Be brutally honest - whats going wrong...!!!

moggylover

kentmum1973 wrote: »

Okay. I won't comment on the prices as that has been done. The black leather furniture is far too big for the room, and makes it look small. The breakfast bar area looks terribly bleak, why not a picture on the wall? The corner bath is terrible, very dated. It looks like there is no room at the end of the bed between the wardrobes. The garden is horribly over crowded with plants. I don't think it is presented well at all, sorry.

Lol! What on Earth else would you put in a "garden"!

I think this is harsh, tbh, I think the house IS nicely presented and the garden is pretty considering that it isn't that large!

Poppy9

moggylover wrote: »

Lol! What on Earth else would you put in a "garden"!

I think this is harsh, tbh, I think the house IS nicely presented and the garden is pretty considering that it isn't that large!

I thought the house well presented too. Uncluttered and modern. The corner bath is a bit dated but I wouldn't thought it would put off a buyer as the size, shape of room etc. is fine and the tiling simple.

The rear garden is a dream for a non gardner, and most buyers will know the plants in pots will probably go.

Without knowing the area though it's hard to comment if it'sover priced. A house a street away can be a lot cheaper but maybe in a different school catchment area.

Caveat_Mortgagor

nickpe wrote: »

Ive just read all the above replies - i accept that the property is overpriced hence it needs reducing to secure a sale.

Ok, a bit of realism is a good thing.

nickpe wrote: »

With regards to do i NEED to sell it - the answer is no, im not in a financial position where were struggling - the position were in is that we want to move into a bigger house as this property is just no longer big enough for us.

We have enough in savings to use as a deposit to secure a larger property

OK, so why not try and break even or make a small loss on this one, and use the deposit on the next house?

nickpe wrote: »

The intention would obviously be only rent it out until things got better on the housing market.

Serious question - how long do you think that will be?

nickpe wrote: »

Other than that seriously what do i do - stay in a property thats not big enough or just keep saving and saving to allow me to take a loss on this property??????

Yes to the second part of that question. Have you read the newspapers recently? In the short to medium term the price of property is going nowhere but down.

Why would you expose yourself to the risk of making a loss on 2 properties? If you have the deposit to start again having walked away from this house with nothing, then do it. That way you are only exposed to making a loss on one property, but hey, its your home and would give you more space than you currently have.


One last thing. Someone mentioned that you have previously stated that you owe £60k on the house. You bought it 7 years ago for £59k. Yet you have a bundle of cash?

Get shot of this one, buy a larger one and get paying down what you owe.

hethmar

I think its really down to your own feelings, I get the impression you are procrastinating a bit here - you know the house is too expensive for the area - so why arent you reducing the price and getting moving? Go for it, if you need a bigger house and you arent going to make a loss on this one I cant see why you are hesitating.

Loopgames

Just rent it out - this is your best option imo.

motherofstudents

Seems like you are a bit in limbo. Of course nobody wants to take a hit when selling a house but in this case it may be worthwhile as you will be able to move on. If you search carefully for your next, larger home you should be able to find a bargain which will make the loss on your present house less painful. I think it is presented very nicely btw.

kentmum1973

The OP asked for brutally honest opinions, I gave mine. I felt the furniture in the house was too stark and big, and the garden was not shown to its best advantage.

Emmzi

brutally? have a read of the description of the location on the chavtowns website, then drop the price and take the hit. Rent somewhere larger while you save. It won't be easy, but I don't think your house price is going up any time soon.

nickpe

Thank you for taking time to address my points i do appreciate it.

With regards to buying it 7 years ago, yes i did pay £59k for it and the reason i owe £60k now is because a few years into having the property i had to re-mortgage due to personal issues - hence why i still have 60k oweing - and the reason now i have some money in the bank is because at work over the past 4 years i did all the hours under the sun to turn myself round meaning i now have 10k in savings - it is my intention to use these savings towards a deposit for a property around the 105k mark.

Ive been as open as i can about my situation and bearing in mind i owe 60k do you think the best option is to remarket my property with a new agent (someone proactive) say around the 66k mark (hopeing to get 64K) - this means i would have around £4k profit on the house because of the 4k profit im going to have to pay sellers and solicitors fees.

Thanks Again Nick

Caveat_Mortgagor wrote: »

Ok, a bit of realism is a good thing.



OK, so why not try and break even or make a small loss on this one, and use the deposit on the next house?



Serious question - how long do you think that will be?



Yes to the second part of that question. Have you read the newspapers recently? In the short to medium term the price of property is going nowhere but down.

Why would you expose yourself to the risk of making a loss on 2 properties? If you have the deposit to start again having walked away from this house with nothing, then do it. That way you are only exposed to making a loss on one property, but hey, its your home and would give you more space than you currently have.


One last thing. Someone mentioned that you have previously stated that you owe £60k on the house. You bought it 7 years ago for £59k. Yet you have a bundle of cash?

Get shot of this one, buy a larger one and get paying down what you owe.

decsdad

I would say it depends on your overall financial situation, ie do you have a good income from a secure job etc
If you keep it and rent it out, and buy a new house, could you pay the new mortgage and your old one aswell if you didn't have a tennant for 6 months, and had to spend £3k repairs on top, could you buy a new house and end up selling the old one for £50k in 18 months, or 3 years? Bit doom and gloom maybe, but is it worth the risk, when really if the market does go up you will only then gain £5k on a house of that value.
Other way of looking at it is, the hit that you take selling now is reflected in what you pay for your next house, you could bag a bargain.

I know what I would do.
Reduce the price and see if you sell it. Then you have a decision to make.
Best of luck.