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View Full Version : To sell or not to sell



DimPrawn
14th June 2005, 13:51
I need to generate an income to keep me in beer when I move to Cyprus next yr.

Do I sell my house now in a falling market (may take time) or do I let my house?

Learned panels view please.

SupremeSpod
14th June 2005, 13:53
If you're unencumbered, let it!

NumptyCorner
14th June 2005, 13:56
Why not try for both and see which happens first

trajectory
14th June 2005, 13:57
How much is it worth?

What income can you generate off the capital? If this is enough to live on, then I'd sell ASAP.

At best, house prices are not going to crash - they will remain level. At worst they could take a large fall. Probably somewhere in between.

So, if you sell with a view to re-entering the market in 3-5 yrs (a total guess I'll admit), then you've a lot of up-side and not much down-side risk.

DimPrawn
14th June 2005, 14:44
Worth about £230K in today's downward market.

My back of a fag packet calcs show rental income (about £900 a month after letting fees) is about what I'd get on the capital via interest.

My gut feel is sell and re-enter the UK market later with two large flats later on.

trajectory
14th June 2005, 14:48
Well done DimPrawn, you chose the correct response.

Now all you have to do is sell the bloody thing :(

DimPrawn
14th June 2005, 14:53
Now all you have to do is sell the bloody thing

Yeah I'm really looking forward to that process. :(

Estate agents are saying it's totally a buyers market now and their books are bursting with unsold properties. Sellers will not accept the market is falling, buyers are biding their time, picking off *bargains* from those that must sell up quick.


* Still no such thing as a bargain, but give it 6 months of tax increases and new builds.....

sasguru
14th June 2005, 14:56
Keep it. In 25 years time it will be worth £500K. Meanwhile you might have lost the money on the stockmarket.

rootsnall
14th June 2005, 16:12
We chose to sell my Mrs old house after renting it for a few years and seeing it climb stupidly in price to its peak last summer. A couple of broken chains and a healthy discount later ( more off on each sale ) its 'fingers crossed' going through on Friday. I'd get it flogged if you can still get somewhere near the peak.

BlasterBates
14th June 2005, 16:14
...so just out of interest what were the discounts on each sale?

rootsnall
14th June 2005, 16:58
Valued at £150-160K by various estate agents, went on at £152K, accepted offers at £144, then £142, then £137. I reckon 10% down from the peak if you actually want to sell. Higher priced stuff ( more clued up buyers !? ) in the area ( Lancs ) slowed earlier and I think you'd have to drop more to sell them.

AtW
14th June 2005, 17:08
> In 25 years time it will be worth £500K.

Fecks sake dude, if you factor in inflation then increase in value ain't that sexy.

If I was in Dim's position I'd sell, particularly because taxation is not bad when it comes to capital gains in main property.

Lucifer Box
14th June 2005, 17:09
Fecks sake dude, if you factor in inflation then increase in value ain't that sexy
But it will have generated 25 years worth of rental income as well.

AtW
14th June 2005, 18:13
> But it will have generated 25 years worth of rental income as well.

Just like money in the bank can generate interest. If you take money out and put into offshore bank account then you can safely make as much if not more interest than you would make from rental. You won't have to deal with pesky tenants like me prepared to go to court on principle too. :rolleyes

MilanB
14th June 2005, 20:49
"Worth about £230K in today's downward market.",

rotflmfao

that's not a house, that's a link detached mock tudor rabbit hutch !

lol !

Milan.

Ivor bigun
14th June 2005, 20:55
Take heart - even if you sell for 199K, I'm sure thet you have made a healthy profit!
The property market eh? you just can't beat it for making easy money!

SupremeSpod
14th June 2005, 20:58
Sorry Milan? Just what state is your property portfolio in at this moment in time?

A psuedo mock virtual pile in CZ?
(avec/sans piscine?)

DimPrawn
14th June 2005, 23:23
£230K in Swindon is a lot of money mate.

MilanB
15th June 2005, 08:57
Spod,

you'll be pleased to know my property situation is very healthy but unlike others here I don't go shouting about it

Milan.

