Need advise on what to do with my property

freddiebigbucks

Thanks for all the advise guys & gals, I'm moving towards the idea of just renting it out, as one of you said, it will provide a base for me regardless of property prices (it wont really affect me considering there isn't a mortgage on the place i guess, unless I REAALLY want to sell it for some reason!).

Parents wouldn't be annoyed if I sold it, bought it a year ago for under 250, so its gona up a heap considerin the year we've had (it actually hasnt gone up that much, I'm just really good at finding bargains haha). As long as I consulted them first and didn't make any sudden decisions etc, I would of course keep them involved in the entire process - they are older and wiser (well...) than me

Verbatim: The problem is, I have NO IDEA what I want to do in life, hence the travelling. I probably wouldn't dip into the saving money, but I would be living off the interest so I owuld actually lose some value if we include inflation... Worst case scenario? I come back after a long trip away, still completely unsure of which direction I want to take my life in...

mystic_trev: sounds amazing, but I have a long term girlfriend to think about who is unable to travel for long periods of time (uni), so can't just hop on a plane and dissappear for 6 months! =\

anitap

Our property has been on the market for a month and we had 2 viewers in the second week but neither offered (1 didn't seem that serious about buying and the other bid on another house which was out of their price range but they managed to have their offer accepted) and we have had no interest since.

I know its early days but we are relocating 300 miles away to live in MOD accomodation as my hubby is in the army and we decided to cash in on our house, move into rented and then when hubby gets out in 5 years hopefully we would have a nice nest egg to buy again. The question is with all the recent news on the property market "crash" do we drop the price of the house now before it gets worse or do we sit it out ?

One of my other concerns is that (without sounding like we would be personnaly responsible !!) if we drop our price then we would actually be helping the crash - not us soley but you know what I mean, if every vendor dropped their prices tomorrow in panic then before you know it and without realising it the sellers would have been very unhelpful to the housing market !?!

What do you think to reduce or not to reduce ?

Cool_Chick

Hi,

I'm in the same position as freddiebigbucks. Should I sell now and get a good price, or take a loan, refurbish property, rent it out and hope for the best when the crisis is over?

Would be gutted if I never achieved this high equity again.

Help!

sparklycat

We sold up the end of last year due to relocation and completed last week.:j We have been renting since Dec and to be quite honest best thing we did. We were lucky as we got asking price but were contemplating a price drop if we hadn't sold by the spring. I think it depends what position you are in, if you need to get the maximum of cash from your house then I'd sit for a while. If you feel you can afford a drop then go with that.We left our property empty (had good neighbours who kept an eye)and that didn't seem to effect the sale(I think sometimes people can imagine furniture etc, idea of space without clutter & you get a council tax exempetion!).

It's a tough one. I think you have to do what feels right for you. No one can decide that for you. We are now looking to buy in our new area, we are in the driving seat. We are now getting interest on the money until we find what we want. We are looking for a home and that's the way we are looking at it.

Anitap, where are you heading? my OH was in army until recently so know excatly where you are coming from!:D

dopester

£100,000 rise in valuation in a year.... ?

Property is only ever worth what someone is prepared to pay you for it.

Valuations mean very little in this climate.

Boo-hoo, a 2.5% reported drop by the Halifax... should we sell and get out early?

Could be wrong but methinks now is way too late for most people to sell their property and lock in £100,000 yearly increases.

BritishExpat forums have had posters slashing tens of thousands of their asking prices these past few months, in order to sell so they can move abroad. Most are having trouble shifting their property. It comes to something when someone undercuts their asking price by £50,000 compared to what their neighbours are asking in a near identical house.

And now they are slashing them by £100,000.

http://britishexpats.com/forum/showthread.php?t=474078&page=852

Well, I think my OH may have a few words for me....

EA just phoned to say the 2 developers weren't interested. But the one who came a few weeks back is, but can't proceed for another 3 months....

So I asked her advice and she said a significant reduction and offersover would be the way to go. So I reduced the price by..... £100K yes one hundred thousand pounds... I feel sick. It is offers over and that was the auction reserve price, so haven't lost anything really, but it is real money we put in as deposit and work we have done to the house. (We only bought 3 years ago for more than it is on the market for now...)

I also reduced the flat by another £10k and she is going to advertise it as bargain of the week, must be sold etc....

F word, I feel sick, £110K in one phone call, that would buy a house in Adelaide....

anitap

Thanks for the reply Sparklycat, we are off to Warminster ! We are in a position to sit on it and have already informed the council tax to make sure we are exempt its just the worry that if we do it now we could save the hassle of sitting on it and having to do it later when we have paid more in interest, we came out of our 4 year fixed rate in August last year but we thought we were going to buy a new house in the new year and so didn't shop around for a new deal as we thought it might just complicate things, regretting it now as we are paying 7% !

We also have good neighbours and a good alarm system so not too worried about it being sat empty just feel like its going to get worse before it gets better and ideally would like to have it sold within 6 months - I think that might be a bit overambitious if things carry on like this. Doesn't help when I lost £10,000 on a property in 2000 - it started picking up slowly shortly after I sold and now the same property would have bagged me about £32,000 profit !!!!! (boo hoo)

sparklycat

Hmm, difficult. My OH had the same problem in the first crash he made £10,000 but then lost out big time 12 months later as the property had gone up by almost £100,000! To be honest i don't think anyone really knows what is going to happen, would be great if we did , would save us wondering what to do too!

I'm sure you wil sell in 6 months, I always like to look on the bright side of things, always happen for a reason!!

Good luck in Warminster,lovely part of the world. Hoping in a way prices do go down as we are aiming to move to Dorset eventually and way too pricey at mo! happy where we are now, OH still working for MOD, couldn't leave the life completely!!!:D

geoffky

I wonder how these people got on and how many did sell for asking price?

fc123

geoffky wrote: »

I wonder how these people got on and how many did sell for asking price?

I was wondering if the parents are still as wealthy? All that property in Chelsea......

Thrugelmir

fc123 wrote: »

I was wondering if the parents are still as wealthy? All that property in Chelsea......

Earlier this year the average price of a flat in Fulham was £448,000 so one would imagine still wealthy.......