How do you not get stressed / affected by house price?

Angela_D_3

GarciaLorca said:

Scotbot said:

julicorn said:

If you're moving into a rental anyway, and are worried about the value of your flat going down, but think you can sell it now for how much you bought it for a few years ago, I don't really understand why you wouldn't just sell it? Being a landlord isn't easy at all, and if you believe property prices are going to fall (which is fairly likely imo, although my crystal ball has been out of action lately), and London will be more affected than where you're hoping to buy in a few years time, then wouldn't the right course of action be to just sell up now, and keep that money aside for a deposit in a few years time? You wouldn't have the hassle of renting it out, trying to kick out a tenant when you're trying to sell up, and sell under time pressure once you want to buy a new place. 

Totally agree put it on the market now, with the SDLT holiday and the fact there is no chain you should get a good price. If you don't  you can still rent it out.  Also agree prices  in London for flats will fall so now is the best time to sell.

Could I just put it on the market straight away and sell subject to tenancy? I know it restricts to BTL landlords. But I’ve already committed to renting and also letting it out. I can’t wait for a sale to move into the rental as the purpose of that was moving in with partner. 

Would you rent a flat knowing you'll a) be expected to show people around your home and b) it could be sold at any moment giving you three months to find somewhere to live ?   It costs me at least £2000 in the short term every time i moved by choice, deposit and rent upfront before i've got my first deposit back and removal costs.   No way would I knowing walk into that situation.

GDB2222

GarciaLorca said:

Scotbot said:

julicorn said:

If you're moving into a rental anyway, and are worried about the value of your flat going down, but think you can sell it now for how much you bought it for a few years ago, I don't really understand why you wouldn't just sell it? Being a landlord isn't easy at all, and if you believe property prices are going to fall (which is fairly likely imo, although my crystal ball has been out of action lately), and London will be more affected than where you're hoping to buy in a few years time, then wouldn't the right course of action be to just sell up now, and keep that money aside for a deposit in a few years time? You wouldn't have the hassle of renting it out, trying to kick out a tenant when you're trying to sell up, and sell under time pressure once you want to buy a new place. 

Totally agree put it on the market now, with the SDLT holiday and the fact there is no chain you should get a good price. If you don't  you can still rent it out.  Also agree prices  in London for flats will fall so now is the best time to sell.

Could I just put it on the market straight away and sell subject to tenancy? I know it restricts to BTL landlords. But I’ve already committed to renting and also letting it out. I can’t wait for a sale to move into the rental as the purpose of that was moving in with partner. 

Do not let the flat if you want to sell it. Simple. The number of BTL landlords looking to buy in central London at the moment is very limited, and you’ll get a poor price.  The value of the flat will diminish by much more than you’ll get in rent.

When you say that you’re committed to letting it out, what stage have you reached? Even if you have signed contracts, you may be able to find a way out, eg offer the tenant money to tear up the contract.

Crashy_Time

Angela_D_3 said:

GarciaLorca said:

Scotbot said:

julicorn said:

If you're moving into a rental anyway, and are worried about the value of your flat going down, but think you can sell it now for how much you bought it for a few years ago, I don't really understand why you wouldn't just sell it? Being a landlord isn't easy at all, and if you believe property prices are going to fall (which is fairly likely imo, although my crystal ball has been out of action lately), and London will be more affected than where you're hoping to buy in a few years time, then wouldn't the right course of action be to just sell up now, and keep that money aside for a deposit in a few years time? You wouldn't have the hassle of renting it out, trying to kick out a tenant when you're trying to sell up, and sell under time pressure once you want to buy a new place. 

Totally agree put it on the market now, with the SDLT holiday and the fact there is no chain you should get a good price. If you don't  you can still rent it out.  Also agree prices  in London for flats will fall so now is the best time to sell.

Could I just put it on the market straight away and sell subject to tenancy? I know it restricts to BTL landlords. But I’ve already committed to renting and also letting it out. I can’t wait for a sale to move into the rental as the purpose of that was moving in with partner. 

Would you rent a flat knowing you'll a) be expected to show people around your home and b) it could be sold at any moment giving you three months to find somewhere to live ?   It costs me at least £2000 in the short term every time i moved by choice, deposit and rent upfront before i've got my first deposit back and removal costs.   No way would I knowing walk into that situation.

Rent reduction would probably be needed, but it is easily doable if you are not too bothered about people wandering round for a few minutes from time to time, some flats might not attract that many viewings anyway?