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Should I give up???

(3 Posts)
Tigger13 Mon 21-Jul-08 17:34:46

I put my house up for sale in Sept last year, I had offer in Oct for less than asking price they pulled out fairly quickly, had another in April for 240 from initial 300K, accepted as had found house wanted in village desperate to move to. Buyer (B****) pulled out 3 weeks ago day b4 exchange despite needing to move to area for job. We applied for buy to let mortgage and got it as have fair 62% equity in house. There has been a shortage of 4 beds in area and we are in a good area for transient families to rent. Have employed agent to find tenant, however since doing this several other people who are unable to sell have done the same, so we are competing against other 4beds for a tenant. We can cover rent for several months but not forever and house we are hoping to buy needs lots of work which we have agreed to scale back on until market picks up 5+years when we can sell current house. House we buying has dropped agreed price to help us do buy to let so now paying 45k less than originally on market for in April.

We still up for sale and still have viewings but its not shifting!

I am a weird believer in fate and beginning to think we should just give up as too many things keep going wrong.hmm To make matters worse hubby has new job near where we are trying to move to and it is closer to my work so will mean commuting with 3 small children until market picks up.

Is buy to let a good move or shall I give up!! sad

beansprout Mon 21-Jul-08 17:37:44

What sort of research have you been able to do into the rental market in your area?

A lot of estate agents are suggesting buy to let atm as it's a way of them making a bit of money in the absence of actually selling properties. That said, it is generally reckoned that the rental market is quite good atm but of course, there is no substitute for specific local knowledge!

I do sympathise - we want to sell and have resigned ourselves to the long haul!!

Tigger13 Mon 21-Jul-08 18:37:29

Thanks beansprout.

Have been looking at rental market on and off for a while as have always planned to to buy to let at some point. we live close to M4 and a large MOD place where other sites are being relocated, there is also a large hospital and uni within cycling distance. Until recently rental market turn over very quick.

I think I am just running out of energy with it all and media doesn't help! I also have 3 children 5 and under one if only 9 wks so that may not be helping wink

fingers crossed for your sale.

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