Has anyone sold a property after a short amount of time?

tom77_2

Did you lose a lot of money or manage to break even? Have been in my new place a few months but it's not working out for various reasons. Thinking I might try to sell after 6 months if I can not take too much of a hit...

marksoton

Purchasing/selling is expensive. I wouldn't do it.

lewishardwick

Unless there's been a sudden rise in the property prices, there's going to be significant costs in moving.

Estate Agents fees
Solicitors fees (for both selling and onward purchase)
Surveys/Searches
Mortgage early repayments costs (if you're on a fixed product and cannot port)
Removal Costs

You may well find yourself out of pocket by quite a bit.

tom77_2

lewishardwick wrote: »

Unless there's been a sudden rise in the property prices, there's going to be significant costs in moving.

Estate Agents fees
Solicitors fees (for both selling and onward purchase)
Surveys/Searches
Mortgage early repayments costs (if you're on a fixed product and cannot port)
Removal Costs

You may well find yourself out of pocket by quite a bit.

Yeah, I know. I guess plan b is to rent it out but I'm also worried that there'll be a recession which means it'll be harder to sell in 2 years when my fix is up.

phoebe1989seb

I wouldn't recommend it personally, OP, although I can understand why in certain cases it may be unavoidable.

Although there were mitigating circumstances - the last property crash - and I now firmly believe we overpaid for the house in question, we 'lost' a shed load of money when we moved after a (relatively) short period of time.

We bought in 2007 when prices were still high, spent a further £40k+ on work to restore the 500 year old property and sold three years later for £20k less than our original purchase price. Fortunately we only scratched the surface of building work but took the house from an 80s time warp to something far more appealing. We could easily have spent a further £100k on 'improvements'......so glad we didn't

Moreover, removals x2 totalled around £6.5k, plus EA fees, solicitor fees etc etc.

We actually had the house valued when we'd only been there about six months before we'd started to spend on the work we couldn't do ourselves (rewiring/work to heating system) and the 'valuations' came in at a similar figure to what we eventually sold for, so imho we may as well have not bothered proceeding with the works to restore it.

By carrying out the work we did do, all we did was increase saleability as we accepted a proceed-able offer within ten days of marketing......in an extremely stagnant area.

As we weren't reliant on borrowing it felt as though this money was ours to lose, too

Otoh, if your circs have changed - as ours had, we needed to relocate due to elderly, very sick parents - you may feel taking the hit is worth it. Life's too short to be stuck somewhere you're not happy!

tom77_2

phoebe1989seb wrote: »

I wouldn't recommend it personally, OP, although I can understand why in certain cases it may be unavoidable.

Although there were mitigating circumstances - the last property crash - and I now firmly believe we overpaid for the house in question, we 'lost' a shed load of money when we moved after a (relatively) short period of time.

We bought in 2007 when prices were still high, spent a further £40k+ on work to restore the 500 year old property and sold three years later for £20k less than our original purchase price. Fortunately we only scratched the surface of building work but took the house from an 80s time warp to something far more appealing. We could easily have spent a further £100k on 'improvements'......so glad we didn't

Moreover, removals x2 totalled around £6.5k, plus EA fees, solicitor fees etc etc.

We actually had the house valued when we'd only been there about six months before we'd started to spend on the work we couldn't do ourselves (rewiring/work to heating system) and the 'valuations' came in at a similar figure to what we eventually sold for, so imho we may as well have not bothered proceeding with the works to restore it.

By carrying out the work we did do, all we did was increase saleability as we accepted a proceed-able offer within ten days of marketing......in an extremely stagnant area.

As we weren't reliant on borrowing it felt as though this money was ours to lose, too

Otoh, if your circs have changed - as ours had, we needed to relocate due to elderly, very sick parents - you may feel taking the hit is worth it. Life's too short to be stuck somewhere you're not happy!

Yes, I realise if I do sell it'll be at the worst time ever next year when Article 50 might be triggered. I'm on a very tight budget so I don't really have that money to lose BUT if prices stay flat next year as everyone is predicting I could still just about afford to buy another place even if I take a small hit on this one. I'm hoping I can at least sell for the same price though.

marksoton

tom77 wrote: »

Yeah, I know. I guess plan b is to rent it out but I'm also worried that there'll be a recession which means it'll be harder to sell in 2 years when my fix is up.

It's quite unlikely your lender would give consent to let.

tom77_2

marksoton wrote: »

It's quite unlikely your lender would give consent to let.

Really? How come?

Thrugelmir

tom77 wrote: »

Yes, I realise if I do sell it'll be at the worst time ever next year when Article 50 might be triggered. I'm on a very tight budget so I don't really have that money to lose

I'd be more worried about what it's going to cost to move than the triggering of Article 50. Article 50 has no direct correlation to the property market. Personally I'd be more concerned if the US raises interest rates in December. As could be the first indications of normality returning to the lending markets.

At least by paying the mortgage ever month you'll be building equity.

tom77_2

Thrugelmir wrote: »

I'd be more worried about what it's going to cost to move than the triggering of Article 50. Article 50 has no direct correlation to the property market. Personally I'd be more concerned if the US raises interest rates in December. As could be the first indications of normality returning to the lending markets.

At least by paying the mortgage ever month you'll be building equity.

Article 50's bound to have an impact on sentiment though IMO

fairy_lights

If you've only been in for a few months, are you absolutely certain you can't make it work? There must have been reasons you chose to buy the place to begin with?