changing from interest only to buy-to-let

Gorgeous_George

Keep the flat on the market but forget about buying another property and letting the flat.

If you want something to fall back on, buy a big cushion. You cannot fall back on negative equity.

GG

neverdespairgirl

I can't help but feel that £184k for a 2 bed in Feltham is just way too much.

neilsc99

neverdespairgirl wrote: »

I can't help but feel that £184k for a 2 bed in Feltham is just way too much.

we thought the value was alot on the flat but when we looked at others on the estate it did not seem that high, it's one of the higher ones on the estate but it's one of the largest flats on the estate, we did even drop it down from 187K as well. Also I know Feltham is not great but alot of invesment has gone into it over the past years plus it's great for public transport which in many places people struggle to find

MissMoneypenny

neilsc99 wrote: »

we thought the value was alot on the flat but when we looked at others on the estate it did not seem that high, it's one of the higher ones on the estate but it's one of the largest flats on the estate, we did even drop it down from 187K as well.

Have you looked at how long other flats are taking to sell and what those that did sell, sold for?

http://www.nethouseprices.com/index.php?con=sold_prices_street_detail&locality=HOUNSLOW&town=FELTHAM&street=REDFORD+CLOSE&year=All&house_style=All&house_age=All&house_type=All&search_radius=&northingToSearch=&eastingToSearch=&cCode=EW&outcode=TW13&incode=4TA&start_limit=0&curPage=1

Captain_Mainwaring_2

neverdespairgirl wrote: »

I can't help but feel that £184k for a 2 bed in Feltham is just way too much.

I'd be very surprised if it makes that, I'd see it around 160's.

neilsc99

yeah we have looked at various websites to see how much they went for and how long they have been on for, but looking at them prices i think they are 1 bed flats as there is around 20K difference in price. I guess we will just wait and see what happens now and nobody knows what the future hold.

neilsc99

Captain_Mainwaring wrote: »

I'd be very surprised if it makes that, I'd see it around 160's.

we paid 158K 20 months ago, maybe due to the current climate it maybe over priced but dont think it was when it was first on the market. A friend of mine paid 160K for a 1 bed new build end of last year

ncooper1974

neilsc99 wrote: »

A friend of mine paid 160K for a 1 bed new build end of last year

You should ignore what people paid for new build developments as these are notoriously overpriced at the best of times!

MissMoneypenny

neilsc99 wrote: »

yeah we have looked at various websites to see how much they went for and how long they have been on for, but looking at them prices i think they are 1 bed flats as there is around 20K difference in price.

This flat is the about the same size as yours, is a 2 bed and is closer to the station. It has an asking price of £165,000 (20K cheaper than you are asking) and is sold stc.
http://www.rightmove.co.uk/viewdetails-9119823.rsp?pa_n=2&tr_t=buy

3under3

I would reduce the price of the flat to a quick realistic sale price, say 10% less than it's on for now? Then negociate a similar discount on the next house you buy. Your mortgage on this must be quite high if you will only have 20k to put on the deposit for the next house. Are you sure the rent will cover the mortgage interest/service charges etc if you let the flat? How will you cover void periods? Think carefully, you may end up with two properties in negative equity if you buy now...at least with a house you have a better chance of making it your long term home with more scope for improving and adding value in the long run.