Richlist Posted January 27, 2015 Report Share Posted January 27, 2015 I know that I'm usually quite critical of people who form opinions based on a sample of only one but.....lets put that to one side for the moment. The sales market seems very buoyant at the moment and I guess its best to sell now, well before the May General Election as we don't know the outcome, only that its likely to go very quiet before & after. I have a property to sell. I've put a lot of effort in over the last few weeks making it pretty.....new decoration, repairs, flooring etc. The agent called yesterday morning to take photos for the broadsheet and said they already had someone interested and she would be calling round any minute. She arrived 5 minutes later, liked it and agreed to buy for the asking price. Last time they sold a property for me they took 4 days finding a buyer.......this time they've excelled themselves..... only 5 minutes. Sell now !!!! Link to comment Share on other sites More sharing options...
Chestnut Posted January 27, 2015 Report Share Posted January 27, 2015 Well done RL! Out of interest, how do you feel about the work, time and expense (how much?) you put in to smarten it up for market? Was it worth it or might it have gone for same money without all or some of your effort? Do tell us! Link to comment Share on other sites More sharing options...
Mortitia Posted January 27, 2015 Report Share Posted January 27, 2015 I agree the market is strong. A friend who has wanted to downsize for some time has lost 5 properties by not giving competing offers. They've now bought a right tip - will cost them 40K to put it right. Pay good price and no work to do V pay low and expect lots of work. Take your pick! Link to comment Share on other sites More sharing options...
Richlist Posted January 27, 2015 Author Report Share Posted January 27, 2015 The property was built in 1988 & I've owned it since 2001. Its been let to numerous tenants all that time with minimal voids. Apart from the occasional general redecoration the only major expense was for replacement windows (cost around £2K ). It has its original kitchen & coloured bathroom suite although they're clean, tidy and fully functional. All I've done is : * removed all the furnishings (except flooring, curtains & light fittings) * painted some walls/ woodwork, * replaced some white end panels in the kitchen, * new vinyl flooring in kitchen & bathroom, * painted the front door, * whitened the tile grouting, * replaced the white silicon sealer in kichen & bathroom * shampooed the carpets ......believe it or not they are the original ones that were there when I purchased in 2001 ! * had the place thoroughly spring cleaned by my other half. Did all the work myself over a few weeks (Xmas & birthdays got in the way) so minimal cost to me. I don't mind doing this sort of stuff and wouldn't dream of trying to sell without ensuring the property was presented as best it could be. Did a lot of research on what similar property had sold for and compared their specs to mine and adjusted sale price accordingly. I knew that my asking price was spot on so wasn't going to accept any offers. Link to comment Share on other sites More sharing options...
Melboy Posted January 27, 2015 Report Share Posted January 27, 2015 I am hanging onto mine at the moment. Of course I have bought and sold over the years many times but right now even with a good market price obtainable I shall stick for the forseeable future in fact, I am looking to buy if something comes my way. Link to comment Share on other sites More sharing options...
Mortitia Posted January 29, 2015 Report Share Posted January 29, 2015 Luckily I have never had or felt the need to sell anything yet but have been hanging on not knowing what care arrangements we will need in old age (someway off yet) and how to fund that. Pension pot becomes available this year - yippee - big decision how much to take and what to buy?! Link to comment Share on other sites More sharing options...
Dave A Posted January 29, 2015 Report Share Posted January 29, 2015 This is the reponse I received from an Estate Agent this morning, after requesting a viewing: "We have had an enormous response to this property and we have some allocated block viewings as detailed below, would you please let me know which one is convenient for you." The property itself is going to sealed bids, a process i find objectionable. Dave Link to comment Share on other sites More sharing options...
Mortitia Posted January 29, 2015 Report Share Posted January 29, 2015 I agree about the sealed bids and personally know of a couple cases where 'irregularities' occurred with people using the agent Savills. Is the place desirable or a snip then? Link to comment Share on other sites More sharing options...
Carryon Regardless Posted January 29, 2015 Report Share Posted January 29, 2015 Most of my properties have risen from the depths, a little. But my recent research shows some have actually fallen back some. I had a view to sell, selectively, around April expecting the uncertainty of the election to affect prices after that, maybe with so much election talk that has occured earlier than expected. Anyway my view is to wait until after the election and hope the Tory / whoever (UKIP's my best guess) coalition's policies don't screw the economy too much. Maybe next spring will be a good time. Meanwhile I'll have to live with the revenues a bit longer. My worry is the fast disappearing profits when interest rates rise, clearing some of the mortgages would head that off. Link to comment Share on other sites More sharing options...
Dave A Posted January 29, 2015 Report Share Posted January 29, 2015 Certainly desirable, don't know about the value yet? Viewing on Wednesday. I shall possibly have a punt, but not going to get carried away with the sealed bidding. Dave Link to comment Share on other sites More sharing options...
Melboy Posted January 29, 2015 Report Share Posted January 29, 2015 Certainly desirable, don't know about the value yet? Viewing on Wednesday. I shall possibly have a punt, but not going to get carried away with the sealed bidding. Dave Was it only 2 weeks ago I got caught up with this sealed bid nonsense. I was given the tip-off to go and look at a property in need of full renovation and had been empty for 4 years and it was to be best offers around the asking price. I liked what I saw ,yes, it needed a lot of work but it is ......or shall I say it was what I do. Next thing I iknow is the price had risen way beyond any sensible asking price and had gone to sealed bids within 24 hours. I left it alone. It was never worth the money a person had put in to secure it as I found out later. Good luck with that I say! Link to comment Share on other sites More sharing options...
Richlist Posted January 30, 2015 Author Report Share Posted January 30, 2015 I have quite a few properties and have been selling one in each tax year in order to minimise my CGT liability. Completed a sale on 31st Jan 2014, another on 11th July and this one will hopefull go through after April 6th.....so one in each of the last 3 tax years. I'm locked into the tax year timing so won't be selling another until this time next year. The danger of waiting is :- * Interest rates are going to rise and even a small rise will impact the market. * General election uncertainties in May will impact the market. * European Economy will affect the UK.......especially the Greek issue. * The Middle East & terrorism......it will only take one major act to hit the markets. Markets are fragile and there isn't going to be a big improvement anytime soon. There is more chance of it getting worse long before it gets better. SO, if the market is buoyant now then NOW is the time to sell IMHO. Link to comment Share on other sites More sharing options...
Melboy Posted January 31, 2015 Report Share Posted January 31, 2015 I did what RL is doing. I sold each tax year over a fair number of years to minimise my CGT payable. I have a very manageable 3 properties now with long term tenant's and in very good locations. That's it for me now really. I still like to do renovations but that is a whole new business. Link to comment Share on other sites More sharing options...
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