SupremeSpod
15th June 2005, 09:25
you'll be pleased to know my property situation is very healthy but unlike others here I don't go shouting about it

MB, I'm very happy for you.

IanNorm
15th June 2005, 11:22
> £230K in Swindon is a lot of money mate.

It might be a lot of money in Penhill or Walcott, but isn't going to get you much elsewhere - maybe a 3/4 bed rabbit hutch in Abbey Meads.

DimPrawn
15th June 2005, 12:28
Interesting article here about global house prices and renting vs buying.

www.economist.com/finance/displayStory.cfm?story_id=3722894 (http://www.economist.com/finance/displayStory.cfm?story_id=3722894)

A sample:

Take a two-bedroom flat in London, which you could buy for £450,000 ($865,000). To rent the same flat would currently cost £1,700 a month. In addition to a 6% mortgage rate, a buyer would face annual maintenance and insurance costs of, say, 1.25%. In the first year, the rent of £20,400 compares with total mortgage interest and maintenance payments of £33,000, a saving of £12,600. Interest payments would be less if a large deposit were paid, but in that case the income lost from not investing that money elsewhere has to be taken into account.

Assume that rents rise by 3% a year, in line with wages, while house prices from now on rise in line with inflation of 2%. At the end of seven years (the average time before the typical homeowner moves), you would be almost £35,000 better off renting, taking account of the capital appreciation and buying and selling costs. In other words, even without a fall in real house prices—which many believe to be likely—buying a house in Britain today seems a poor investment.

The figures look even more striking in the San Francisco Bay Area, where it is possible to rent an $800,000 house for $2,000 a month. Making the same assumptions about rents and house prices, but also deducting tax relief on a fixed-rate mortgage and adding property taxes, a buyer would pay $120,000 more over seven years than if he had rented. House prices in San Francisco would need to rise by at least 4% a year (2% in real terms) for it to prove cheaper to buy a house. Since 1950 American house prices in real terms have risen by an annual average of just over 1%. To expect them to rise faster from their current dizzy heights smacks of irrational exuberance, to say the least.

I think I'm selling up. Sod renting it out.

SupremeSpod
13th June 2012, 17:14
I need to generate an income to keep me in beer when I move to Cyprus next yr.

Do I sell my house now in a falling market (may take time) or do I let my house?

Learned panels view please.

How did things work out for you in Cyprus? :nerd

AtW
13th June 2012, 17:20
How did things work out for you in Cyprus? :nerd

:rollin:

You don't know?

d000hg
13th June 2012, 20:50
I was really confused by all those Guest markers until I read the dates... did they integrate threads from CUK 1.0?

DimPrawn
14th June 2012, 08:11
:rollin:

You don't know?

Obviously not.

:rollin:

MarillionFan
14th June 2012, 08:17
I was really confused by all those Guest markers until I read the dates... did they integrate threads from CUK 1.0?

From CUK 2.0.

CUK 1.0 is lost for ever in the ether.

BrilloPad
14th June 2012, 08:29
From CUK 2.0.

CUK 1.0 is lost for ever in the ether.

Please don't let CUK 2.0 be lost when CUK 3.0 comes along. I don't want all my drivel to be lost to the ether. Let it stand for all eternity.

Old Hack
14th June 2012, 08:31
Strangely enough I asked the estate agent about the market in Reigate on Monday, as we're umming and arghing on selling two properties we have, or keeping them another year.

He reckons for our properties (~£300k), he said the market is more active than it has been for a long time, with people bidding £5-10k less than asking. Houses are starting to shift, and he thinks it will get slightly better in Summer. People are looking at houses and offering for the right ones. He said prices were about the same now, as they were in 2010.

We're going to hold on for one more year, we have long term tenants in them, comfortably paying off the small mortage and rents are fairly high (£1100 for one, £1200 for the other).

MarillionFan
14th June 2012, 08:32
Please don't let CUK 2.0 be lost when CUK 3.0 comes along. I don't want all my drivel to be lost to the ether. Let it stand for all eternity.

