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Shall i sell my flat?
ChrisHoward
Posts: 22 Forumite
Hi All,
i was hoping for some more informed opinions than mine and my estate agent's...
basically, i have very recently just accepted an offer on my flat to sell. I wanted to ditch my property in the the current climate with a small a loss as possible.
Right now, with the offer i have just accpeted, i will make a £500 loss from when i bought it 3 years ago - after paying all fees.
So, i beg the question - considering the recent turn in the US markets, is now really the best time to sell? will it 'really' get that much worse in the next 12 months?? I dare not ask my estate agent - as we all know, they're on comission!
All the best and thanks in advance,
Chris
i was hoping for some more informed opinions than mine and my estate agent's...
basically, i have very recently just accepted an offer on my flat to sell. I wanted to ditch my property in the the current climate with a small a loss as possible.
Right now, with the offer i have just accpeted, i will make a £500 loss from when i bought it 3 years ago - after paying all fees.
So, i beg the question - considering the recent turn in the US markets, is now really the best time to sell? will it 'really' get that much worse in the next 12 months?? I dare not ask my estate agent - as we all know, they're on comission!
All the best and thanks in advance,
Chris
Shall i sell now and take the £500 loss on the chin? 26 votes
Yes! DO IT YOU FOOL!
84%
22 votes
Give it 12 months.....
3%
1 vote
Moron - chin up and keep it!
11%
3 votes
0
Comments
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Yes! DO IT YOU FOOL!If you have "escaped" with a £500 loss I suggest you do the lotto on Saturday as may well win:D, the answer is yes, it is only an opinion though.0
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Yes! DO IT YOU FOOL!The big quesitons is - how long do you want to live in this property? If only another year or so, then ditch it. If for a few years, it might be worth holding on...but you won't know how it will work out as no one can truly make predictions as to whether prices will go up again and when.0
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Give it 12 months.....I rent out the porerty you see. It's in Reading, and i used to live there, but i work in london so i live in a rented house in london and rent out my flat in reading to tenants to pay the mortgage (of which my 3 year low interest rate is due to end in the next few months!)
The thing i'm interested in most is if this US government takeover of Mac & Mae, as well as the rise in stamp duty threshold, as well as the government's interest free loans to first time buyers....... am i being premature in selling now? Will i be able to command a higher price in 6 months time?0 -
Yes! DO IT YOU FOOL!ChrisHoward wrote: »I rent out the porerty you see. It's in Reading, and i used to live there, but i work in london so i live in a rented house in london and rent out my flat in reading to tenants to pay the mortgage (of which my 3 year low interest rate is due to end in the next few months!)
The thing i'm interested in most is if this US government takeover of Mac & Mae, as well as the rise in stamp duty threshold, as well as the government's interest free loans to first time buyers....... am i being premature in selling now? Will i be able to command a higher price in 6 months time?
I would almost certainly think that you will not get more in 6 months time. One of the main problems is not interest rates or stamp duty its the fact that house prices compared to multiples of income has been way to high, banks will not readily turn back to what has burned them so badly.
No more 100%/125% mortgages, no more 6x salary loans, no more liar self cert mortgages. Impecable credit rating will be required and big deposits.
This is why IMHO that the peak prices that were seen last year are gone for a very long time, if not for good.0 -
When your interest rate goes up will the tenants still cover the mortgage comfortably?0
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Give it 12 months.....No, the tenants will not cover the mortgage comfortably. However, the offset in mortgage payments will mean that the amount i will have to subsidies is less than the amount of mortgage that would be paid off. In all, after fees and increase mortgage rates, i will have to subsidies the rent by £1,400 a year. However, because of the amount of mortgage paid off, if i sold in 2 years at the same price as i have ahcieved now, i will sell with a profit of £4,900 after all fees (at the same rates as today).
toughy!0 -
Yes! DO IT YOU FOOL!Out of interest, which part of Reading?0
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Give it 12 months.....Dead Centre of Town - 5 mins from the train station.0
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Yes! DO IT YOU FOOL!ChrisHoward wrote: »No, the tenants will not cover the mortgage comfortably. However, the offset in mortgage payments will mean that the amount i will have to subsidies is less than the amount of mortgage that would be paid off. In all, after fees and increase mortgage rates, i will have to subsidies the rent by £1,400 a year. However, because of the amount of mortgage paid off, if i sold in 2 years at the same price as i have ahcieved now, i will sell with a profit of £4,900 after all fees (at the same rates as today).
toughy!
How much is the property worth at the moment? I've been going on the basis that there's at least another 20% fall in prices still to come. Judging by the poll results, most people here seem to think likewise.No reliance should be placed on the above! Absolutely none, do you hear?0 -
Give it 12 months.....i bought it for around £139k in 2005 and the offer is £147k. it hit an estate agent's peak of £175 only 8 months ago - but due to fees and paying back a loan, i'll end up £500 short.
Cruel world! Cruel world!!!0
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