Need advise on what to do with my property

freddiebigbucks

Hey everyone, I'm currently sitting on a property worth around £370,000 (roughly) and I'm going to be going travelling for a while soon. I have no mortgage and it has a 100+ year lease, it's a flat in London. I was thinking of renting it out to give me some money while I'm away, but considering the current state of the market, I am thinking of selling it now, waiting for a much larger price drop and then picking up a bargain when prices plummet.

Anybody think this is worth more of a look into or is this simply a poor idea?

Thoughts would be appreciated

freddiebigbucks

Anyone? Someone must have some thoughts!

tomstickland

Yes, there are a lot of people here who think that prices are going to drop. By how much and when would require a better crystal ball than currently available.

Dan:_4

Unfortunaly, no one has a crystal ball and can see into the future (even though many people on this forum like to think they can). Things are not looking good at the moment and property is losing value, but the credit crunch wont last forever, it will pass over and when it does things may start to pick up. I doubt property will boom again in the next 10 years (well, I most certainly hope not anyway) but it may level out.

There is no guarantee that the market will be full of bargains in a few years.

geoffky

one year too late,

PasturesNew

It is a good idea imho. Once the money's banked you've no headaches that can randomly come out of owning it. No more thoughts about how it's faring.

Also, if you're going away, things might change and you might get the chance to stay where you went, or to do more travelling . When you come back you might get a job offer at another end of the country.

Best to burn your bridges, get on with your life, then sort out your life wherever once you're back without any ghosts.

carolt

No crystal ball; I personally think house prices will crash so would take the money and run; but whilst that's what I'd do, I wouldn't presume to advise you to do that.

Read as much as you can on the subject and come to your own decisions. I would never advise anyone to sell up and rent as there are risks involved and home ownership is not just about the money; some elements, like security and so on, are impossible to ascribe a price to. So whilst I would advise anyone who doesn't currently own, NOT to buy (except in exceptional circumstances), that's very different to advising those who currently own to sell.

There are plenty of sell-to-renters on here; PasturesNew is one and very happy with it, AFAIK; I'm sure others will be along presently.

fc123

If you can sell it now, do so, as renting it out requires organisation and can have hassle (don't want to be on Fiji Beach and have agent call to notify you of a flood for example) plus it gives you freedom as PN said, to take up opportunities that may arise.

Gorgeous_George

freddiebigbucks wrote: »

Hey everyone, I'm currently sitting on a property worth around £370,000 (roughly) ...

I wouldn't sit on it any longer if I was you.

It's going to get really cold tonight so get inside and wrap up warm.

GG

kellybigboobs

gorgeous george,that's funny!

freddie,you don't say how old you are,if you're in a relationship or have any children/dependants?

surely if you're single and possibly loaded with no ties then you would just sell up and hop off on your travels.seems obvious to me!at the risk of sounding rude,grow some balls and stop bleating about being in a position most sane people would love to be in!!!

GO,GO,GO......travel the world,do stupid things and worry about house prices when you run out of funds/friends/ideas.

LIVE FOR RIGHT NOW:beer: :beer: :beer: :beer:

PasturesNew

kellybigboobs wrote: »

surely if you're single and possibly loaded with no ties then you would just sell up and hop off on your travels.

Damn... missed a trick.

OP ... if you're single, possibly loaded, no ties .... tall, dark, handsome and male. Give me a shout, I'll come with you.