What would you do?

7 replies

Stilllookingforthestars · 01/04/2017 07:22

I can't sell my house!

I know, the mantra here is that you can always sell a house if it's price is low enough but the problem is I really can't afford to lose thousands. I've already lowered it as much as I feasibly can.

I think the problem is no off street parking.

Anyway so my options are:

live in it myself. I really don't want to do this, because it's not an area I have anything to do with any more.
sell it for a ridiculously low price and lose money
let it out. No one wants to buy it but everyone wants to live in it it seems! I've never been short of tenants.

So - does this make some sense? Should I keep it purely as a BTL and take out a mortgage elsewhere?

OP posts:

ThroughThickAndThin01 · 01/04/2017 07:25

Rent yours out, rent somewhere else? Until the market improves and it'll sell.

heffalumpshavewrinkles · 01/04/2017 09:20

Can you post a RM link? Are you an accidental landlord as it didn't sell or did you buy it as a BTL? What are the transport links like? How far away can you park? What % mortgage do you have on it?

In your situation if the numbers stack up I'd keep it as a long term BTL investment.

SnowGlobes · 01/04/2017 10:13

Can you link to it and maybe we can help? it'd be interesting to know the demographic that rent it and why you think that is. Then consider if it's marketed well for that demographic. Are your renters very short term? If generally long term then I'm not sure why it wouldn't appeal to a buyer. Is it rented now? Why wouldn't they buy it? Could you ask them? We are in rented, it's a fab house to rent but no way would we buy it.

Original poster

Stilllookingforthestars · 01/04/2017 10:18

It's not for sale at the moment :) it was all last year. My tenants haven't been short term but I suppose they aren't in a position to buy,

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EssentialHummus · 01/04/2017 10:24

I'd rent it out. Just make sure you have your legal and mortgage ducks in a row.

CountMagnus · 01/04/2017 10:27

Have you approached the tenants with a view to them buying? If you can do it without an estate agent, could you discount the price by the amount of the agents fees?

Original poster

Stilllookingforthestars · 01/04/2017 10:48

No, I don't think they are in a position to buy at all. The rent is always late and I think this is due to benefits mix ups. It's always paid so I don't mind too much but always two or three days late.

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