Quit everything , and start again over 50?

Tuesday_Tenor

I find your extreme impatience, as expressed, rather worrying.
It seems that properties are generally selling in your area so there's no need to get stressed about it.

The only time I've been involved in selling a property was my parents' house. Dad died in the January, it went on the market in April, we had an offer in June and completed in September. And we were delighted with the pace. If it hadn't sold by September we would have reduced the price ( greatly if necessary) to save going through the winter with an empty property, council tax kicking in again, and insurance renewal.

You need to be realistic. It's a simple matter of speed versus price. If moving quickly is the most important thing, then you'll sell quicker than anyone else if your property is cheaper than similar ones. I didn't think that was what you wanted, but you can change your mind and do that if moving now is so vital.

Tuesday_Tenor

Hmmm.... You don't want the work of a spare bedroom, but are prepared to take on the work of being a landlord ....!

Ok, that's a bit tongue in cheek, as one's an income-earner and the other isn't (tho could be, and will be, for me).

OK, if you can afford 2 smaller properties after paying off your debts then it's certainly an idea to consider, especially if you have doubts about otherwise finding part-time work. However, do make sure you fully understand the legal and practical responsibilities, and the costs, of being a landlord. Have a look at the House buying and renting forum ( or whatever its called) for some problems with unsuitable tenants, unsuitable landlords and unsuitable properties, and some links to how to do it properly.

A pro point about 2 small properties is that you could buy your own first and then if you later find the area's not the best for you as your new life develops in Poole, you could rent it out instead, and buy for yourself in your ideal location. But would your original be in a good location for renting out ...? Who knows ...

I have both a spare bedroom and a study and I wouldn't be without them. I looked at moving into town (8 or 25 miles), with more public transport, when I started to have sight problems. The higher prices for similar space would have meant that I'd have had to take on a small mortgage, and so would have needed to work more. I'd rather stay here, remain mortgage-free, have my extra rooms, and work less! The public transport is actually quite good for a rural area as I'm near the main road. And no longer running a car means funds for the occasional taxi instead.

At the moment my spare room actually saves me work as it is used as a dumping ground in order to keep the rest of the house clean and tidy. It is tidied and cleaned only when I have visitors.

In the future this will have to change and my spare room will mean more work in order to earn an income from it through low-key ( not constant) AirBnB. A bit like you could earn income from a second property. I've been a volunteer international host for years, so know I'm fine about strangers staying here. Renting out a second property might suit you better. I wouldn't want to do it.

Just some of my thought, arising from your posts. More things to consider ...?

Tuesday_Tenor

I shall be in deepest rural Dorset end of next week!!! Hooray!!! :j

Time seems to whizz by as I get older; seems like last week it was still 2 months away ... I leave here Friday to meet up with friend in Bristol, and she drives us down on Saturday.

Am SO looking forward to it. Staying at a cottage I rented 7 years ago, so know what to expect, know the owner, know the area ... Just need some fine or fine-ish weather for the long walks ... Can anyone arrange this please ....! :snow_laug

lessonlearned

Wow. Lots of interesting ideas there, Tuesday. I have been thinking along similar lines for my future needs/wants but nothing definite planned yet.

I am currently thrashing them out, both in my own mind and in discussions with my nearest and dearest. I'm almost there and will share with you all later (if of course you are interested). Dont want to bore you all to death. :rotfl:

But back to AC.

It still looks promising, you still have viewers coming through the door so I don't think your price can be way off beam. If the viewings dry up then maybe you will have to rethink your game plan.

I know cash flow is proving a hurdle (trust me I have been there - when my husband was sick we racked up £30k on credit cards just trying to survive).

I also realise that once you have sold up your money worries will be at an end so you are therefore keen to sell asap.

AS Tuesday points out the only guaranteed way for a quick sale is to make your property both cheaper and better than your competitors. However, whilst slashing the price will give you the quick sale you need it may impact in your future financial stability.

Only you can know what your bottom line is and how close you want to get to it. What price are you on at now - is it still £412k. Unless you are utterly desperate and not able to survive then try and hang on for for a while at that price.

Yes a further £12k would probably guarantee you a sale, but that £12k could comfortably keep you for at least a year if you had no mortgage.

