To sell or let - neither seem promising to me

stoocake

Hi there,

Currently renting down in Worcester, but own a mortgage flat in Falkirk (Scotland) which I have been renting out. Was renting it out to friends but they have moved on, and back in February I had a seperate agency take over the management of new tenants.

Never had a lot of trust in the guy to be honest, but I got my money from him without problems and he'd had it let out within 12 hours of me posting the keys to him!

The tenants had been there for 2 months or so, and I phoned him last week for an update, only to have him tell me that "the tenants have done a runner". So I won't be getting the £450 I'm due this month which is a bit of a sting. I was up in Scotland this week anyway, so paid a visit to the flat yesterday and it hasn't exactly been looked after. They've dug up bits of the garden and moved flowers around, place needs a total clean up inside, and they've stolen all the blinds that were there, so maybe having them leg it after 2 months for whatever reason is a relieft.

However, now I'm stuck and I have a few choices:

1) Sell the place. Not the best time to sell I know, and my mortgage on it is pretty cheap and can JUST about afford it for a little while. I've had problems with the neighbours in the past, and a LOT of unhappy memories there and a big part of me wants to wash my hands of the place.

2) Continue renting it out via a more reputable estate agency - there will be up-front costs involved, but hopefully the vetting of the tennants will be better than the last guy. The neighbours will be an issue again (they complain about everything, e.g. flushing the toilet late at night, and just become a serious nuscance) which will cause me problems in the future I'm sure.

3) Try and let it privately and manage it from down in Worcester - which seems like it might be a ball-ache being so far away, but having not done it, don't really know. And again, neighbours

I know everyone's position will be different, but I need a fresh set of eyes on the problem or some sort of educated suggestion would be really gratefully received, as I'm stuck and had no end of problems with the place.

Cheers guys and girls

penguine

stoocake wrote: »

1) Sell the place. Not the best time to sell I know, and my mortgage on it is pretty cheap and can JUST about afford it for a little while. I've had problems with the neighbours in the past, and a LOT of unhappy memories there and a big part of me wants to wash my hands of the place.

Seeing as you're unlikely to ever want to live there again -- I would try to sell it so you can move on and free up the money for something else. The market's going through a bit of a bounce at the moment, so it could be your best chance to get rid of it for awhile.

Emmzi

personally I would sell, just because having done the bog commute and rent for a long time, a bit of money isn't worth the stress to me. It's not exactly convenient to pop up, is it? So I'd sell, and be free to do whatever I wanted re: buying near where I worked.

Erica_Norman

Put it on the market;)

Cannon_Fodder

Sell, it could take some months to complete, by which time it could be the right time to buy in Worcester...or wherever the fancy takes you.

Doozergirl

I'll buy your flat if you buy my house in Worcester

Seriously, I'd sell it. You have to sell it one day, why bother going through the renting malarky again only to delay the inevitable?

pawpurrs

I would sell, with everything the way it is you just dont know how long that is going to take :rolleyes:

It will make you ready, when you are ready to move on, and with the neighbour issue, you just dont need the grief with tennants moving out all the time.

stoocake

Thanks for the replies everyone. I've spoken to a few people about this and most people have said the best option at the moment is to rent via a good estate agents. I've also just spoken to an estate agents and asked what their opinion is, and they also said renting out, but even the rental market is a bit poor at the moment.

Personally starting to feel that renting is what I want to do for at least the next 6 months, as the place will easily pay for itself as long as it isn't empty too much. I won't be in a position to buy in Worcester for at least another year anyway, so selling now probably isn't the best idea.

I'm interested to know why everyone on here has said to sell? I'm not disputing the advice, but I posted this up on another forum totally unrelated to money (car owners club) and the unanimous advice from them was to let it out through a good agents.

The neighbour has strangely changed his tone - I saw him when I was there this week and he's been cutting my grass and putting my bins out, and is going to weed the driveway to make it more presentable for me...who knows what he's on :-P

stoocake

I have now decided to sell. After much thought, I think it is the best option, despite the fact that my mortgage is relatively cheap (only on 3.5% interest) and I can JUST about afford it sitting empty as well as paying my way down here.

The property is an ideal starter home so shouldn't be too difficult to sell in the current market, and is unlikely to ever go up much in value I wouldn't have thought.

I was considering selling privately, but my solicitor (who I used to assist personally with IT problems at his firm and at his house, so I trust his personal recommendation) suggested I go through an agent. Considering my location, it would save a lot of hassle, but also cost me a precious couple of thousand, so any suggestions on this would be welcomed.

Thanks for your advice everyone, I'll let you know how it goes.

Doozergirl

I think an agent would be better for you. they can conduct viewings etc. Please spend time picking the right one and make sure you're being told when viewings are happening and the subsequent feedback.