[Closed] Having second thoughts about selling !! not sure what to do??

Don't grub about for a few grand, I know someone who did that, took him 2 years to sell, and 25 grand less than the offer he knocked back.

As above is it really worth stressing over for around 2.5% ?

We had three estate agents around and all of them said to market at offer over 190k and to achieve 200k easily.

It seems they were wrong.

Based on your previous posts .... It has an odd layout due to a poorly executed extension furthermore Its not always about bettering your selfs im the future .. Its about buying something you can use now and is suitable for your needs as oppose to having your ideal home .....200miles from where you need to be,

If i was selling i certainly wouldnt be quibbling over 5k at this stage if i had no better offer - and stick my money into something i can use.

or you could just [s]not so[/s] stealth ad your property on here. 😉

Sorry bruneep its not a stealth ad !!

You are right over the poor layout and as such it would need a good few grand spending on it to sort that out !

Another factor is that I only have 3 and a bit years left in the forces until I retire and we arent sure where I am likely to get a job !

If we were to keep the house it would need alot of work doing to it to get it to how we would want

^^^^ This is true!

Agent seems pretty much spot on, market 190 looking for 200 and a firm offer at 195.

I would be very very cautious about being out of the property market. If it goes down 10% you're happy and have "saved a bit" (rent vs mortgage ?) but if it goes up 10% where do you find the extra £20k ?

I think property at top end will be flat to down slightly (higher stamp duty etc) but middle/lower will imho continue to rise.

Another factor is that I only have 3 and a bit years left in the forces until I retire and we arent sure where I am likely to get a job !

In terms of property that is a short time. Either stick and rent or sell up . Dont sell up and try and buy somewhere else to rent ....

Sell it , bank and ring fence the money in account tat penalise heavily for withdrawls so your not tempted to spend it on bikes that are too small or cars .

Spend once you know where you will be living once you get out the forces.

I thought this was going to be about an Orange 5.

Selling and buying when I leave the RAF is my preffered option but Im just worried that house prices are going to go mental and we will be priced out of the market !

When I leave the forces I will also get a gratuity lump sum of around 35-40k to put with the equity of this house as a deposit on a new house

Your first offer is often your best offer. A house is only worth what people are prepared to pay for it.

We had offers of 185,190,192 and now this!

Moly I wish Id kept the 5 29 !!

just knocked 15k off the price of the house I'm buying due to brexit and still having second thoughts.
I'd grab what you can whilst you can.

They want it, you want to sell it, money's about there......

2p worth - get it sold then when you leave the forces and start looking around for a job you won't have the added pressure of trying to sell it as well as a getting a new job .

How about looking at where you'd like to be in ten years. Now might be a good time to buy there.

Moly I wish Id kept the 5 29 !!

Selling mine if you want another. 😉

You're lucky anyone wants to buy it with such a disgraceful lawn.

Sell, buy a cheaper easier to let buy to let use the rent to pay mortgage and have a bigger deposit in 3 years time.

Keep it . You have an asset that will hopefully appreciate in value, and will provide a higher income than you will get at the bank. At the very least it's value should track the value of anything you might want to buy when you leave the forces, and the rent you get should cover any rent you need to pay.
It's not a good time make major financial decisions, particularly if you're a worrier!
I wouldn't want to buy a house at the moment (unless I was getting a real bargain and it was my "perfect" house), but I wouldn't want to sell one either.

If in doubt- do nowt!

Still in doubt !!

Also found out we would have an early repayment charge on the mortgage of 3k.

Sell. You're lucky to get the value as an offer.

I'm having to do a partial refit to nullify three disklies from potential buyers and I've already dropped the asking price twice.

It's a weird market and there's no telling where it'll go next.

That wallpaper in the lounge! 😯

I can safely say that any of the decorating is down to the tenant and nowt to do with me !!

Makes me cringe.

Also found out we would have an early repayment charge on the mortgage of 3k.

And estate agents and legal fees....

