Am I to become a renter

IveSeenTheLight

Been away for a while, extremely busy.
It appears I may be about to become a renter again :eek:

I've recently sold my house.
Put it on www.aspc.co.uk oat 16:00 a week last Friday
Arranged a viewing at 18:00 for the following morning at 10:00
Received an offer on the Monday at 12:00... turned it down
Received an improved offer on Tuesday and accepted.

Subsequently we offered on a property that had been on the market for 6 months (cheeky offer) Wednesday..... rejected
Improved the offer to within 3% of the asking price on the Thursday .... rejected

We also became aware of a plot of land about to become available at a very reasonable price which we could build our own home 84 sq meters larger than the property we offered on for the same price.

It's extremely tempting, however........

I'd have to rent a property for the 10 months whilst the project was built.
I have other properties I lease out, but would not want to evict my tenants for such a short period.
I am also finding limited rental properties which are going extremely quick.

Were going to see a similar house which is just being finished on Thursday, which I think may sway the wife into going with the new build, even though it means renting for 10 months with our two young children

Short term it's a hardship, but longterm its beneficial.

I'll keep you updated

Mr._Pricklepants

IveSeenTheLight wrote: »

I've recently sold my house.
Put it on www.aspc.co.uk oat 16:00 a week last Friday
Arranged a viewing at 18:00 for the following morning at 10:00
Received an offer on the Monday at 12:00... turned it down
Received an improved offer on Tuesday and accepted.

May I ask you, how much % below or above asking price was the offer you accepted, ISTL?

And good luck!

IveSeenTheLight

Mr._Pricklepants wrote: »

May I ask you, how much % below or above asking price was the offer you accepted, ISTL?

And good luck!

I accepted the valuation.
I considered holding out and seeing if there was sufficient interest to generate a closing date.

After that careful consideration of the market, I decided that I did not want to mess with a solid, well prepared buyer who was happy to meet our requirements.

We did get other interest, but many were just dabbling and not fully prepared to offer.

You may therefore question why I think I the sellers of the property I offered on should have accepted my below offers bid, well that's because the property had been on the market and despite three noted interests, I was the only one in a position to offer.

As it turns out, it might have been fate as the new build is quite an exciting opportunity.

Graham_Devon

Good luck ISTL.

Would be interesting to view your thoughts on renting, as a landlord. Respect for continuing to provide a roof for your current tenants, even when you need on yourself too.

Loughton_Monkey

IveSeenTheLight wrote: »

......I have other properties I lease out, but would not want to evict my tenants for such a short period......

Oh go on!

How can you call yourself a 'landlord' if you can't bring yourself to do obvious things like this.

Don't mess about. Kick them out. Live in it for the 10 months. Re-let it at 15% more rent. This is the only way any self-respecting BTL guy can behave.

michaels

Or may be sell it after living in it to take advantage of the extra 3 years CGT relief. Could you sell it to your wife?

Loughton_Monkey wrote: »

Oh go on!

How can you call yourself a 'landlord' if you can't bring yourself to do obvious things like this.

Don't mess about. Kick them out. Live in it for the 10 months. Re-let it at 15% more rent. This is the only way any self-respecting BTL guy can behave.

chewmylegoff

personally in that situation i would serve my tenants notice and move into the property especially as construction projects always seem to overrun. i suppose if they've been in there for a while and they are really good tenants i would think about this a bit harder, but then i would still do it.

Generali

Congrats big fella. Will we see you on Grand Designs?

Percy1983

If you are paying less off somebody elses mortgage than stangers are paying off your mortgage(s) then you are still quids in.

IveSeenTheLight

Loughton_Monkey wrote: »

Oh go on!

How can you call yourself a 'landlord' if you can't bring yourself to do obvious things like this.

Don't mess about. Kick them out. Live in it for the 10 months. Re-let it at 15% more rent. This is the only way any self-respecting BTL guy can behave.

That may be an option, however of my three rented properties.
1) Has been leased for over 5 years to very good tenants
2) Is six months into a two year lease
3) The tenants have just asked to extend the lease for another year. This property has not even needed advertising in the last three years and the tenants have found other friends interested in taking the flat when they have left (students)

I believe in being fair and it's not ideal to be removed from your property as a tenant, thus my ethics are not to evict unnecessarily.
I told all mytenants that I have no intention of selling and that they could have the property for as long as they needed.

IveSeenTheLight

Generali wrote: »

Congrats big fella. Will we see you on Grand Designs?

Sadly no.
I've went with a very good local builder who produces quality spacious properties.

Here's the design I'm interested in
http://www.caledonia-homes.co.uk/plan%20and%20detail/ronaldsay.htm

The builder will project manage the build including planning, utility connection building warrants etc.
This property is expected to be circa £192,000, and is happy to tweak the layout at no cost unless it results in additional materials.
The plot that is coming to the market is approx 1,000 sq m, quite near Aberdeen and is available for approx £100k

I can see that there is a similar design on the market from a few years ago
http://www-r.aspc.co.uk/cgi-bin/public/LiveProperty/295748?ID=FAPOJEJL#picture


All in, it will probably cost me about £330k to build and finish with the valuation being circa £450k