Can't sell, should we let and rent ourselves till things improve?

whitesatin

We have been trying to sell for three months now and have reduced the price to what we think is reasonable. We are prepared to take offers but have not had any. We will reduce again should we have to but it might just not sell for ages.

Anyway, we are impatient to move to a different area, have no ties here any more and were thinking of trying to rent out our 3 bedroom house for a year whilst renting something smaller where we want to move to (or think we want to go).

Obviously we don't know what will happen in the property market but hope that whatever happens here will happen there also.

I know we will have to pay tax on the rent but as we don't have a mortgage, it should be ok for us financially.

Any eperiences of doing this?

Sammy85_2

3 months is not a great amount of time on the market, but if you have had no offers at all i would suggest you are still priced too high. I would try reducing further before going down the rental route. It can be expensive and hard work.

Nosht

Just remember to run it as a business not a stop gap.


N.

BitterAndTwisted

Becoming a professional landlord is not for the faint-hearted. You have reams and reams of legislation to read and understand or will court serious trouble eventually. before you even consider going down that route you should register on the landlordzone forum and get acquainted with your responsibilities, then join a landlord's association.

Every property will find a buyer IF the price is right. That you haven't found a buyer yet suggests very strongly that your property may be over-priced.

whitesatin

Thanks for your thoughts, I guess I might just be impatient.

It is so difficult to know what to reduce the house to though, trouble is, we know it is the best house in a not so good road. But then again, we bought it!

We have just gone with a second agent, will probably give it a month or so then think to reduce it again.

BitterAndTwisted

Unfortunately the best house in a not-so-good street is a worse buy than the worst house in a good street. It's possible that your potential buyers appreciate this distinction. If the property is priced correctly it will find a buyer eventually.

whitesatin

BitterAndTwisted wrote: »

Unfortunately the best house in a not-so-good street is a worse buy than the worst house in a good street. It's possible that your potential buyers appreciate this distinction. If the property is priced correctly it will find a buyer eventually.

I know, we can't change the road, unfortunately. I expect we will have to drop the price again.