Sell or Rent out?

Dipak

Hi,

I have a property near a local university that i rent out to student. This year has been a very hard year to fill the property with student due to new accomadation opening near by and undercutting many of the landlords.

I have approached an estate agent and had my property valued at £115,000. Another estate agent has valued it at £170,000. Can valuation really be that far out? I have a mortgage to pay therefore either need it rented asap or sold. What advice do you good MSE have?

Regards,
D

carpetbelly

Yes, valuations can be that far out... First off, get a couple more people in to give you their so called valuations. Tbh, there's just guess' so they can get your business in the door and then prob get you to reduce the price down the line.

With regards to renting, can you not match the new accomodation and cover your mortgage still?

And if you want to sell, well, check out rightmove and nethouseprices. See what similar properties have gone for. And work out a price for yours accordingly. If you need a quick sale to, you're probably going to have to be prepared to not get that near your asking price unless you're pretty lucky

mlz1413

agree you need another couple of valuations try to use independants and tell them your position.

Have you tried one of the guaranteed rental income schemes (like Northwood offer) it is less than you could get yourself but it would guarantee you income for 12 months.

How long have you rented for? is it's a few years does the place need painting and carpets cleaning to give it a fresh look. Remember if you want/need top rent then the place needs to be in good condition.