Antnkel Posted May 13, 2013 Report Share Posted May 13, 2013 Hi guys. Just wanted to get people's thoughts on this, one of my property's that's just come vacant I would like to sell, but on the other hand don't want it empty for too long either. So was possibly thinking off initially letting out on a six month AST whilst for sale. Obviously if I did this I would have the rent at a reduced rate. Can I get some pros and cons for this please as my minds not made up yet what to do. Thanks. Anthony. Link to comment Share on other sites More sharing options...
Grampa Posted May 13, 2013 Report Share Posted May 13, 2013 The cons are:1 The tenants can be difficult about viewings2 The tenant has no obligation to tidy up etc so the property wont present as well as it could.3 Some buyers are put off if it has a tenant.5 Professional landlords are very likely to only offer a reduced figure.6 It will be harder to find a tenant because many wont want it if it is up for sale.7 There are less tenants who want a short term let.Pros are:1 You get rent up till the point of sale2 It will appeal to professional landlords. Link to comment Share on other sites More sharing options...
Mortitia Posted May 13, 2013 Report Share Posted May 13, 2013 Ask yourself this - is it likely to sell quickly in the current climate and will you put it on the market 'priced to sell'? If no to either of these then don't sell and re-let for the reasons put up by Grampa. Getting a mortgage and affording the deposit is still the main stumbling block for buyers. Do not let at a reduced rate. Link to comment Share on other sites More sharing options...
Melboy Posted May 13, 2013 Report Share Posted May 13, 2013 You prepare the property for sale and make sure the presentation is spot on for any potential buyer. If you have no buyer after 4 months you then consider the renting option. Lack of viewings and any offers will be your guide after the first 6 weeks as to what you are really going to do. If it's overpriced your viewings will be virtually non existent so think carefully before marketing and do not accept any EA's overvalued contract because I can guarantee you that after 6 weeks of no viewings or offers the EA will advise you lower the price anyway. Link to comment Share on other sites More sharing options...
Carryon Regardless Posted May 13, 2013 Report Share Posted May 13, 2013 If you get a sale will the T's leave voluntarily? If they wish they could well be there for a total of 9 months or so while you evict. Will the buyer wait ? Link to comment Share on other sites More sharing options...
Antnkel Posted May 13, 2013 Author Report Share Posted May 13, 2013 Think there's probably not that much in favour of doing this. Think it might be a good idea to try and let out for another 1-2 years and have a look at the market then. Thanks. Link to comment Share on other sites More sharing options...
Richlist Posted May 13, 2013 Report Share Posted May 13, 2013 Why ?Are you expecting price rises above the rate of inflation ? Link to comment Share on other sites More sharing options...
Carryon Regardless Posted May 13, 2013 Report Share Posted May 13, 2013 London is reported to be doing well with house price increases, is there reason to believe that that won't migrate outward as we've seen in the past ? I understand that mortgages are becoming a little easier to obtain also. Just maybe. only maybe mind, there may be a little light down that tunnel ?? Link to comment Share on other sites More sharing options...
Richlist Posted May 13, 2013 Report Share Posted May 13, 2013 Just maybe. only maybe mind, there may be a little light down that tunnel ??Can't see it personally......economic downturn, more pain to be inflicted on the electorate. job security not good, lots of unemployed, money in short supply, political uncertainty, general election not to far off, economy is very fragile and won't take much to tip us down further etc, etc.There are going to be areas that will see price rises but overall I don't see any significant increases above inflation. Link to comment Share on other sites More sharing options...
Antnkel Posted May 13, 2013 Author Report Share Posted May 13, 2013 Don't need priced to rise too much, this house was the first one we bought after moving back from abroad in 2007 which has no or very little equity left. All I'd need is for prices to rise 1-2 % a year for a few years and this would make selling a lot easier. Link to comment Share on other sites More sharing options...
Antnkel Posted May 18, 2013 Author Report Share Posted May 18, 2013 Looks like its being let out, I've not finished doing work on the inside and I've already got people wanting to put deposits down! This was after two days of advertising!! Link to comment Share on other sites More sharing options...
Richlist Posted May 18, 2013 Report Share Posted May 18, 2013 I've not finished doing work on the inside and I've already got people wanting to put deposits down! This was after two days of advertising!! Don't count your chickens yet........ Anyone can find tenants at the drop of a hat.....its wether those tenants are suitable that really matters. Link to comment Share on other sites More sharing options...
Antnkel Posted May 18, 2013 Author Report Share Posted May 18, 2013 All I was trying to say was that there's a strong demand at the moment. When I let it out last time it didn't seem the same. Will have to see how things go. Link to comment Share on other sites More sharing options...
Mortitia Posted May 20, 2013 Report Share Posted May 20, 2013 Don't let your last experience put you off - just don't make the same mistake again. Pick quality tenants. Link to comment Share on other sites More sharing options...
Antnkel Posted May 20, 2013 Author Report Share Posted May 20, 2013 I will be doing, looks like I might have a couple lined up will just have to see what the checks are like. Link to comment Share on other sites More sharing options...
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