to sell or rent out

ellie14

because properties are slow to sell in my area and I have been trying on and off to sell for 2yrs having moved out but keep updating the property hoping to attract a buyer,I have been asked by a friend if I would rent it out to a friend of his with references ,been in last place 12yrs now owner giving it to son .However the rent they can afford is only £600 amonth and my detached 3 bed property large garden new carpets and decorated property has been valued at over £210k but I am fed up waiting to sell but dont like the Idea of renting out in case they dont stay long and leave a mess ,feel my costs wont be covered ,also they have 2 dogs .What do others think of the idea should I hold on ,I have no mortgage on it but one on the one I live in .

King_Of_Fools

In your situation, I would sell quickly before the house prices crash.

HugoSP

If you're going to rent it out. Rent it out for the market rent.

You need to put yourself first. The way I see it is that you'll be pursuaded to rent it out at a low rent then have it tied up if/when the market picks up. The legal minimum you can rent a property out in this country is 6 months.

If you need to sell then gradualy reduce the price until you can reduce it no more and see if that generates more interest.

If you don't need to sell then suggest you find out what rent you can get for it and go about renting it out.

Property is a long term investment. There may be a 10% drop in prices in the short term but over the next 5 years you'll be quids in if you do decide to keep it.

Zammo

2 years!!

Have you thought about lowering the price?

bristol_pilot

Where can you get a 3 bed detached for £210k? Must be a bad area.

horace_2

Agggghhh!!

`Renting Out` have you considered `letting`?

TIP... Landlord`s let, tenant`s rent.

Yes, it`s very, very difficult to comprehend.

h

Doozergirl

You've made it pretty clear that you wouldn't be happy letting it out, and that rent is very poor in comparison to your house's perceived value.

When you say 'on and off', why haven't you kept it on the market? Have you ever reduce the price? Have you looked at rightmove and seen what properties in similar areas are selling for?

I say similar areas because I moved from a village where one person decided to put their house up for silly money and everyone else decided what theirs was worth on the back of that. Not the way to value houses! For a very saught after location, houses will sit on the market for month upon month while any house that comes up at a sensible price (still much higher than the local towns) gets snapped up VERY quickly.

There has to be a reason for your house not selling and if it is lovely, then it will be price A flat market means that people think that property is overpriced...

ellie14

Thanks everyone I think it is the area that poses the proplem ,because I looked on the internet and only six detached houses sold in the whole of Fleetwood last year ,I did reduce the price from £195k to£185k and still had no interest so decided to re decorate new carpets landscape the garden everything ready to walk into ,but like you say do I keep dropping and move on or hold on and eventually it will sell.

lynzpower

do you want to post a link up here, and we can see if theres any problems with your rightmove pic etc

personally, i think any detached house is cheap if its under 200, and if youve done all that work I wonfder what the problem is??

have you always been on with the same agent?

What has the feedback been from the viewings?

Doozergirl

Is your house on rightmove.co.uk? It's the place every house needs to be on!

If your agent doesn't use them, your agent is pretty poor.