Reduce price or rent out?

danielle1977

My house is currently up for sale and I want to move away. Should I drop the price or rent it out (not looking to move until June next year-end of school year, but trying to think ahead).

Have currently only had 2 viewings since it went on the market in September.

Edit-can anyone thing of anything I can do to increase viewings?

http://www.rightmove.co.uk/property-for-sale/property-27450706.html?premiumA=true

danielle1977

no thoughts on this? anyone?

sarahevie

I kept my house when I moved in with OH as I hadn't had it very long so didn't have a lot of equity, didn't want my hard earned deposit going to pay EA fees. I also wanted it in case I split with OH we'd been together 4 years but never lived together.

It has been the best thing (3 1/2 years on it's only been vacant for 2 months) I haven't made any money from it as the rent only covers mortgage and I have spent a lot on maintenance. More than you would need to but I prefer to do this for tax reasons.

What I have learnt is being a landlord is harder work than it looks there's a lot of responsibilities and legislation but there are benefits you gain from any equity gains etc.

Gorgeous_George

I think you will get more for it today than next June. So, if you are selling, I'd do it now.

Becoming a landlord is not something that I'd do lightly. Not all tenants will treat your house with the respect that you would hope for.

Good luck with whatever you do.

GG

pughgra78

hi -if you were to rent out would the rental cover the mortgage comfortably? if yes - then renting it out is definitely a viable option but if you are not looking to move until June then no harm in leaving it on the market for now, no immediate rush for a sale so I wouldnt lower the price now. Wait for the new year and see if interest picks up

paddedjohn

if you dont want to move till next june, why is it on the market now? if i came to view and was told id have to wait 8 mths to move in id walk away
aside from that, if you could afford to rent it out it would be a good idea for a year or two untill the market picks up again

mcc100

Your house looks superb but I assume that the fact that it backs onto the M1 motorway would put off many buyers in what is a buyers market.

You would need to lower the price to a level where a prospective buyer would think it an acceptable price to pay for its location.

danielle1977

paddedjohn-we could move in with my mum and dad tomorrow if it sold
mcc100 there is a bit of land between us and the m1 and lots of trees
if we rented it out it probably wouldn't cover the mortgage-but I don't know if part of the mortgage paid is better than none
Moving out of the country so staying isn't an option

p00hsticks

danielle1977 wrote: »

if we rented it out it probably wouldn't cover the mortgage-but I don't know if part of the mortgage paid is better than none
Moving out of the country so staying isn't an option

In that case, I'd say definitely sell, even if you have to reduce the price, providing you can cover the mortgage.

A reluctant landlord is a pain for both the landlord and tenant - and the landlord being overseas makes it worse. Plus renting a house out where the rental income doesn't even cover the mortage isn't a good idea.

googler

Do you REALLY want to rent it out whilst you're abroad?

Someone says its too close to the M1; that can be read two ways - close to M1 with traffic noise also means ideal for getting places quickly.

Same as in my local with a railway line - some folks say that the houses are too close to the railway line, but close to the railway line also equates to 'walking distance to the station' and 'quick commute' ....

hazyjo

The fact the M1 is so near would put me off, even though there are trees and land inbetween. It's also on a bit of a main road itself (probably not a busy one, but that again would rule it out in my book - although I appreciate not everyone's).

Apart from that, the house is nicely presented - but none of the bedrooms are particularly large. Not a deal breaker, but there are probably going to be larger houses out there for a similar price.

God, this market is so rubbish. I really can't think of anything you can do to increase viewings apart from reducing the price. Location's the main problem here, I think, as well as the market. Until it's the cheapest of the bunch, it's not likely to be someone's first choice. I've just run a RM search for 2-3 bed houses in Pinxton and there are tonnes under what you're asking - some of them look nice. Lots of competition in your area, it seems.

Good luck.

Jx