Our move is looming – we have had the house valued and it is less than the purchase price+renovations cost 3 years ago – not in negative equity, just would ‘loose’ ‘money’* on what we put into the house 3 years ago.

Or we can rent, and hope that at somepoint the market improves. The rent would only just cover costs and an agent (we are 310 miles away shortly…).

Both options would be private agreements with friends / locals – two families want to buy or rent from us.

My new job comes with a house.

So, crystal ball time – do we rent (I expect further drop in market, therfore 5+years before we can consider selling, hindering our plans for off-grid holiday cottages local to new place), or sell now and take a ‘hit’ on capital?
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*yes, it is ‘virtual’ monopoly money time – it only ever was.

Oh, and renting means we have to find piles of cash to fund the removals cost, paying off a small car loan and curtains / shed etc at the house provided for us…but soon runs into £000’s

sell it, move on, enjoy your new life without worrying about money.

Sell and use the cash to go shopping for cottages. It might be crap time to sell, but it’s a good time to buy. What you “lose” on the Sheff house, you could make back by investing now.

Well I think you may just have answered your own question. But realistically how long will it take to sell in the current market? If you can afford to rent the property out the thats what I would do. But remember you will have to pay tax on any profit you make.

Both options would be private agreements with friends / locals – two families want to buy or rent from us. This could be a recipe for disaster.

We rented ours last year, rent doesn’t cover mortgage but I am glad we did as we now intend to go back and are very grateful we still have our house, if anything we will appreciate it all the more..

Gary_M – Member

>Both options would be private agreements with friends / locals – two
>families want to buy or rent from us.

This could be a recipe for disaster.

My thoughts too.

I’ve just sold my house in Sheff. £20k less than ‘peak price’ 2 years ago, but I think there’s worse to come. If you’re planning on moving in the next 5 years I’d sell now. Just my opinion of course.

However, my house was rented and I would have liked to keep renting in the current climate as my mortgage is well below the rent. As I live in Edinburgh its too inconvenient, though, along with it being a high maintenance garden & not suitable for renting (current tennant is a mate and if he moved out I wouldn’t want to rent it out again).

>Both options would be private agreements with friends / locals – two
>families want to buy or rent from us.

This could be a recipe for disaster.

Indeed – we would use an agent with proper agreements etc in place. Been there, done that many a time (I managed about 18 houses at one point, about 6 of which were between mates/known people (ie homeowner abroad for couple of years, I rent to some of thier ‘mates’) yes, it got interesting at times, but no real issues bar one couple….

Jimmy – our valuation was £80k below peak price…..!!!!!

If you do let it. make sure you serve a ground 1 notice so you can get it back quick

You ask here, after we gave you your own forum? 🙁

£80k! Holy crap, hopefully its relative. Mine sold for £135k.