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My most expensive property if my former home in Reading - 2 bed third/top floor flat - valued at £210k in 2014 - worth £317 according to Zoopla. I remortgaged it rather than selling when I moved to pick up on the capital growth than Crossrail was expected to bring. My plan was to sell it in 2019. I lived there for 18 years so CGT may well be below the allowance (original price was £80k).
It was renting for £975pm. The mortgage, service charge and management fees came to nearly £750pm. It has been vacant since July. I have dropped the rent to £895 but have only have an offer of £800.
I have aranged to meet my agents on Friday.
I am trying to decide what to do with it.
Where are you advertising?
I leave that to my agent as I live 200 miles away, but it is on Rightmove - https://www.rightmove.co.uk/property-to-r...93018.html - and Zoopla.
One point, the listing on RightMove doesn't have much by the way of information. Some of your 'competitors' are offering more info on the listing page...
if it is sticking then I would be tempted to update the listing to offer more info as the price appears to be very competitivehttps://www.rightmove.co.uk/property-to-r...81310.html
https://www.rightmove.co.uk/property-to-r...65718.htmlthe overall price is being pulled down by the following but, when it rents, you are very much in the right price bandhttps://www.rightmove.co.uk/property-to-r...59350.html
That last property was built by the same developers just before mine, but is on a lower floor so is a lot smaller. Basically they put extra flats in the roof space one - one flat for each 2 on the the lower floors, but with some space lost due to the slope. Still the top flats have 50% more floor space than the lower ones.
definitely worth getting that info on the listing by way of room sizes etc... can't hurt!!
Sorry to hear the property is struggling to let. Have you checked what your letting agent charges in tenant fees? Sometimes that can be off-putting for tenants even if the rent is in line with the local market.I did take a look around at local properties and there does appear to be a high number of properties available to let, which will be affecting visibility of your ad- I found 175 two bed properties within a 1 mile radius of Reading Station (yours is 0.8)- although your price does look competitive in comparison. Could you consider spending a little more, if your agent offers it, on a Premium or Featured Listing? Prices vary but both uplift tenant views significantly- check out this article we wrote on the benefits: https://blog.upad.co.uk/blog/how-to-get-y...-rightmove
Not sure if it's been done fairly recently but have you considered spending a little to update the property? Updating basics like curtains and carpets to something more neutral could attract more tenants looking to put their own stamp on the property (within reason!). We have a video on the benefits of dressing a property if you'd like to take a look: https://www.upad.co.uk/hub/beginners-guid...l-property
Are your agents able to re-list the property for you? Perhaps taking it down for a week or so before launching with a different price or photos of a dressed property cold give renewed interest?See also our video on this topic:
The carpets were replaced last year. I intend to have a look at the flat to see if anything needs doing when I am in Reading on Friday.
The fees for tenants look high to me - https://www.conceptlettings.co.uk/tenant-fees-sp-71.htm - but seem comparable to other agents in the area.
The LA mentioned getting families asking about it who then reject it as it is on the third floor with no lift. Maybe something about that should be in the description.
The best thing about the flat IMO is its size - it has 50% more floorspace than the flats on the lower floors. Some of that is wasted on a very large bathroom. That is not mentioned in the description.
Could you perhaps negotiate with your letting agent to reduce the tenant fees? Then you can update the summary and main description to something along the lines of '50% off tenant fees' to see if that gets a few more clicks and stands out amongst other agents charging higher fees. An update to the description to explain there's no lift and that there is much more floor space will be really useful.
I'd really recommend contacting your letting agent to see how they can help you, often just a few tweaks to an ad can make all the difference.
You have nothing to lose in this.
Why not advertise for free on spareroom?
Advise sharers are acceptable and tenants must buy their own referencing from LRS for £60
That will give them a TRP valid for 3 months
Spareroom has been very successful for me over the years.
Many tenants are prepared now to share as it is unaffordable on their own.
Or you advertise for a single tenant but allow them to take on a lodger.
However with sharers you are more likely to achieve RGI qualification
Get two couples all working and LRS RGI shouldn't be a problem.
You have nothing to lose by trying spareroom!
Why don't you try Openrent with rent gaurantee?
Also agree with comment above. Spareroom is excellent. Reading attracts a lot of single working professionals. You could have two in there on a 6 month ast charging £700 per room!
Even if you live 200 miles away its manageable.
My sister rents hers a 3 bed and claims she gets £1400 for it. The area where she has hers is rubbish too and the house has no parking.