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Just bought a house as a FTB, but now need to sell

stormflm595
Posts: 1 Newbie
Hi all
I am a first time buyer and I've just bought a house where I have completed and moved in recently.
I live an hour and a half away from my family (I have done for going on 10 years) and was quite settled, but unfortunately there is a family emergency which has meant I have had to come back home for a bit. This was temporary but with the way things are and how close I am to my family, I need to make this permanent and so need to sell the house and relocate back close to home.
Basically I need advice on any unexpected costs of selling a house so early on, and within a fixed term of a mortgage.
I have already had some works done (damp proofing, new boiler and a more modern oven) so I feel I will be able to sell for more than I purchased for but I'm not really sure what the market is doing right now - is it a good time to sell? I hope to be holding all of the cards in my hands, as I will be temporarily moving back in with my mum so i won't be buying straightaway so can tell people with silly offers where to go lol I will of course be keeping my mortgage, all bills and insurance going and making sure I am going back and forth to make sure things are okay but of course, family comes first and I feel like this is the right decision even though I've only just bought the house!
I guess I am also wanting towanting see if anyone else here has had something similar and how it all went for them?
Thanks!
I am a first time buyer and I've just bought a house where I have completed and moved in recently.
I live an hour and a half away from my family (I have done for going on 10 years) and was quite settled, but unfortunately there is a family emergency which has meant I have had to come back home for a bit. This was temporary but with the way things are and how close I am to my family, I need to make this permanent and so need to sell the house and relocate back close to home.
Basically I need advice on any unexpected costs of selling a house so early on, and within a fixed term of a mortgage.
I have already had some works done (damp proofing, new boiler and a more modern oven) so I feel I will be able to sell for more than I purchased for but I'm not really sure what the market is doing right now - is it a good time to sell? I hope to be holding all of the cards in my hands, as I will be temporarily moving back in with my mum so i won't be buying straightaway so can tell people with silly offers where to go lol I will of course be keeping my mortgage, all bills and insurance going and making sure I am going back and forth to make sure things are okay but of course, family comes first and I feel like this is the right decision even though I've only just bought the house!
I guess I am also wanting towanting see if anyone else here has had something similar and how it all went for them?
Thanks!
0
Comments
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You will probably have early repayment charges on your mortgage, check the paperwork for the amounts.
Some mortgage companies wont lend on a property which has sold within the last six months so your buyer may have to be wary of this depending on how long it takes to sell.
You will obviously have costs from estate agents, solicitors and redemption of your mortgage to take into account as well.
You may well get a little more for your property than when you bought it but it is unlikely you will recoup all of the costs involved in selling the property on again so quickly.0 -
How long ago is “just bought”?
RS has already pointed out some issues you might have re early redemption fees and the fact other lenders will be cautious on a home that was bought less than 6 months ago.I’d phone your mortgage company and ask what fees might be payable, then wait to approach 6 months of owning, if required, and talk to some agents to get a valuation.Get your numbers down on paper and see what costs you are looking at.0 -
stormflm595 said:I have already had some works done (damp proofing, new boiler and a more modern oven) so I feel I will be able to sell for more than I purchased for
You dont say how recent the purchase is but with a potentially smaller number of buyers (particularly if you need a cash buyer) then that can result in lower prices achieved.0 -
stormflm595 said:
I have already had some works done (damp proofing, new boiler and a more modern oven) so I feel I will be able to sell for more than I purchased for but I'm not really sure what the market is doing right now - is it a good time to sell? I hope to be holding all of the cards in my hands, as I will be temporarily moving back in with my mum so i won't be buying straightaway so can tell people with silly offers where to go lol I will of course be keeping my mortgage, all bills and insurance going and making sure I am going back and forth to make sure things are okay but of course, family comes first and I feel like this is the right decision even though I've only just bought the house!
