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The above link should help.
My initial concern and assumption was someone your estimate based on just asking prices or advertised prices on rightmove. But even sold prices is delayed info and market may have moved by then.
I was worried your 100k was unrealistic but now with the postcode I see it as achievable.
dId you market with REd Box ? They have one with slightly lower rent and internal pics.
Any investor is going to internet first and be able to do some initial due diligence.
I looked at average rents and average semi prices. 100k and 550pcm is below both.
I can see the listings of neighbour properties historical on right move. the price looks reasonable for a Residential Buyer.
Have an outstanding school nearby within encatchment then residential buyer may pay premium.
There is no exact science here. But factors such as Timeframe, competition and target market and finance and potential for profit.(I have sold below market value and bought below market value at different experiences and situations and I have small timeframe limited estate agency experience.)
Targeting to residential buyer Vs Landlord Investor
One looks for a home and one looks for profit and hence to buy at discount to market value.
This what you others are telling you also. Simple way of looking at it, rarely you will find someone who wants to pay retail price mostly looking to buy at wholesale cost. Significant discount.
There is a post today of guy in leciester looking for 65k with 550 gross rental.
Coming soon Investorsk8.com
Wisdom - an integration of knowledge, experience, and deep understanding that incorporates tolerance for the uncertainties of life as well as its ups and downs.
Yes Redbox is my letting agent.
Hi - apologies if this has already been suggested. Firstly, so you are aware, we are a PT sponsor of the Auctions Tribe.We are an online property auction marketplace, working with auctioneers and agents across the country. We'd be happy to assist and frequently have sold properties with tenants in situ. If you would like, we'd be happy to have a no obligation chat and also put you in touch with one of our partners who can give you an idea of a suitable reserve price.You can choose your own auction date (rather than having to wait for a specified room date in the future), there are no listing fees and you can defer any costs of a legal pack. Feel free to get in touch - firstname.lastname@example.org or see https://www.bambooauctions.com/sell for more info!
Bamboo Auctions0330 088 9659
2 Angel Square, London, EC1V 1NY
Sell your property by online auction
Thanks, but I fear putting it through auction would result in an even bigger drop in price than I can afford. I owe 93k on the house, and it's worth 100 at a push.
erm perhaps you could rent rather than buy?
I am renting. I have been for the last 5 years. We've outgrown our small two bedroom terrace we are living in. I just want rid of this house so I can settle properly here with my fiancé and daughter in a house that's ours.
Pray tell how do you consider your two bed house is inadequate for your current domestic circumstances?
You need to bite the bullet and move back to your own property
Move schools etc.
Yes there will be the inconvenience of an 80 mile round trip
Many commute far longer distances
An hour commute each way is nothing.
It will cost about £50 in fuel costs per week but you will cover these costs by gradual uplift in your property value.
You need to start living within your means.
That means living in the property you bought because conditions are such that you can't do anything else cost effectively.
Keep the property and live in it.
The days are long gone in the North when you could easily buy and sell.
You have a resi property
Consider yourself fortunate.
Now use the asset you have.
A two bed property is all you need currently.
The 2 bed terrace I'm living in is fine downstairs as it's been extended but the upstairs is about as small as houses get. It's simply not fit for our needs any more.
I have said up thread that moving back there is still on the table. It's possible but really not desirable. It's not so much the distance as the drive itself as it's the far side of Leeds/Bradford to where my fiancé works and it's a pig of a commute to do daily. My other main concern of moving back there is if brexit messes everything up we could end up trapped there, hence me looking into ways of shifting it before then, which clearly now is looking highly unlikely.
How long does the commute take?
My former work colleagues reached work an hour before needed.
Perhaps leave really early to miss the pig part of the commute
Have a snooze for a couple of hours then into work.
You just have to make adjustments.
I don't believe your property purchase is so bad.
It will come good even to the point of porting the mortgage to another property and converting the resi mortgage to a LTB.
It is rarely wise to sell a perfectly viable property.
An hour and a half plus easily in weekday traffic.