Jump to content

Starting over??


Recommended Posts

Hello guys

Well, after hanging up my landlord hat after 32 years we are now considering putting it back on again :(

Situation is this ...

We lived overseas so put our own home and my rentals in hands of (the most incompetent) management agents. I used to self-manage so it was very frustrating dealing with agents who didn’t seem to know their arse from their elbow. 

One rental isn’t selling as parking is an issue. It’s town centre and competitively priced, but clearly it needs reducing. Or ... putting in the hands of IAM Sold. Has anyone dealt with them? The agent who is dealing with the sale is recommending them, so wondered if anyone has experience of ‘the modern method of selling’, as they put it. 

The other problem we have is our house isn’t selling either. Everyone LOVES the house, but location is the issue. There’s a main road out the front which is many times busier than when we bought in 2002. Also, new houses are being built around us faster than breeding rabbits, and if that wasn’t enough the fecking HS2 route is right behind too. Oh, and Brexit rearing it’s uncertain head again! We’re doomed! 

We have a couple of options, and one of them is to re-mortgage and rent it out again and wait for the houses to all be built, the road out front to be closed off (2021/22) making it an extremely quiet cul du sac, and maybe even wait until HS2 is up, but that could be 8-10 years down the road. 

Other option is to reduce the price again. We’ve already dropped twice, and had a reasonable response with such positive feedback. If we could pick our house up and move it we would have sold many times over. C’est la vie. 

We are getting quite depressed about it all. Our house has been on the market 11 months. We’ve changed agents to relaunch on Rightmove 4 times. The current agent is the best we’ve had and is really working hard, but we’re still here!

Would you do everything you could to sell rather than let again? I’m even considering re-letting the town centre property as I’ve never had a problem renting it, just the selling of. 

Any advice? 


Link to comment
Share on other sites

I have no experience of what you have posted. These are just my thoughts......

* 2021/22 doesn't seem that far off, just 2/3 years so if you can be fairly sure the infrastructure around the house will improve it may pay to wait.

* If the flat is attractive to tenants it may be attractive to investors. You might consider putting it to auction......I don't know if you can place a reserve on it.....you would need to talk to local auctioneers.

* I'm always receiving leaflets posted through the doors of my properties advertising companies that want to buy. Ok, they aren't going to pay you top price but a few £000's less in exchange for a quick sale might be worth considering.

* You have already identified some of the major issues currently facing most of us who want to sell. Stamp Duty or SDLT as it is now known can also be a major stumbling block. For example, I'm currently selling a very modest 1 bed flat for around £160K. The buyers are having to find around £5400 in SDLT.......which is ridiculous. You could consider offering to pay the buyers SDLT & or legal fees as an incentive.

Good luck.

Link to comment
Share on other sites

Thanks RL

The rental house in the town centre could well be of interest to investors. The I AM Sold outfit is an auction company and they’re suggesting a reserve of £205k with a starting bid of £190k to garner interest. We’ve looked at TrustPilot reviews and it seems sellers love the service, but buyers not so much due to the fees. Need to think about it a bit more. 

2021/22 isn’t that far away, you’re right, which is my thinking too. However it fills me with dread if I’m honest letting again. It’s so different to when I started in 1987, as we all know, and I’m sick to the back teeth of agents. We’d definitely self-manage, but know it’s a huge hassle when we’d be 2.5/3 hours away busy with a self-build ... which is the whole reason for selling up. 

Gah. Where can we buy that crystal ball?! 

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Create New...