Should I sell my house? Please advise me!

EdInvestor

I would keep it.There's no guarantee of a price crash - indeed history indicates that exiting the UK house market can be very risky as prices can rise very rapidly without you noticing.

Since you are definitely returning , have done this before, would live in the house on return and the mortgage covers the rent there seems to be no downside, as it's likely the house in Cornwall would have fallen in value too.

Selling houses at the moment is a serious pain in the neck - buyers are making silly offers, pulling out at the last minute, failing to get mortgages etc.It's not worth the hassle, especially from afar.

JimmyTheWig

Agree with Ed in terms of the hassle of selling now.
But not in terms of the prices.

I'm certainly no member of the HPC brigade, but seriously what's the chances of above inflation increases over the next 18 months?

[And who knows what the hassle of selling will be like in 18 months?]

Scubabe

Regardless of whether the place will be worth more or less in 18 months time, the key sentance you posted is this:

We did have a period of 2-3 months without a tenant, which was quite painful financially.

You know what to do. Honestly, you do. You really didn't need to ask us did you?

If you keep it and rent it out and sell it in 18 months time, you run the risk of losing money on the sale, and also losing money if it remains untennanted for a few months. Why not sell now and chuck your £50K in the bank, then you'll have a nice big deposit on a (hopefully cheaper) property when/if you get back.

Besides which, if you decide to stay in Godzone in 18 months time, wouldn't it be so much nicer to just transfer the £ into NZ$ and buy yourself a pad down there than having to come back here and put it on the market etc, selling from another country can be a real PITA.

Where abouts in NZ are you from? I'm a Kiwi too

Ness

chappers

EdInvestor wrote: »

I would keep it.There's no guarantee of a price crash - indeed history indicates that exiting the UK house market can be very risky as prices can rise very rapidly without you noticing.

Since you are definitely returning , have done this before, would live in the house on return and the mortgage covers the rent there seems to be no downside, as it's likely the house in Cornwall would have fallen in value too.

Selling houses at the moment is a serious pain in the neck - buyers are making silly offers, pulling out at the last minute, failing to get mortgages etc.It's not worth the hassle, especially from afar.

Do you think it's going to be any easier to sell in 18 months time and also there is the chance that they might not be buying again in this country.

Valid point about the fall in house prices in Cornwall though, particularly as the papers today have been saying that house prices are still rising in the East Midlands but falling in the South West, in fact the Southwest has had some of the largest falls

Pez2

If I were in your situation I wouldn't want the hassle of renting out a property while on the other side of the world, so I would sell. The only problem is that it might be difficult to shift in the current market conditions.