If you're going to continue renting it out you don't need to do a damn thing to the layout. It looks decorated and in good repair. Exactly what people want.
I'd hang on to it.
Sell it when you know where you want to live.

I can safely say that any of the decorating is down to the tenant and nowt to do with me !!

You allowed it...it's totally to do with you.

Suburban Reuben . You forget the reason he wanted to sell from previous posts.

He seems to get shit tennents.

For this alone I would sell rather than the stress. He can't self manage as es miles a way and his agent is useless it seems

Sell and put the money towards a house you do want/like.

[Sucks air through teeth] those trees look like they would cause some issues if not kept an eye on 😆

We had three estate agents around and all of them said to market at offer over 190k and to achieve 200k easily.

As a non estate agent but a buyer I'd tell you this is nonsense. OA 190 means just that, not offers above 200, the starting price should represent what you want to achieve. A "normal" price (guide price OitRo etc) means I'll start here and expect less generally. OA means "i think lots of people will want it so make me an offer i can't refuse" of course people makeup their own mind and they've decided since it didn't sell in a week it really means, "i need this much money to buy my next house."

If you want 200+ take it off the market and relist in a few weeks at a representative price. Bear in mind that 19p means you're finding buyers who don't have/want to spend 200k+.

List high and cone down, everyone wants a bargin and spending more than asking isn't one.

unless your house is in one of the very desirable areas of the country where things sell on the basis of postcode alone people will expect to spend asking price or less regardless of the wording of your sale.

Flog it now. Cash is simple and fluid.

A house is not a flexible asset.

Deleted - talking rubbish!

The house is in Droitwich according to the advert.

Sell.

Your list of what you'd need to do looks expensive. Especially if you won't recoup those costs. And for what?

Thanks all for the replies, a proper mixed bag of thoughts as I expected.

The list of what needs doing to it to make it our "home" is quite long and very expensive and to be honest Im not sure its worth doing to that particular house.

If we didnt sell and decided to rent then it still needs a fair bit of work to bring it up to scratch for that... namely new soffits and gutterings, two rooms need plastering, a new window in one room and two window units in the conservatory that have blown plus a lot of painting and tidying up !

my estate agent approached the people that have offered 195k and said that we would accept their offer if they can wait to complete until our fixed term is up (end of november) or pay the fees for us. They flat out refused and said they would look elsewhere. to be honest there isnt anything else comparable and as big in the area for this price point!

Ive suggested to the EA that as a compromise we are willing to split the fees with them. just waiting for a reply.

Daft question Renton, are you able to tighten your belt and hold onto it unrented until such point as you're selling to fund an immediate purchase?

Nothing you do with cash at present is likely to return a good amount. In the house so long as it's kept in at least the state it's in, it'll likely grow but even if not the odds are high that your house still be representative of the market, a drop of even 25% is likely too be directly reflected in the value of what you're looking to buy so you would only loose theoretical money, in practice it doesn't cost you anything unless the sole purpose of this property is to make money as in investment.

In all likelihood the value of the house and the market as a whole will continue to rise faster than most any other investment and almost certainly more than your salary. At least whilst sunk into this house your deposit will broadly track the market, take it out of the house now and it's unlikely to grow at the same ratel, you'd likely have to put in mortgage cost+ every month to what ever you do with the money to be able to say that if you divest your self of the house now.

Do what he says ^ keep it.

We couldn't afford to keep it as due to my posting my wife is having to give her job up.

I'd keep it if I were you mate. Spend what you would on fees doing it up to an adequate standard then rent it out again. Prices might go down but that'll mean the ones you look at will be cheaper. If they go up, you're stuffed.

If you do decide to sell then play hardball and hold out for what you want. If these people don't want it, someone else will.

As a side point Brexit seems to have affected house sales near me. Before every house that went up got sold within a few weeks. On my street alone there must have been a dozen sold in no time this year. Since the vote a few have gone up for sale priced around the same market value and are yet to sell.

We couldn't afford to keep it as due to my posting my wife is having to give her job up.

