Selling 6 months after buying?

Molliedog87

I need some advice as I am even more confused than I was before.

I put a reserve down on a new build house in 2015 which froze the price at 210000...all went well and completed in June 2016, HOWEVER, I am hating living here for a variety of reasons.

I had the house valued more out of curiosity last week. The estate agent got really excited as the house is actually lovely, and will be easy to sell, he felt that the market value is now between 230,000 and 250,000 depending on when I sell, but he was going to put it on the market at 265,000. The estate agent was adamant though that I need to sell now as the price I bought the house for has not appeared online yet.

After discussing it with family and OH I was persuaded into not putting it on the market on the basis that it is safer to stay in the property ladder. None of them spend time here though (I tend to stay at OH's because I try not to spend too much time in my house) so they don't really have a grasp on some of the issues I have been dealing with.

My dilemma is that I would be selling for the profit and coming out of the property ladder as I am currently a student (until June 2017), so I assume that I would not be in a position to buy somewhere else. Has anyone ever been in a situation like this, if the estate agent could help me sell the property for over 250,000 would it be worth it or am I safer staying on the property ladder until I am being paid a salary again?

Whilst I know this house purchase was sensible financially it has left me feeling really low and I spend very little time here.

I would be ever so grateful for some advice.

Thank you in advance

glasgowdan

Your post raises too many questions. How did you buy a house if you're a student? How much equity do you own? What would you do if it doesn't sell for £250k? What would you do if it doesn't sell for £210k? Why exactly do you want to sell it?

I wouldn't rush to try and sell "before your purchase price appears online". That's silly and won't work. The agent just wants it on their books.

What's your dilemma? What do you want forums members to say to you?

Molliedog87

Sorry - I did ask a lot of questions.

I was working full time but after making the purchase I was given the opportunity to completely change careers and am now retraining for a year (hence the student status).

I put down 52k as my deposit.

Basically my main concern was the comments the estate agent made about the fact that the price I paid has not appeared on line yet. He convinced me that I will not be able to sell it for that much once the price I paid appears on line...but I get the impression from your post that what he said is probably a load of nonsense...so that's that question answered.

Reason for wanting to sell is that I am keen to re-locate anyway, but don't know whether it is wiser to sell and take the profit or let it out until I am ready to buy again. I have been told by some people that its better not sell as the house price will move with the market anyway, but other people have said that I will find it easier to buy a second home if I already have the money from this place.

Sorry its such a broad question.

Thank you

Pixie5740

Are they still building similar style houses on the estate and if so how much are they being sold for?

Molliedog87

They have finished all the houses now as it was only a small development. I think the later phases were sold for a slightly higher price than my house, maybe 5k more.

thanks

PixelPound

For your 2nd Q its a choice up to you, selling gives you the liquidity to be able to buy chain free, possibly getting a cheaper price if the seller prefers a quick sale, but depending how long you want to wait before buying you could end up losing out if prices rise significantly. Letting also has potential pitfalls too.

You will get different opinions from different people. You also have to consider how much interest you are paying on your mortgage, what potential rate you could get on savings if you sold, and 101 other factors. What exactly is your concern/hope?

glasgowdan

I genuinely doubt you'll get more than you paid back, unless there's an unusual local market. Any buyer can see how much new builds were for sale at and wouldn't want to pay more and not get the benefit of being the first owner.

hazyjo

Don't forget to take into account moving costs, stamp duty, fees, mortgage deal cancellation fees, etc. Thousands (twice if you do it twice in one year).

Doesn't sound like much profit to me. I bet you'll be out of pocket after you've allowed for all associated costs (twice, and a third time if you buy again).

Check yourself if the sale price is online yet. Most only take around 3 months.

Jx

Molliedog87

Thank you for all the advice. I think the estate agent was trying to scare me into selling and he was very good at it.

This house was my first purchase so I went in a bit blind and am still easily confused by people like estate agents. I think I was looking for a quick solution to my situation but sticking with it is probably going to be more beneficial in the long run.



Thanks again and apologies for the ambiguity of my questions.