Do I have the Unsellable Flat ?

Blackpool_Saver

Just wanted to say sorry about the way I commented about the bedroom, I just read it back and I could have put it better.

No keep the bed but co-ordinate.

Fire_Fox

zulucal wrote: »

With those properties the first one is in a bad area and the second one is slap bang in the middle of town.

Why did I buy it ? I didn't want to I was put of by the small kitchen but my sister pressured me into buying it giving me the oft repeated mantra of "You'll be on the property ladder and never loose out!"(Have this repeated to you ad nausea and anyone will become a true believer) and now I have lost substantial sums of money on this useless lump of bricks.

Its in a decent area good access to the main roads and is a really good size for a single/couple.

My reason for selling is simple I want off the property ladder and out of the property game, enough cash to pay my debts and go back to the stress free life of renting.

You won't lose out if you see property for what it is: a gamble in the short-term but a good investment long term. No offence but it doesn't sound like you researched either the for sale or to let markets before buying, letting or trying to sell up. If your flat has not sold in seven months then it is either overpriced, the estate agent is rubbish, the flat is in need of major work or a combination. The £35K flat looks to be a steal, I'd probably not bother to view yours if I could get a flat for so little even in a grotty area. There is no way I'd spend another £20K for a flat that needs the trades in to the tune of £5-10K, it would have to be larger and/ or in move in condition.

zulucal

Fire_Fox wrote: »

You won't lose out if you see property for what it is: a gamble in the short-term but a good investment long term. No offence but it doesn't sound like you researched either the for sale or to let markets before buying, letting or trying to sell up. If your flat has not sold in seven months then it is either overpriced, the estate agent is rubbish, the flat is in need of major work or a combination. The £35K flat looks to be a steal, I'd probably not bother to view yours if I could get a flat for so little even in a grotty area. There is no way I'd spend another £20K for a flat that needs the trades in to the tune of £5-10K, it would have to be larger and/ or in move in condition.

I really didn't want to buy this (or any) flat as I said before but my head was pumped full of investment talk and how I was going to be in a Land of milk, Honey and many riches.(none of which has ever materialised).

I never had a problem getting it let out but always after a year they would stop paying rent and I would have to chase them up. The final straw came when one tenant who had fallen 2 months behind and when I called him up disappeared into the night 2 hours after my phone call. And since then have just want rid of.


But given the feedback on here seems like there is a tiny window of hope that I might get rid of this burden in some way if I get the work done and get back to a simpler and stress free life(Renting). I am going to do work on it over next few weeks. If still nothing happens after say 18 months in total then I'll just accept financial oblivion.

dopester

Fire_Fox wrote: »

You won't lose out if you see property for what it is: a gamble in the short-term but a good investment long term.

You regularly repeat that and I don't know why? Why is it a good investment in the long term???????????

I read the Policy Exchanges report from 2008, and it now seems the new Government are coming around to its wisdom. With their recent urgings that people should move out of areas falling into further decline after Labour's credit-boom, to areas with better opportunity and better job prospects.

The Government can't keep pumping money out, which they haven't got, to support the public sector and try and make jobs in areas which once were prosperous but where their economies have drastically changed.

With a broke banking sector and so much debt in the system I just don't understand how you can blandly keep saying all UK property and areas are a good long term bet. Just because we've experienced 60 years of inflation - a historical irregularity - especially with house/land values, doesn't mean the system can't undergo massive correction or a paradigm breaking change. Looks like it's upon us to me, but keep on saying its a good long term bet if it makes you feel better.

Even the OP here can't get a bite after reducing it, and has experienced problem tenants. That 50p offer might look good value in time to come, is the way I see it, depending on what this area has to genuinely offer in terms of supporting itself. The short term changes can be sharp, and last for the long term.

Its report says it is unrealistic to expect cities like Liverpool, Hull and Sunderland to ever regenerate properly. They are too isolated and the source of their original wealth — ship-building, ports and other heavy industry– have disappeared.

It would be better to help people to move to places like London, Oxford and Cambridge, the report says.

“Places that enjoyed the conditions for creating wealth in the coal-powered 19th-century often do not do so today,” the report says.

“There is no realistic prospect that our regeneration towns and cities can converge with London and the South East.

http://blogs.reuters.com/uknews/2008/08/13/abandon-northern-towns-for-the-prosperous-south/

Alias_Omega

Hi OP,

I think that the Car repair garage across the road might be a big put off. Then with the access to the other flat through the alley way too. Might be worth viewings when the garage is closed . Is that a major railway line behind the garage, do trains run all night?

How long is left on the lease?

http://pdf.your-move.co.uk/propimg/104/pdf/527445466.pdf


The advert/booklet isnt very good, and ideally could be re-written. You could exclude the furniture as they can be disposed of pretty easily through a "house clearance" company for not alot of cash.

I would recommend taking a few more pictures, at least -

Front of House (move that megane, and remove that white thing across the window)
Lounge
Kitchen
Bathroom
Bedroom 1
Bedroom 2
Garden (a picture from the back of the garden facing to the back of the house)
Include a floor plan with rough measurements.


Hope it helps,

Regards,

Alias

zulucal

Alias_Omega wrote: »

Hi OP,

I think that the Car repair garage across the road might be a big put off. Then with the access to the other flat through the alley way too. Might be worth viewings when the garage is closed . Is that a major railway line behind the garage, do trains run all night?

How long is left on the lease?

http://pdf.your-move.co.uk/propimg/104/pdf/527445466.pdf


The advert/booklet isnt very good, and ideally could be re-written. You could exclude the furniture as they can be disposed of pretty easily through a "house clearance" company for not alot of cash.

I would recommend taking a few more pictures, at least -

Front of House (move that megane, and remove that white thing across the window)
Lounge
Kitchen
Bathroom
Bedroom 1
Bedroom 2
Garden (a picture from the back of the garden facing to the back of the house)
Include a floor plan with rough measurements.


Hope it helps,

Regards,

Alias

Thanks for the advice. I don't live in the flat as I live in Aberdeen (3 Hours drive away) so I do not control the viewings. The trains do not run through the night. And over next month will be doing the many bits of fine-tuning that the good folks here have recommended and a lot of the furniture will be getting binned. The white thing across the window is actually the For sale sign. Have told the agents once the improvements have been done that I will come down for a day with my own camera (£200 fuji) and they can be there when I take the pics. The have some ridiculous rule that only they can take the pics and as some one noted at current the look like they were taken on an Iphone.

zulucal

Just re-decorated the master bedroom. From when I walked in to 5 mins ago here is how it went.

http://!!!!!!/7b0nw

zulucal

Just re-decorated the master bedroom. From when I walked in to 5 mins ago here is how it went.

http://!!!!!!/7b0nw

BitterAndTwisted

It looks much fresher and more attractive now. Nice job

Owain_Moneysaver

zulucal wrote: »

When I get back from holiday I will be sorting out the decor, but I can't afford a new bed. Should I just get rid of the bed ?

Yes, not many people want second hand beds, even fewer want second hand mattresses.

And it will make the rooms look bigger.

Actually I've just seen the new photos, you could leave it in, it's a lot better without the other stuff.