Opinions Please.

snowcat75

My old house has been let out, Tenants were S21 and thankfully left quietly just before everything went south, (far from ideal tenants).
Original plan and knowing what a state they had got the place in was to have a couple of months doing work on the place and then to put it on the market.
I am just completing the first part of the plan, but of course things have very much changed so I am trying to way up my options, 

1) Put it on the market see what happens it is a bit unique, however I think whatever happens it will be a buyers market and offers will be low.
2) Re-let, although I'm extremely nervous about the sector and the ability that some may have to pay over the next year.
3)Do nothing sit on it for a few months and see what happens.

If I hold onto it I will probably look at juggling the mortgage about to make the most of the low interest rates, which is also another consideration.  

Any thoughts? 

HampshireH

Have you considered looking into property guardianship whilst its on the market?
Would mean some income but the flexibility of them leaving quickly when required.

I don't pretend to know the  ins and outs buy may be worth considering 

tom9980

The problem with a guardianship is social distancing would make viewings harder.

I have an empty rental I want more than £150k ideally £155k the agent valued it at £160-165k 3 weeks ago. It will go to market when lockdown ends and will be relet if it does not sell by the end of the year. I am in no rush with no mortgage to pay.

dimbo61

Consider your market Selling the property or renting it out.
Do the work needed and no more unless you have the time, money and skilled tradespeople available to improve the saleability or rental income !
Without seeing the property, location, layout and current market we can only guess if selling or renting is the best option.

Crashy_Time

Don`t spend too much on it would be my advice.

snowcat75

dimbo61 said:

Consider your market Selling the property or renting it out.
Do the work needed and no more unless you have the time, money and skilled tradespeople available to improve the saleability or rental income !
Without seeing the property, location, layout and current market we can only guess if selling or renting is the best option.

I'm self builder this was no.1 of 2 Iv done in my life, so in relative terms doing the work required costs me very little, The property is fairly unique in location and size, which may still make it marketable.

EA valued it at 500K at the 10th march.

Letting agent valued it £1400pcm.


However both markets are pretty volatile, but I think it may be prudent to just leave it empty for a bit and wait for the dust to settle, Mortgage is on hold till August so at other than CT throughout the next few months its going to cost little to keep empty.