Help please - sell or rent

Mark00Thorpe

Help please any thoughts or ideas would be appreciated, my daughter is paying a mortgage and rent every month and its having a real affect on her, she moved jobs nearly a year ago and decided to sell her flat in our home town, its taking some selling, lots of viewings but no deals. We have to make a decision early in the new year about maybe renting instead of trying to sell. She doesn't really want the hassle or needs the hassle to be honest managing a rental property. We spoke with some letting agents about fees etc etc, does anyone have any experience with lettings agents? want should we look out for? they estimate £400 per month her mortgage is £330 per month. Any other option we have considered is extending the mortgage to 30 years has anyone had experience of this? (lower the repayments) and keep trying to sell the flat.

Really appreciate any thoughts or ideas, would really like to take the pressure of my daughter, its bad enough trying to give a job during these difficult times>

Mark

FTB_Help

Is maybe the reason she is not getting views or offers to buy because of the price its on offer for? Have you had a look round at similar flats in the area and what they've sold for/ selling for?

Do you have a rightmove link of the property?

moneysavinghero

Crashy will be along shortly to tell you to drop the price if you want to sell.

If she can afford to keep paying the mortgage until spring / summer, vaccine may be out and flats may become a bit more desirable than they are now and might sell a bit easier.

Lots of horror stories on here of accidental landlords that have got into problems renting out their properties.

lookstraightahead

Will you be left to manage it? If your daughter really doesn't want the hassle of running it as a rental (which is a business, with lots of paperwork and legal stuff) then I suggest she looks at why it's not selling. If she thinks it is to do with the price then maybe it's time to reduce it to clear the way. Renting out a property is a massive undertaking.

RelievedSheff

As the others have said renting out a property is not a simple process and there is a lot to do on the legal side.

Every property will sell at the right price. How does the price of your daughters flat stack up against the competition? It is almost always price that is the problem when a property sticks around on the market for a long time.

Angela_D_3

We rent out the family home when we relocated snd it was very straight forward and simple.  Even when we had bad tenants the agent just got rid of them and recovered the debts.  Don’t believe all the horror stories 

steampowered

Personally I would hold your nerve and sell. The market has been very busy in most of the country. 

The fact that the property is getting viewings suggests that people do want to buy it.

Is the property realistically priced? If the property is priced too ambitiously, that will discourage people from making offers. Have a look at what other similar properties are listed for in the local area. It could be worth reducing the asking price a bit.

MFWannabe

Mark00Thorpe said:

Help please any thoughts or ideas would be appreciated, my daughter is paying a mortgage and rent every month and its having a real affect on her, she moved jobs nearly a year ago and decided to sell her flat in our home town, its taking some selling, lots of viewings but no deals. We have to make a decision early in the new year about maybe renting instead of trying to sell. She doesn't really want the hassle or needs the hassle to be honest managing a rental property. We spoke with some letting agents about fees etc etc, does anyone have any experience with lettings agents? want should we look out for? they estimate £400 per month her mortgage is £330 per month. Any other option we have considered is extending the mortgage to 30 years has anyone had experience of this? (lower the repayments) and keep trying to sell the flat.

Really appreciate any thoughts or ideas, would really like to take the pressure of my daughter, its bad enough trying to give a job during these difficult times>

Mark

Has the property been on the market for a year; since your daughter moved?
Maybe post a Rightmove link here so people can provide a more informed decision. But if it has been on that long it’s probably down to price why it hasn’t sold 

hazyjo

Angela_D_3 said:

We rent out the family home when we relocated snd it was very straight forward and simple.  Even when we had bad tenants the agent just got rid of them and recovered the debts.  Don’t believe all the horror stories 

Not as simple as that in today's world. You do realise there's 6 months' notice now, and probably a year or so of backlogged cases?

hazyjo

OP - I agree with those saying drop the price. Or put a link up in case there's something glaringly obvious which you've not mentioned (which prob won't be changeable anyway). Even then, it will come down to price. If the flat just needs a bit of love, it might be worth trying to improve it first.

Alter_ego

Mark00Thorpe said:

Help please any thoughts or ideas would be appreciated, my daughter is paying a mortgage and rent every month

Why?   Is it shared ownership?