We're stuck! Selling then renting

thaimeister

Thank you all for the replies. After another anxious week trying to decide how to move forward, its becoming more & more obvious to us that our quality of life is more important than the financial loss involved. We simply aren't happy living in our area.
For starters I've decided to ask our estate agent to drop the price of our property and change to "offers over". I'm also going to ask to pay for a "featured property" on rightmove just to see if it generates any interest.

Thanks

Car1980

How many viewings have you had?

MEM62

thaimeister wrote: »

We are now so unhappy living here and desperate to get out of the area.

If that's the way you feel about it what makes you think that the house is attractive to potential buyers?

Perhaps you should look at renting it for while. At least that way you will not have to sacrifice a chunk of your savings dealing with the negative equity.

thaimeister

Car1980 wrote: »

How many viewings have you had?

big fat zero

Thrugelmir

Not a good time of the year to sell a house. Market will pick up after the main holiday season.

ska_lover

thaimeister wrote: »

After another anxious week trying to decide how to move forward, its becoming more & more obvious to us that our quality of life is more important than the financial loss involved. We simply aren't happy living in our area.


Thanks

:T:T:T:T

Lifes too short to be miserable - in your shoes i would cut my losses and move (into rented if need be) - owning isnt the be all and end all x

Dorian1958

In considering any property purchase instead of going gooey over the presentation and the smell of freshly baked bread (and other clich!s!), One of the best bits of advice I received was before leaping in, ask yourself how easy would it be to sell it, and to whom would it appeal? So, I think about nearest school, availability of parking, can you walk to shops, nearest park/woods/ dog walking route, nearest main road/ motorway network, is there a train station nearby, before I buy so it will be easier to sell to a wide spectrum of people. Who are you aiming your property at, and what unique selling points can you promote? Then be very careful when you buy the next one!

warby68

Not a direct answer but why haven't you been overpaying the mortgage - it surely can't take much to get it down seriously from 2 full time incomes? Even as an interim measure now, isn't the interest saving better than the return on savings?

If you've had zero viewings in 3m then something drastic is probably required in terms of price. No easy way out but I would support a quality of life choice to take the hit and get away but I'd also have been seriously hammering the mortgage down with the knowledge that prices had fallen so much and still see it as probably worthwhile now while you decide.

Have you had a period of low income (perhaps maternity) as, to be honest, your savings seem quite low if you've been putting 75% of a full time wage away for any length of time with quite a small existing mortgage commitment. The reason I say this is how quickly could you now attack that mortgage and get yourselves in a position to move without renting. If its only a few months would that be preferable to the renting risks?

Also what does the agent say about what you have to do to get a sale? Price it for investors presumably.

Crashy_Time

You are not struggling financially, you have accepted that the property is worth less than you bought it for, you hate the area....? Drop the price, get out, and rent somewhere for a while, you will be much happier IMO.