Help! My house is sitting empty and I have no money left :o(

maninthestreet

So what income does your husband have?? You may be better off posting your Statement of Affairs (monthly income/outgoings) on the Debt-free Wannabe board.

jjlandlord

poppysarah wrote: »

Let me make you feel SO much better then.

You spent 65k on a house and have presumably paid off 10 years of mortgage.

Your house is now worth 85k.

Well done. You've actually made £20k.

You have lost NOTHING.

10 year worth of inflation at ~2.5% a year: 28% increase
65k to 85k: 30% increase

So yes, no loss. But not really a gain either.

Seanymph

ok, I've been worrying about this - I really should get out more

It seems to me you are leaning far too heavily on the agents. You need to take control here, because this is your problem, and your finances - so, they are one tool available to you, but only one.

Do you accept people with pets? It has already been shown on this board this week that many people have family pets and struggle to find accomodation......... accept pets.

Do you accept people on housing benefit? People who are or will be on housing benefit can struggle to find accomodation.......... accept people who are on housing benefit.

have you spoken to the housing department of the local council? They will have people they are seeking to emergency house - or people they are in discussion with who are being evicted and seeking alternative accomodation urgently.

Have you advertised in the local paper directly?

Have you put it onto websites yourself?

Have you put a sign in the window?

Have you put notices up in gyms, the local sainsbury/tesco, emailed big companies in the area, emailed EVERY agency in the area asking if they have tenants seeking properties such as yours?

if your agency will not work with you, and under your instruction re; pets or DHSS then get rid of them and get one who will.

You can let this property - having had many for years (and some in fairly awful condition for part of it!) I can guarantee you can let it - you just have to find someone who wants it.

Seanymph

jjlandlord wrote: »

10 year worth of inflation at ~2.5% a year: 28% increase
65k to 85k: 30% increase

So yes, no loss. But not really a gain either.

but on that basis 6 years of no rent/mortgage payments then? and rental income for another four give or take a few months?

The OP is bemoaning 'losing' money because of the 'paper' money according to valuations at an in between time - Poppy is completely right, they haven't 'lost' anything.

terryw

OP

Here's a link to a recent thread where the CGT method of calculation is shown.
https://forums.moneysavingexpert.com/discussion/comment/43197422#Comment_43197422

JayneWright

Seanymph wrote: »

ok, I've been worrying about this - I really should get out more

It seems to me you are leaning far too heavily on the agents. You need to take control here, because this is your problem, and your finances - so, they are one tool available to you, but only one.

Do you accept people with pets? It has already been shown on this board this week that many people have family pets and struggle to find accomodation......... accept pets.

Do you accept people on housing benefit? People who are or will be on housing benefit can struggle to find accomodation.......... accept people who are on housing benefit.

have you spoken to the housing department of the local council? They will have people they are seeking to emergency house - or people they are in discussion with who are being evicted and seeking alternative accomodation urgently.

Have you advertised in the local paper directly?

Have you put it onto websites yourself?

Have you put a sign in the window?

Have you put notices up in gyms, the local sainsbury/tesco, emailed big companies in the area, emailed EVERY agency in the area asking if they have tenants seeking properties such as yours?

if your agency will not work with you, and under your instruction re; pets or DHSS then get rid of them and get one who will.

You can let this property - having had many for years (and some in fairly awful condition for part of it!) I can guarantee you can let it - you just have to find someone who wants it.

Thanks Sean! The answer is yes to most of those, however, there is only so much I can do when I live so far away. Unfortunately I have to rely on the agency, even though I feel they can be useless at times!! It's advertised in local papers etc And yes, I accepts pets etc. Perhaps I should look at putting my rent down a bit.:beer:

JayneWright

poppysarah wrote: »

Let me make you feel SO much better then.

You spent 65k on a house and have presumably paid off 10 years of mortgage.

Your house is now worth 85k.

Well done. You've actually made £20k.

You have lost NOTHING.

If I'm lucky. The house would have to sell at £85k first. You haven't taken into consideration any fees or (my initial question) how much CGT I pay on that.

poppysarah

JayneWright wrote: »

If I'm lucky. The house would have to sell at £85k first. You haven't taken into consideration any fees or (my initial question) how much CGT I pay on that.

When you decided to let it out - what led you to make that decision?

Did you look at prices going up/down, lack of tenants etc, other problems?

Or did it look easy and simple and not really like a business at all?

diable

Have you tried another agent?

GAH

Have you only got it on with just one letting Agency? If so, get 4 or 5 agents on it straight away. Agents are desperate for business at the moment, and having a few on it should widen your market (as not every tenant registers with the same agents) and plus it creates a bit of competition between the agents.