Advise needed to sell or buy to let

WIAWSNB

Hi Neha.

May I suggest that the absolute priority is your, and your partner's health? Everything else is soooo secondary to this, that it should barely register.

Everything else is manageable, sortable, and has options. Everything. And, a few years down the line, these options will just be something to just look back on as a wee, unimportant stage in your lives, whichever one you choose to do. But the one thing that needs to be managed right away, is your health. That is not an option.

You have a house with a decent value, and you have the option of downsizing should you need to. As pointed out by others, you shouldn't 'lose out', as the house has pretty much kept the same value over the past couple of years; there should be no expectation that house values go up. And, if it has dropped, then so will the cost of the downsized house. So, you know you can sell and downsize if you really need to. And you also have the alternative of extending your mortgage should you need to. So, please try and chill on that score.

Your child is presumably quite bright?! I'm guessing this exam is for entry to a Grammar school? In which case, good luck to your child. But, if they don't get in, then please also try and chill on that score. If your child is bright, and if your child has a good bunch of well-behaved and conscientious friends at Primary school, so will move up to whichever Secondary with a nice wee bunch of agreeable peers, then they will be absolutely fine. Schools are, on the whole, far better now than they have been, and if your child is in the top 'stream', with good peers, they'll blossom, and most likely achieve as well as in any Grammar or Private school. In fact, they'll likely soar higher, and be recognised as a good mentor in that school. The school is their oyster.

(If the exam was for entry to a Private school and they don't get in, then seriously chill...)

So, hopefully you can accept that the situation with the house and your children is not really a major issue in the scheme of things. You have a roof over your heads, and always will, and your kids are bright, so will achieve wherever they go. You are far better off than many, possibly most, folk. So, please chill. 

That leaves your health. 

I cannot begin to emphasise how important this is - I'm sure I don't even need to try. This is one aspect of your situation that has almost certainly been unfairly landed on you, but you still have good control over it. And please make this your absolute priority, for you, your partner's, and most importantly your children's sakes. 

I presume you are both being treated for your relative conditions? Phew. Add to that treatment everything that you can do to support the maintaining and recovering of your health. Getting rid of as much stress as you can is surely a big part of this? So, I mean it - count your blessings, as outlined above. 

Take control - what can you and your partner tangibly do to improve your health situation? Obvs, it's reduce stress; realise and acknowledge, how actually very fortunate you are. 

The other aspects are up to you, and you will fully know what they are. If either of you could, for example, do with losing a bit of weight (how judgemental!), then bludy do so. If you need to get out more for good walks, then bludy do so (incredible stress relief). Do it - you owe this to your kids. Do you use a blood sugar tracker? If not, get one fitted - and do the right thing by whatever keeps it in the green. Just do this, and you should be fine - and will be able to stop stressing about you. Your partner - ditto. 

If your diets need a tweak - read Zoe and Tim Spector for starters - then do it. Get good stuff into your gut, and it will almost certainly have a dramatic effect. Do it.

I am not suggesting that your respective healths issues are down to 'lifestyle', as I obviously don't know you at all, but if you know there are things you can and should be doing, then please, for gawd's sakes, do it. 

The 'house' and 'school'? Pah and piffle. Health? Numero whatsit. 

ReadySteadyPop

neha9 said:

Hi Torro,

Thank you for your reply.

We purchased this property in 2022 for £465k, did renovations for around £20k, paid stamp duty £13k. Total mortage payments made £56k. Selling was never part of our plan, but because of health and jobs risks, we're now having to think about it.

Thanks.

How much are you trying to sell it for?

sheramber

You say you are not getting the value you expected.

How much do you expect and what are the values being offered?

Are the from viewers or from estate agents?

What have you based your expectations on? 

neha9

WIAWSNB said:

Hi Neha.

May I suggest that the absolute priority is your, and your partner's health? Everything else is soooo secondary to this, that it should barely register.

Everything else is manageable, sortable, and has options. Everything. And, a few years down the line, these options will just be something to just look back on as a wee, unimportant stage in your lives, whichever one you choose to do. But the one thing that needs to be managed right away, is your health. That is not an option.

You have a house with a decent value, and you have the option of downsizing should you need to. As pointed out by others, you shouldn't 'lose out', as the house has pretty much kept the same value over the past couple of years; there should be no expectation that house values go up. And, if it has dropped, then so will the cost of the downsized house. So, you know you can sell and downsize if you really need to. And you also have the alternative of extending your mortgage should you need to. So, please try and chill on that score.

Your child is presumably quite bright?! I'm guessing this exam is for entry to a Grammar school? In which case, good luck to your child. But, if they don't get in, then please also try and chill on that score. If your child is bright, and if your child has a good bunch of well-behaved and conscientious friends at Primary school, so will move up to whichever Secondary with a nice wee bunch of agreeable peers, then they will be absolutely fine. Schools are, on the whole, far better now than they have been, and if your child is in the top 'stream', with good peers, they'll blossom, and most likely achieve as well as in any Grammar or Private school. In fact, they'll likely soar higher, and be recognised as a good mentor in that school. The school is their oyster.

(If the exam was for entry to a Private school and they don't get in, then seriously chill...)

So, hopefully you can accept that the situation with the house and your children is not really a major issue in the scheme of things. You have a roof over your heads, and always will, and your kids are bright, so will achieve wherever they go. You are far better off than many, possibly most, folk. So, please chill. 

That leaves your health. 

