Any advice on why house won't sell (inc RM link!)

poppysarah

wanttomovehouse wrote: »

And if we don't sell and just sit on it... how long do you think before its worth what we paid for it again?

Well if you keeep paying the mortgage sooner or later you'll have paid for it... (Unless you're on IO...)

wanttomovehouse

Its interest only, that's why we want out! But we can't remortgage because we can't get a mortgage for that amount any more

BitterAndTwisted

In that case you're going to have to pay the mortgage and stash away what savings you can. On £500 a month in mortgage repayments you should be able to do that, I reckon. Assuming you have two salaries coming in, that is.

wanttomovehouse

I wish... No, only one salary, and as my OH has only just given birth it will be a while before there are 2 salaries. Hence why we can't get a mortgage of the same value so we can remortgage.

BitterAndTwisted

In that case you have no choice but to sit tight and probably for some time, maybe years.

wanttomovehouse

If we moved to rented we have been advised that we would be entitled to £250 per month towards rent while we only have 1 income which in the area we want to live is about £600. Living in this area would make it much easier for my OH to get a job as we would have family nearby who would help with childcare and there are a lot more available jobs in her line of work there. My OH earns a great deal more in her line of work than I do.

So weighing things up. Do you think its better to lose 10k from the sale of the house but move so my partner can get back to work quicker and we won't have to fork out for childcare?

or...

Do we sit tight in our house but probably only have one income coming in for a lot longer?

baby_fuzz

Spongbong wrote: »

It's quite an ugly house from the outside (in my opinion) so that might put people off.

Is there anything you can do regarding the front-door shot? maybe put in a couple of planters, or some kind of colour - I know that this is probably impossible coming up to winter (I'm DEFINITELY not a gardener!), but I'd agree that the first picture needs to look more inviting.

It may be as simple as waiting for the sun to come round to this side of the house before taking a picture...

BitterAndTwisted

You're talking about maybe "losing" £10k on this house but you have no savings so where is this hypothetic £10k going to come from?

Don't get too carried away with this entitlement to help with the rent business as it's unlikely that you'd get as much as you think from next April when LHA is going to be cut.

bristol_pilot

Houses sell on location, kitchens and bathrooms. Yours is in Hull and has a small kitchen and the bathroom looks a bit cosy too.

Three story houses are bad news for possibly selling to a landlord to rent out as there are many regulations (fire doors, hard-wired fire alarms) that would need to be met to turn this into a rental. Your target market is probably a FTB or young family - how many of these can afford £122k in Hull? Not many, I'd guess. Therefore it is over-priced. I'd say £85k.

bristol_pilot

wanttomovehouse wrote: »

I think you may be right about being overpriced but our mortgage is for £113k so we need to be able to cover that and fees.

What you need to get is irrelevant to what someone will pay for it.