This is CUK 3.0 you doofus. CUK_2.0_Is_Here (http://cuk.yuku.com/)

MarillionFan
14th June 2012, 08:33
Strangely enough I asked the estate agent about the market in Reigate on Monday, as we're umming and arghing on selling two properties we have, or keeping them another year.

He reckons for our properties (~£300k), he said the market is more active than it has been for a long time, with people bidding £5-10k less than asking. Houses are starting to shift, and he thinks it will get slightly better in Summer. People are looking at houses and offering for the right ones. He said prices were about the same now, as they were in 2010.

We're going to hold on for one more year, we have long term tenants in them, comfortably paying off the small mortage and rents are fairly high (£1100 for one, £1200 for the other).

Whatever Walter. :eyes

Old Hack
14th June 2012, 08:37
Whatever Walter. :eyes

Well, I am flattered.

Wrong, as always, but flattered you are trying to throw that line around, given its irony...

0/10

SupremeSpod
14th June 2012, 09:37
Obviously not.

:rollin:

Of course I know, it was a rhetorical question.

The chances are that in 2005 you had a different view on what you thought was going to happen.

Did you foresee your current circumstances? On reflection was there even an inkling of your divorce/separation looming?

SupremeSpod
14th June 2012, 09:39
Strangely enough I asked the estate agent about the market in Reigate on Monday, as we're umming and arghing on selling two properties we have, or keeping them another year.

He reckons for our properties (~£300k), he said the market is more active than it has been for a long time, with people bidding £5-10k less than asking. Houses are starting to shift, and he thinks it will get slightly better in Summer. People are looking at houses and offering for the right ones. He said prices were about the same now, as they were in 2010.

We're going to hold on for one more year, we have long term tenants in them, comfortably paying off the small mortage and rents are fairly high (£1100 for one, £1200 for the other).

Who gives a sh!t?

Seriously, when the same old crowd publish crap like the above, are any of you really interested?

Old Hack
14th June 2012, 09:41
Who gives a sh!t?

Seriously, when the same old crowd publish crap like the above, are any of you really interested?

Ah, the permie posting on a contractors site again.

Why don't you do us all a favour, and fook off.

That was rhetorical too :winker:

SupremeSpod
14th June 2012, 09:43
Ah, the permie posting on a contractors site again.

Why don't you do us all a favour, and fook off.

That was rhetorical too :winker:

I'm waiting around to see if anyone is impressed by your posturing and bullsh!t.

MarillionFan
14th June 2012, 09:50
I'm waiting around to see if anyone is impressed by your posturing and bullsh!t.

I'm impressed he manages to do it consistently each day.:rolleyes:

Old Hack
14th June 2012, 09:53
I'm waiting around to see if anyone is impressed by your posturing and bullsh!t.

You'll probably have to wait a lot longer if you think I give a shit what you think.

Sad :winker:

Old Hack
14th June 2012, 09:54
I'm impressed he manages to do it consistently each day.:rolleyes:

AH, the irony, so rich. Yanks don't get that, so you don't surprise me.

SupremeSpod
14th June 2012, 10:04
You'll probably have to wait a lot longer if you think I give a tulip what you think.

Sad :winker:

I don't have to wait very long at all, after every post you just can't resist chipping in.

Old Hack
14th June 2012, 10:07
I don't have to wait very long at all, after every post you just can't resist chipping in.

Just to laugh at the simpletons spod, just to laugh at them. You see, there's giving a shit, and there's taking the piss.

Remember, you're the sad permie cockroach who comes on a contractor board, to attempt to wind people up. I'll always respond to a cock like that.

AtW
14th June 2012, 10:54
On reflection was there even an inkling of your divorce/separation looming?

Yes, see post from 24 May 2005:

http://forums.contractoruk.com/general/958-am-i-gay.html

HTH

MarillionFan
14th June 2012, 10:57
Yes, see post from 24 May 2005:

http://forums.contractoruk.com/general/958-am-i-gay.html

HTH

You can be a raving willy woofter & still be married. Like Suity.:rolleyes:

d000hg
14th June 2012, 11:05
You'll probably have to wait a lot longer if you think I give a tulip what you think.

Sad :winker:You'll be banned and onto the next one by then.