Why are you asking whether to sell or not then???

Suburban Reuben . You forget the reason he wanted to sell from previous posts.

He seems to get shit tennents.

For this alone I would sell rather than the stress. He can't self manage as es miles a way and his agent is useless it seems

POSTED 5 HOURS AGO #

Renton, How many years have you let this out, how many tenants have you had and how many months have you had no tenants? Why were the tenants shit?
I really wouldn't want to be selling at the moment, though the market might be different up your way. What about a different letting agent?

Why are you asking whether to sell or not then?

I looked at keeping the place in the uk and renting as selling it was being a right ballache.

When i worked out all out, it would have needed near enough 100% occupancy at the top end of the market just to keep on top of the mortgage/ongoing costs.

So I dropped the price 5 grand and sold it in 10 days. For 2 grand under the new asking price. So i lost 7000 imaginary pounds.

Turns out it was a good decision. It was sold again 2013, 2nd time since i moved out, for 4k more than i sold it for. Nearly 15 years to make 4 grand.

Just sell it and put the cash in the highest interest account you can.

We have rented this and the previous house out since August 2011, 3 lots of tenants in that time..

1st lot smashed the house up and were verbally abusing neighbours and kept missing rent payments.

2nd lot tried to get the rent reduced before she moved in( which should have raised alarm bells) paid ok for about 3 months then started missing payments etc, she bought a new car and went on holiday instead of paying rent??

Current lot is a family member who has never missed a rent payment but doesn't look after the house and keeps threatening to leave etc so weve had enough and give her notice.

We can keep it and rent it again for more than our current tenant pays but couldnt afford to keep it and not rent it if that makes sense as we live in a military married quarter so pay for that.

Makes sense.

Cash hanging about is going to lose value right now IMO, interest rates are low and I imagine inflation will mean you lose money over the long term unless you find a decent account that locks it firmly away for a set time.

If you do want to sell it and make as much as possible from the sale then you need to get those upstairs rooms sorted or you will get lowballed. People don't want a property that is going to NEED immediate attention. Sure, the ceilings look hideous but the bare walls are what draw the eye. Get rid of the fitted wardrobes that fell off the ark and all the clutter and it will look more appealing. It's not a bad house by any stretch of the imagination but unfortnunately presentation is everything. Magnolia exists for a reason, usually because people have no imagination so need everything spelled out for them but it also serves as an easy starting point that anyone moving in can easily decorate over.

I wouldn't bother with the big jobs you mention, just concentrate on the small ones that tell a buyer (or renter) whether it has been cared for or not.

If we sold and paid off the mortgage and all fees etc we will be left with between 50 and 55k profit as a deposit to go towards our next house.

Don't know if anyone has already mentioned but you do know you'll probably need to pay capital gains tax on your profit. Not sure what the allowances are as I haven't checked recently.

[i]Why are you asking whether to sell or not then???[/i]

Sell it then, and go back to the ones who offered £195k and take their offer.

Pay your own early-redemption fees, you've already said you're making a profit. Stop being greedy, focus on what you actually HAVE to do rather than what you'd LIKE to do. And stick the money somewhere you won't spend it.

Otherwise you could end up in a worst situation.

I'd sell it, bank the profit and bank any money you would have spent adapting the outgoing property to get it how you'd want it. If house prices go up then you've added to your deposit for a house you actually want but if house prices fall then you're quids in.

sell it, use the money to try every single bike available on the market.

one of them will be right, surely.

Not a nice idea but if possible I'd suggest:

Look to find Mrs Renton a job in the right neck of the woods. Move Mrs Renton into house.
Move to smaller cheaper non married quarters on new posting.
Keep house.
Don't have two of you unemployed when you leave the forces and you find a new job. In this case any cash you've put away will evaporate (you mention retire though and forces pensions used to be reasonable so maybe less of an issue).
Sell house and move to suit new job once found or, if Mrs Renton has good job in area by then take the supporting role income wise and find a job locally. Don't sell house.