I know I might be stating the obvious but is there anyway you can improve your cash flow. Any further cutbacks you could make, any ways of making a bit of extra income. Anything you can sell as part of your decluttering mission.

You will see from my signature I've joined the grocery challenge and the make £10 a day challenge to help me focus my efforts. Btw the £10 a day challenge is not fixed, you could make it £1 a day if you want.

I do find that joining the challenges, keeping a spending diary and really monitoring my cash flow does help me maximise my income and reduce my expenditure. It might sound a bit anal but it helps keep me on track.

You are just a whisker away from being able to fulfill some of your dreams and ambitions, you just need to hold firm a bit longer.

Hold your nerve. Stay on course, steady as she goes and you will reach your safe harbour.

Enough with the seafaring metaphors......:rotfl:

another_casualty

Thanks again
My property is now ' offers in excess of £400,000'
This could mean people trying to go below that . I have only one
viewing booked on Saturday . So , that's a drop of £25 ,000.
Sounds like I'm over worrying . All of the estate agents said the least I will get is £400,000.
I'll stick to my plan , and wait for that offer. I doubt if I'll do the letting thing . I'll just look for a 2 bedroom, and have done with it.

Apologies for being too whiny , but work is virtually dead and boring ( except the horrible commute).
My home life is boring , and I need to do something .
We'll see

lessonlearned

Well £425 to £400 should do it, more than enough for a new kitchen, bathroom, redecoration and floor coverings. Thats more than generous on your part.

You are not whiny, just worried and anxious.

Moving is always stressful - even without having to fret over money. Ive lost count of the times I had people in tears in my office.

Just hang in there. This time next year you will be living your new life and having a ball.

lessonlearned

Re the letting thing......try not overthink things - one step at a time.

I find that You can only plan so far ahead. At the moment there are just too many variables to make any concrete plans.

another_casualty

Another rejection today . 2nd viewing . Didn't want to pay more than £400k.
One viewing tomorrow, and one Saturday .
This humid weather has been making me more irritable.
( London sucks in that respect )

lessonlearned

Very humid here too, we are a very long way inland, great in winter because we don't get the storms but a gentle sea breeze would be Lovely right now.

AC - disregard this next bit if you wish but speaking from both my professional career and my own personal experience I do not advocate using the term "offers over".

1. It sometimes puts people's backs up and they refuse to view the property on principle. They will just move on to the next one.

2. It can send out a message that you are unrealistic and inflexible.

3. FTB' s in particular will take it at face value and will be put off, not realising that they might be able to negotiate.

Only my opinion of course but I would go with something like "guide price" or OIRO.

If, as a result, you get a low offer, then it's your EAs job to negotiate on your behalf and get the purchaser to up their offer.

Your decision of course.....

But always remember that everyone likes to think they have nabbed a bargain and so will want to try and negotiate.

If you pitch the price right you may well find that you then get more than one offer and then you end up with a bidding war with you getting more than your original asking price.

I always like to "package the deal", tying it all up with a pretty (metaphorical) bow. The trick to this is finding out what exactly the purchaser wants.......

It might be a quick completion, it might be an item of your furniture they have fallen in love with or an appliance, curtains etc - it might be something that will cost you nothing but it is essential to find out what buttons you need to press to get the sale.

For my last sale my purchasers were desperate for a quick completion because their mortgage offer was due to expire and they also had a deadline to register their daughter for school.

I graciously agreed to move out quickly and rent rather than delay things whilst i searched for my next purchase. (That had always been my intention but I didnt let on, they had to think I was dojng them a special deal).

As a condition of sale I was also putting up new fencing (again always my intention). I deliberately held off getting it done so that the purchaser could choose their own. My purchasers asked for a gate for rear access, no problem I gave them their gate.

Neither of these concessions cost me an extra penny but they delighted the purchaser and helped seal the deal.

Selling is all about psychology.

Gigervamp

Hello, long time lurker here!

I've noticed there doesn't seem to be any negotiating going on, and that everyone seems to want it at 400K.
Is your EA doing any negotiating? It may be that they'd be willing to go to say 405K with a bit of negotiation.


I can understand your frustration, and I think Dorset is lovely. Was in Swanage a couple of weeks ago, with another week booked in September, can't wait to get back, so I'm a little envious. Lol.