We have been asked if we'd consider selling our house(13 Posts)
It has been empty for a while as the tennant moved out.
It needs some repars done - new boiler and some windows (not all) are the main things.
The tennat also left a big hole in bath panel and some of the skirting board is off.
Anyway the buyersa re cash buyers, I know them (although woudn't consider them friends) and know their families - I am telling you this, as the buyers are really needing to move back to the area due to illness and I know them enough to know that they aren't going to muck us around.
We (DH and I) have a rough idea of how much we'd like for it, taking into consideration the work needing done.
The buyers don't need a mortgage or anything. We currently live in MQs so we don't need to worry about house for us or anyhting
Would we be better saying to buyers "we'd like x thousands for it" or getting it properly valued and a housing pack done? Then saying to buyers "this is how much it's valued at"?
I've only ever bought one house!
I am going to be busy for the next few hours, but will pop back alter and see if there are any replies
Get it valued - what if you've underestimated? Or over? Valuations are free and at least you'll know how realistic your price is.
Get it valued - say three estimates for a fair idea - then there is no unfairness or room for resentment.
agree, 3 valuations - also worth thinking about, the market in most of hte country is slightly depressed, you might get a high valuation in 2 years time.
If you are living in married quarters currently, is this your 'safety net' for when your DH leaves the forces? If so, and if house prices go up, would you be able to get abck on the housing ladder? I assume what you've done is bought a house you won't live in, set the rent at a level that will cover the mortgage on the hope that when your DH leaves the forces you'll have a property you can move into that will either be mortgage free or have a very low mortgage. Will this effectively take away your safety net? will you be able to save to the same levels so that post military career you can go out and either just buy a house as a cash buyer yourself or with a 50/75% deposit.
If you do sell, I'd be tempted to use any profit to buy another rental with a view that if you need it, you'll always have a house you could live in.
I would get it valued, in Scotland you can ask an estate agent to give you a free valuation. Theres no harm in that. Maybe get more than one.
Unless you have a fixed figure in mind and dont mind it being below or over valuation. Or if you dont mind haggling a price between you too.
But valuation may be a good idea to give you a realistic starting point.
I'd get 3 valuations, work out the average, take a bit off for what you'd have paid in EA fees and a bit more for lack of all the hassles of selling, round it to a tidy number and say you'll sell for that figure, if sale not completed in eg 8 weeks then you'll have to re-tenant it? You could offer to rent it to them while sale goes through with some sort of cash back or rent rebate type thing once you complete.
I'd get 3 valuations, work out the average, take a bit off for what you'd have paid in EA fees and a bit more for lack of all the hassles of selling
Eh? They approached you. You dont need to find reasons to reduce the price!
You have a figure in mind so you know what you are expecting. Throw the ball back in their court and ask what they are offering. You never know, they might come back with an over-the-odds figure.
I would also get 3 market valuations, or do research yourself on what similar properties have sold for in the area over the last year and go for slightly lower than average (given the work you have described).
Buying another BTL is a good idea, although I would be tempted to buy something that you can live in when your hubby gets out.
If you have never lived in the property if you sell it you may be subject to Capital Gains Tax, and would have to declare it within the next tax year (I have just sold mine to buy our 'forever' home).
May be very useful.
Good luck whatever you choose.
Senua - I said "I'd get..." meaning that is what I'd do, obviously the OP can choose for herself what value to ascribe to the property.
Posted too soon.
For me, the ease of a sale without EAs and viewings, and all the usual ups and downs of house selling, means I would sell at a lower price if that secured a sale. IME, buyers who think they're getting a bargain are more keen to proceed quickly for fear of being gazumped.
Are you selling this because you need to? I don't know your situation, but if you have made money on this property the CGT could be high. Whereas if you lived in it for a bit after you leave MQs and then sold a little later for your dream place there would be no CGT.
they will doubtless be hoping for a bargain.
I have just sold a house, when it became empty a number of people put notes through the door. The agent thought it was worth £X and we put it on the market at "OIRO £X" but in the end it went for £X + 30%.
It was an attractive house which was why (1) people put notes through the door and (2) there were several competing buyers who drove the price up.
I told the people who expressed an interest that they were welcome to make an offer through the agent when it went on the market. I'm glad I did, otherwise I might have accepted £X or even less.
I don't begrudge the agent his fee.
Join the discussion
Please login first.