Quick Sale Advice - 2 Bed Terrace - South Yorkshire

Merce101

Hi All

I'm new to the forum (in regards to posting) but have probably read most of my financial advice on here in one way or another so thought id open up my current predicament to see if anyone would like to offer their thoughts or suggestions.

I'm currently renting out a 2 bed mid terrace in Rotherham on a permission to lease. I live and work in Leeds following meeting my girlfriend here and relocating. I want to get rid of the house as the whole landlord situation is too stressful and is making me no money (other than the small amount paid off on the mortgage per month).

At the end of March both mine and my tenants leases finish so the plan was to move back into the house, renovate it and sell it. The closer this gets the more I don't want to have to commute for the next 6 to 9 months whilst redecorating every night and paying out money to simply get the property to sell/sell faster.

I bought the property about 7 years ago for £80,000 with a 10% deposit. I've since had brand new double glazing, new electrics and a new boiler fitted so all in all about £7000 of work. I would like to sell for £75,000 but as the elderly lady who lived next door recently sold her end terrace for £69,995 (as she wanted a very fast sale and was bullied into reducing the price) I don't think I will sell mine for what id like.

My options are to try selling for £70,000 'as is' exactly how the tenants leave it and hope a developer takes it on (hope being the operative word). Otherwise I move back, spend at least £1500 fitting new flooring, stripping wallpaper and possible having to skim the walls and other bits and bobs to sell for approx £72,500 - possibly not making any profit after months of hard work and struggling to pay for the daily commute.

I have a valuation booked for next week with Springbok who specialise in fast sales but I worry that if I move back and begin the work before I have any interest I may well have spent several hundreds of pound needlessly. Also, if I complete the cosmetic work will I be able to get the estate agent out again for new photos and a re-valuation?

Sorry for the long post but these thoughts have been going around my brain in a loop for weeks now needed to vent them!

Many thanks

James

Jenniefour

How about getting one or two of your local estate agents over to give you an idea of a realistic asking price and to advise you on what, if anything, you could do to the property to make it more saleable.

You might want to do some further research on Springbok, there are some threads on here. There's a lot they don't say on their website and it is very unlikely you would get anything near to what you might be willing to sell for - and perhaps a lot less.

I_have_spoken

What's the pcm rental income?

A 'floor price' wiould be what would give a BTL LL a return of 6% on their capital, any cheaper and you'd be giving it away.

knightstyle

IMO it would be worth paying someone to go in and clean/redecorate inside and out. Buyers make their minds up on first impressions and this should speed up the sale may even get a bit more money.

KatieDee

May I ask what area of Rotherham the property is in? No need to be too specific! Just being nosey as I've just bought there...