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stick or twist?

Options
nearlynew
nearlynew Posts: 3,800 Forumite
in House buying, renting & selling
First post, but a long-time lurker, so please go easy.

I have inherited a house which has been valued by a few estate agents for 100k and I have put it on the market for 95k. I have had one offer so far after 3 weeks for 90k

Bearing in mind that there is no mortgage on the house and anything I get will be profit (apart from the taxes i will have to pay :mad:) what do you thnk i should do?

I have read lots of stuff about prices falling even further and i have read about prices starting to rise and am just confused about what would be best. My choice seems to be:

1. take the 90k and run
2. keepthe house and rent it out
3. keep the house, leave it empty and hope for a better price

help please
"The problem with quotes on the internet is that you never know whether they are genuine or not" -
Albert Einstein
«1

Comments

  • poppysarah
    poppysarah Posts: 11,522 Forumite
    take 90k and run.

    You might wait months for another offer which might be for less.
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    What taxes?
    It's not enough for inheritance tax unless there was a bigger estate.
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    But yeah, take the £90k. It's not a house you chose or wanted.
  • Blacksheep1979
    Blacksheep1979 Posts: 4,224 Forumite
    1,000 Posts Combo Breaker
    take the money - no point being greedy, incurring extra costs and kicking yourself in the future.
  • shirlgirl2004
    shirlgirl2004 Posts: 2,983 Forumite
    Part of the Furniture Combo Breaker
    I think 1 or 2 are potentially feasible. Leaving empty is a bad idea because if left empty over winter it will suffer from damp etc. You will also be liable to pay council tax on it after the first 6 months.

    You need to decide whether you want to be a landlord.
  • nearlynew
    nearlynew Posts: 3,800 Forumite
    PasturesNew wrote: »
    What taxes?
    It's not enough for inheritance tax unless there was a bigger estate.

    thanks for that.

    will i have to pay any tax then?
    "The problem with quotes on the internet is that you never know whether they are genuine or not" -
    Albert Einstein
  • BitterAndTwisted
    BitterAndTwisted Posts: 22,492 Forumite
    10,000 Posts Combo Breaker
    The first option if you don't want to live in the house or be responsible for it.

    Letting it can be a nightmare for the inexperienced and won't necessarily be a cash-cow.

    Leaving it empty runs the risk of squatters if you don't live round the corner to keep an eye on it. Plus, you've still got the cost of upkeep and the hassle of keeping the garden in good order, all that sort of thing. Are empty houses still liable for Council Tax? I'm not sure about that one.
  • nearlynew
    nearlynew Posts: 3,800 Forumite
    thank you for all the replies so far.

    what a lot of you have said confirms some of the things i was thinking about................

    I know what a hassle renting out a property can be having heard some horror stories from friends and aquaintences so that puts me off straight away.

    leaving it empty is not a good idea because of the risk of damage etc.

    I think i will take the money and run because i think it would be better in the long run to pay off my mortgage rather than hope for a hgher price which might not come.

    again, thanks for the replies
    "The problem with quotes on the internet is that you never know whether they are genuine or not" -
    Albert Einstein
  • BitterAndTwisted
    BitterAndTwisted Posts: 22,492 Forumite
    10,000 Posts Combo Breaker
    Oh yes, now that you've mentioned that you have your own mortgage I think selling is the best option. Lucky you!
  • nearlynew
    nearlynew Posts: 3,800 Forumite
    BitterAndTwisted wrote: »
    Oh yes, now that you've mentioned that you have your own mortgage I think selling is the best option. Lucky you!

    yes, sorry.

    I suppose i should have said in my original post.
    "The problem with quotes on the internet is that you never know whether they are genuine or not" -
    Albert Einstein
This discussion has been closed.
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