Ever made a big mistake buying property?

Davesnave

If you've had 30 viewings that haven't translated into a single offer then that is interest, but something's wrong.

It will partly be price, because I'm sure if the % return was there, someone would be willing to invest, but there's the possibility that external factors may be turning people off too. e.g. dodgy-looking neighbours.

Sometimes we have to take a hit in order to move on. I took a hit by selling in the Crash, but I considered that sitting it out might well cost me more, and not just from a monetary viewpoint.

HouseBuyer77

Is there any reason you no longer want to rent it out?

You mention £5'000 is getting it up to standard how much of that is actually required to be able to let it out? Is the boiler broken or otherwise unsafe?

You said you were looking for a long-term investment, did you not consider that as part of that you will occasionally be paying large bills (such as a new boiler)?

silvercar

I bought a 5 bedroom in Nottingham for £119,500 in February with the intention of tidying it up a bit and letting it out at the end of July. I am based in London. Happy to let you know the post code so you can see what you think.

I've just done a similar thing, similar location, similar price.

Have spent A LOT on bringing it up to standard. Even after a full structural survey we found that there had been botch building work cleverly hidden. ended up spending 20% more to bring it up to the standard required. It is being let as a HMO. Taken a month longer than planned but hopefully it is now ready to let. Will see how quickly it lets.

Yours is in a better location than mine, so should sell at that price. I think you have to accept that outside London properties take much longer to sell. Ours was on the market for a good few months before we bought. You could consider letting it as a student let, your location is good for that.

silvercar

Is this it?

http://www.rightmove.co.uk/property-for-sale/property-36656691.html?premiumA=true

http://www.rightmove.co.uk/property-for-sale/property-55063448.html

redandwhitestripes

silvercar wrote: »

Is this it?

http://www.rightmove.co.uk/property-for-sale/property-36656691.html?premiumA=true

http://www.rightmove.co.uk/property-for-sale/property-55063448.html

Yes that's the one. The top one is before the repainting, the other after.

redandwhitestripes

Thanks for the replies so far.
In answer to a couple of points, the area isn't too bad. The house is in a quiet part set back from the main avenue, but the parking is a bit tight.
I think the boiler does need to be put in as the current hot water/heating system is a bit outdated.

In answer to Housebuyer77, I was just concerned at doing the work and not being able to rent it out- the way my luck is going, I fully expect that to happen.
I have contacted the council and they may be able to let it out although my concerns would be how the people would treat the property.

Silvercar - I wouldn't let it as a HMO. This would be more trouble than worth I think. I am not worried about not getting the maximum rent - just a fair amount would be fine for me. Although it is listed as a 5 bed, I think offering it as a 4 bed using one of the rooms as a dining area would be better.

I was aware, and had a budget, for works to be done but I just think the negative comments so far from agents has dampened my optimism.

I do appreciate the advice - it is interesting to hear other experiences.

[Deleted User]

The fact you're selling it so soon after it was last sold is probably putting some people off. Although as someone else said, 30 viewings is definitely interest, perhaps you just need to give it more time.

You can tell it's been redecorated for rental though.

guinness_cat_2

And you are also trying to rent - or is the advert on rightmove from before? (sorry - can't post links)

Lionel_Thinkbag

When you say parking is tight, is there any off road or allocated parking at all? Just that I imagine a large family (who would want a 5 bed house) would have at least two cars and that would probably be a big problem.

Maybe letting to *mature* students would be worth looking into, or even student nurses, as it looks handy for both the Uni and the Hospital?

jacko74

If you achieved your current asking price you would be setting a new price record for that street (congratulations!)

I assume house prices are at an all time high for that postcode? Exceeding pre-crash prices?