You may sell for a bit more than you paid but you have to offset the cost of these works against any "perceived profit". Subtract estate agent's and solicitor's fees and mortgage redemption charge and you will do well if you break even.If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales2 -
When you sell, instruct the agent to tell the buyers of the nature of the sale, so they don't get worried about the short time you've lived there. I had a house in my area complete in January and re-list in October for 75k more. And it was sold STC within 2 weeks. Ridiculous. This is London by the way, and close to a desirable school.
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stormflm595 said:Hi all
I am a first time buyer and I've just bought a house where I have completed and moved in recently.
I live an hour and a half away from my family (I have done for going on 10 years) and was quite settled, but unfortunately there is a family emergency which has meant I have had to come back home for a bit. This was temporary but with the way things are and how close I am to my family, I need to make this permanent and so need to sell the house and relocate back close to home.
Basically I need advice on any unexpected costs of selling a house so early on, and within a fixed term of a mortgage.
I have already had some works done (damp proofing, new boiler and a more modern oven) so I feel I will be able to sell for more than I purchased for but I'm not really sure what the market is doing right now - is it a good time to sell? I hope to be holding all of the cards in my hands, as I will be temporarily moving back in with my mum so i won't be buying straightaway so can tell people with silly offers where to go lol I will of course be keeping my mortgage, all bills and insurance going and making sure I am going back and forth to make sure things are okay but of course, family comes first and I feel like this is the right decision even though I've only just bought the house!
I guess I am also wanting towanting see if anyone else here has had something similar and how it all went for them?
Thanks!4 -
TheJP said:stormflm595 said:Hi all
I am a first time buyer and I've just bought a house where I have completed and moved in recently.
I live an hour and a half away from my family (I have done for going on 10 years) and was quite settled, but unfortunately there is a family emergency which has meant I have had to come back home for a bit. This was temporary but with the way things are and how close I am to my family, I need to make this permanent and so need to sell the house and relocate back close to home.
Basically I need advice on any unexpected costs of selling a house so early on, and within a fixed term of a mortgage.
I have already had some works done (damp proofing, new boiler and a more modern oven) so I feel I will be able to sell for more than I purchased for but I'm not really sure what the market is doing right now - is it a good time to sell? I hope to be holding all of the cards in my hands, as I will be temporarily moving back in with my mum so i won't be buying straightaway so can tell people with silly offers where to go lol I will of course be keeping my mortgage, all bills and insurance going and making sure I am going back and forth to make sure things are okay but of course, family comes first and I feel like this is the right decision even though I've only just bought the house!
I guess I am also wanting towanting see if anyone else here has had something similar and how it all went for them?
Thanks!
https://www.heritage-house.org/damp-and-condensation/the-fraud-of-rising-damp.html
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stormflm595 said:Hi all
I am a first time buyer and I've just bought a house where I have completed and moved in recently.
I live an hour and a half away from my family (I have done for going on 10 years) and was quite settled, but unfortunately there is a family emergency which has meant I have had to come back home for a bit. This was temporary but with the way things are and how close I am to my family, I need to make this permanent and so need to sell the house and relocate back close to home.
Basically I need advice on any unexpected costs of selling a house so early on, and within a fixed term of a mortgage.
I have already had some works done (damp proofing, new boiler and a more modern oven) so I feel I will be able to sell for more than I purchased for but I'm not really sure what the market is doing right now - is it a good time to sell? I hope to be holding all of the cards in my hands, as I will be temporarily moving back in with my mum so i won't be buying straightaway so can tell people with silly offers where to go lol I will of course be keeping my mortgage, all bills and insurance going and making sure I am going back and forth to make sure things are okay but of course, family comes first and I feel like this is the right decision even though I've only just bought the house!
I guess I am also wanting towanting see if anyone else here has had something similar and how it all went for them?
Thanks!0 -
Thought about letting it out, so you could keep the property while you live with mum?
Would need to contact your mortgage provider for permission (or may need to move to a B2L) and line up an agent to manage/ rent your property."No likey no need to hit thanks button!":pHowever its always nice to be thanked if you feel mine and other people's posts here offer great advice:D So hit the button if you likey:rotfl:1 -
Lots of pitfalls with renting out, as discussed on here many many times.0
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