I cannot begin to emphasise how important this is - I'm sure I don't even need to try. This is one aspect of your situation that has almost certainly been unfairly landed on you, but you still have good control over it. And please make this your absolute priority, for you, your partner's, and most importantly your children's sakes. 

I presume you are both being treated for your relative conditions? Phew. Add to that treatment everything that you can do to support the maintaining and recovering of your health. Getting rid of as much stress as you can is surely a big part of this? So, I mean it - count your blessings, as outlined above. 

Take control - what can you and your partner tangibly do to improve your health situation? Obvs, it's reduce stress; realise and acknowledge, how actually very fortunate you are. 

The other aspects are up to you, and you will fully know what they are. If either of you could, for example, do with losing a bit of weight (how judgemental!), then bludy do so. If you need to get out more for good walks, then bludy do so (incredible stress relief). Do it - you owe this to your kids. Do you use a blood sugar tracker? If not, get one fitted - and do the right thing by whatever keeps it in the green. Just do this, and you should be fine - and will be able to stop stressing about you. Your partner - ditto. 

If your diets need a tweak - read Zoe and Tim Spector for starters - then do it. Get good stuff into your gut, and it will almost certainly have a dramatic effect. Do it.

I am not suggesting that your respective healths issues are down to 'lifestyle', as I obviously don't know you at all, but if you know there are things you can and should be doing, then please, for gawd's sakes, do it. 

The 'house' and 'school'? Pah and piffle. Health? Numero whatsit. 

Thank you so much for such a thoughtful and reassuring message. It really does help to be reminded of what’s truly important, and you’re right — health has to come first. The rest, whether it’s the house or school, will work itself out one way or another.

Your perspective has really eased some of the pressure I’ve been putting on myself. We’re doing our best to focus on health, lowering stress where we can, and making small positive changes. It’s encouraging to know that the other worries don’t need to be such a heavy weight right now.

I really appreciate the time you took to share this meaningful objective of health comes first — it reminded us of what is important in life to be happy and stressfree.

neha9

ReadySteadyPop said:

neha9 said:

Hi Torro,

Thank you for your reply.

We purchased this property in 2022 for £465k, did renovations for around £20k, paid stamp duty £13k. Total mortage payments made £56k. Selling was never part of our plan, but because of health and jobs risks, we're now having to think about it.

Thanks.

How much are you trying to sell it for?

We were expecting 500k considering the time and money we have put in this house.

neha9

sheramber said:

You say you are not getting the value you expected.

How much do you expect and what are the values being offered?

Are the from viewers or from estate agents?

What have you based your expectations on? 

We queried with three estate agents and they all have valued around 485k. 

Emmia

neha9 said:

ReadySteadyPop said:

neha9 said:

Hi Torro,

Thank you for your reply.

We purchased this property in 2022 for £465k, did renovations for around £20k, paid stamp duty £13k. Total mortage payments made £56k. Selling was never part of our plan, but because of health and jobs risks, we're now having to think about it.

Thanks.

How much are you trying to sell it for?

We were expecting 500k considering the time and money we have put in this house.

Unfortunately spending money on improvements doesn't necessarily translate to the same increase in value of the property.

sheramber

neha9 said:

ReadySteadyPop said:

neha9 said:

Hi Torro,

Thank you for your reply.

We purchased this property in 2022 for £465k, did renovations for around £20k, paid stamp duty £13k. Total mortage payments made £56k. Selling was never part of our plan, but because of health and jobs risks, we're now having to think about it.

Thanks.

How much are you trying to sell it for?

We were expecting 500k considering the time and money we have put in this house.

Unfortunately, You don’t get anything for your time.
  

Decoration, etc etc may make your house more sellable but a buyer may not like your choices and intend to change them

In the end  you will only achieve what someone is prepared to pay for it.

They will compare it to what else in on the market.  If similar houses are £485k then that is what you are competing against, unless your house has something that makes it special to a buyer. 

WIAWSNB

neha9 said:

sheramber said:

You say you are not getting the value you expected.

How much do you expect and what are the values being offered?

Are the from viewers or from estate agents?

What have you based your expectations on? 

We queried with three estate agents and they all have valued around 485k. 

You are talking about a half million pound property.
£15k either way will not make a h'pennys worth of difference long term.
Ok, I'm technically incorrect, but you know what I mean... :-)

neha9

sheramber said:

neha9 said:

ReadySteadyPop said:

neha9 said:

Hi Torro,

Thank you for your reply.

We purchased this property in 2022 for £465k, did renovations for around £20k, paid stamp duty £13k. Total mortage payments made £56k. Selling was never part of our plan, but because of health and jobs risks, we're now having to think about it.

Thanks.

How much are you trying to sell it for?

We were expecting 500k considering the time and money we have put in this house.

Unfortunately, You don’t get anything for your time.
  

Decoration, etc etc may make your house more sellable but a buyer may not like your choices and intend to change them

In the end  you will only achieve what someone is prepared to pay for it.

They will compare it to what else in on the market.  If similar houses are £485k then that is what you are competing against, unless your house has something that makes it special to a buyer. 

We completely understand that we couldn’t expect much regarding the renovations. We had to carry them out right after the purchase, since the toilet, WC, bathroom, tiles, and most things hadn’t been updated for over 20 years. The previous owners, an elderly couple, hadn’t done any work on the house for quite a long time, so it wasn’t really in a livable state when we moved in.

That said, we saw this as a long-term family home, which is why we took it on despite the condition. Now that the situation has changed, we understand things differently.