Selling or renting out -Aberdeenshire

matrix1781

Hi

I have a 4 bedroom house in Aberdeenshire which has gone up by 20% since i bought it in 2013. I am moving to USA in May. I remortgaged to a 2 year fixed 1 month ago. My thinking was that the property prices in Aberdeenshire will continue to rise and I can sell the property in 2016 summer to get more profit. Now with the oil price coming down, i am having second thoughts. I dont know if I want to sell now and cash out or wait for a year. Once i move to US, I would like to buy a property there in 2016. Any suggestions or thoughts?

soapstar88

I too live in Aberdeenshire - what area do you live in?

From my own research into the property market in the Aberdeen area plus the oil industry I can see no problems in leaving the house the grow in value. However the rate at which the properties are going to rise in Aberdeenshire over the next 2 years are more than likely going to be lower (or more normal compared to the rest of the country if you look at it that way) than previous years. I guess it depends on how desperate you need to sell and need money. If your not in any rush and can afford to keep the house then do just that, the oil industry is going to rise within the next 2 years. This is just a cycle which has happened in the past and it always recovers.

Keep the house and sell in 2016. The value will rise but not as much as in previous years.

matrix1781

thanks Soapstar. I live in Kintore. I am not in a rush to sell now and can afford to wait till 2016 if property values remain the same from now. What I don't want to see is the value go down considerably. I bought it at £250K in 2013 and the value right now is £305K. As long as it doesn't go too much below £300K in the next year, I am happy to keep it. I don't want it to sell at £250K in 2016 summer. The other concern is property market slowing down due to oil price. Hopefully oil will be back up from June.

Pixie5740

What is rental demand for properties like yours out in Kintore? Do you want to be a LL and have you investigated what that entails in Scotland?

matrix1781

Pixie5740 wrote: »

What is rental demand for properties like yours out in Kintore? Do you want to be a LL and have you investigated what that entails in Scotland?

Rental demand is not bad I guess. Average time on market for rental properties in Aberdeenshire is about 85 days and as Kintore is close to main industrial area and airport, I expect it to be rented out within 60 days. There is still 4 months before I move so I have time to advertise the property for a rental. Once I decide, I will be renting out I need to inform the mortgage provider and change my insurance. Leasing agent will take car of most of the stuff.

Pixie5740

Don't forget to register with Aberdeenshire Council as a LL which is a legal requirement.

soapstar88

Kintore is always going to be popular as its a short commute to Dyce. Rental demand in Dyce has been very high in recent years due to the increasing work there in the oil industry. Many large organisations are based there as you are probably well aware of! Im not sure what kind of property you have however most of the demand is for 1/2 bed properties although a 3/4 bedroom houses (given circumstances) are always popular with companies to buy for their employees using it as a 'company house' but these are rarer.