should be placed on the above! Absolutely none, do you hear?0
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