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Rent or Sell?

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So I've advertised my apartment, that we currently rent out in Leicester City Centre, and have a had a pretty good response. However, everyone responding have been investors wanting to buy the pr… Read More
JonnyTwoToes Avatar
banned6y, 7m agoPosted 6 years, 7 months ago
So I've advertised my apartment, that we currently rent out in Leicester City Centre, and have a had a pretty good response.

However, everyone responding have been investors wanting to buy the property to rent.

Are we making a mistake selling it if everyone seems to be buying property to rent at the moment.

Should we keep hold of it?

For once, I'm a little unsure about what to do - any other landlords out there with some healthy advice?
JonnyTwoToes Avatar
banned6y, 7m agoPosted 6 years, 7 months ago
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#1
Property prices have just fallen 0.7% again,with the average first time buyer now in his late 30's,therefore people are renting for longer than ever before
.
Although your property is in leicester so is a special case



Edited By: boothy on Oct 28, 2010 08:39: Jhjj
banned 6 Likes #2
Might be worth selling at the moment. Too many employers paying the minimum wage, many public service jobs to be cut and with the Government planning to reduce Housing Benefits, expect rentals to plummet. Of course I'm not an economist, but you did ask in this forum :)




Edited By: aScottishBloke on Oct 28, 2010 08:32: Another typo
#3
and to add, on the news this morning the average deposit required now is £37k...not many first time buyers around with that kind of disposable income. I'd say keep it and rent it (not a landlord btw :{ )
banned#4
aScottishBloke
Might be worth selling at the moment. Too many employers paying the minimum wage, many public service jobs to be cut and with the Government planning to reduce Housing Benefits, expect rentals to plummet. Of course I'm not an economist, but you did ask in this forum :)


This is my conundrum. With everything that is going on, I'd expect it all to be pointing towards people renting rather than buying. But people seem to be saying the rental market is going to plummet. I'm usually pretty good with things like this but I just don't get it this time around.

Edited By: JonnyTwoToes on Oct 28, 2010 08:36: spelling
#5
really an impossible question to answer without knowing the full facts-if you get out now what kinda profit will you make on initial purchase? what yield would rental bring you?is it in a developing,up and coming part of the city?internal condition? etc etc

a genuine property "investor" isnt going to give you full market value-a market dabbler who has watched too many daytime programs might tho.
#6
aScottishBloke
Might be worth selling at the moment. Too many employers paying the minimum wage, many public service jobs to be cut and with the Government planning to reduce Housing Benefits, expect rentals to plummet. Of course I'm not an economist, but you did ask in this forum :)






Comedy overload......can i hear a woooooooooshhhhhhhhhh



Edited By: boothy on Oct 28, 2010 08:41: Hhjj
banned#7
barky
really an impossible question to answer without knowing the full facts-if you get out now what kinda profit will you make on initial purchase? what yield would rental bring you?is it in a developing,up and coming part of the city?internal condition? etc etc

a genuine property "investor" isnt going to give you full market value-a market dabbler who has watched too many daytime programs might tho.


A few more details:
1) It's doubled in price since we bought it 8 years ago
2) We have a short term mortgage on what's left to pay so we about break even in terms of rent income to mortgage (the idea was to pay off the whole mortgage, sell it and use the capital to pay the mortgage off the house we have in the sticks, hence to be mortgage free).
3) It's in a converted church and has never been without tenants - it's like Marmite, you love it or hate it.
4) And yes, the offers we have had are 20% below market value.
banned 1 Like #8
boothy
aScottishBloke
Might be worth selling at the moment. Too many employers paying the minimum wage, many public service jobs to be cut and with the Government planning to reduce Housing Benefits, expect rentals to plummet. Of course I'm not an economist, but you did ask in this forum :)






Comedy overload......can i hear a woooooooooshhhhhhhhhh




Not biting. ;)
#9
JonnyTwoToes
boothy
aScottishBloke
Might be worth selling at the moment. Too many employers paying the minimum wage, many public service jobs to be cut and with the Government planning to reduce Housing Benefits, expect rentals to plummet. Of course I'm not an economist, but you did ask in this forum :)






Comedy overload......can i hear a woooooooooshhhhhhhhhh




Not biting. ;)



You just have......funniest thread of the week

Edited By: boothy on Oct 28, 2010 08:44: Hjhh
banned#10
boothy
JonnyTwoToes
boothy
aScottishBloke
Might be worth selling at the moment. Too many employers paying the minimum wage, many public service jobs to be cut and with the Government planning to reduce Housing Benefits, expect rentals to plummet. Of course I'm not an economist, but you did ask in this forum :)






Comedy overload......can i hear a woooooooooshhhhhhhhhh




Not biting. ;)



You just have......mr naive tory boy


Trolling at all?
#11
JonnyTwoToes
barky
really an impossible question to answer without knowing the full facts-if you get out now what kinda profit will you make on initial purchase? what yield would rental bring you?is it in a developing,up and coming part of the city?internal condition? etc etca genuine property "investor" isnt going to give you full market value-a market dabbler who has watched too many daytime programs might tho.
A few more details:1) It's doubled in price since we bought it 8 years ago2) We have a short term mortgage on what's left to pay so we about break even in terms of rent income to mortgage (the idea was to pay off the whole mortgage, sell it and use the capital to pay the mortgage off the house we have in the sticks, hence to be mortgage free).3) It's in a converted church and has never been without tenants - it's like Marmite, you love it or hate it.4) And yes, the offers we have had are 20% below market value.

if its doubled in price in 8 years,and you can get it-take it and reinvest. Buy flats(flats not houses) that are in poor internal condition and do them up for rental-remembering that your rental must be pitched below the weekly cap the government are going to impose-the lower end market in quantity will always bring you more than one or two "desirable" properties.For buying,set your price and stick to it-dont get carried away in the moment-if you cant get it cheap-walk away-theres always more round the corner.

Edited By: barky on Oct 28, 2010 08:46: //
#12
JonnyTwoToes
boothy
JonnyTwoToes
boothy
aScottishBloke
Might be worth selling at the moment. Too many employers paying the minimum wage, many public service jobs to be cut and with the Government planning to reduce Housing Benefits, expect rentals to plummet. Of course I'm not an economist, but you did ask in this forum :)






Comedy overload......can i hear a woooooooooshhhhhhhhhh




Not biting. ;)



You just have......mr naive tory boy


Trolling at all?



Nope see post 1


And don't dish it out if you cant take it.....check the code of conduct its in the rules
banned#13
barky
JonnyTwoToes
barky
really an impossible question to answer without knowing the full facts-if you get out now what kinda profit will you make on initial purchase? what yield would rental bring you?is it in a developing,up and coming part of the city?internal condition? etc etca genuine property "investor" isnt going to give you full market value-a market dabbler who has watched too many daytime programs might tho.
A few more details:1) It's doubled in price since we bought it 8 years ago2) We have a short term mortgage on what's left to pay so we about break even in terms of rent income to mortgage (the idea was to pay off the whole mortgage, sell it and use the capital to pay the mortgage off the house we have in the sticks, hence to be mortgage free).3) It's in a converted church and has never been without tenants - it's like Marmite, you love it or hate it.4) And yes, the offers we have had are 20% below market value.


if its doubled in price in 8 years,and you can get it-take it and reinvest. Buy flats(flats not houses) that are in poor internal condition and do them up for rental-remembering that your rental must be pitched below the weekly cap the government are going to impose-doesnt matter if initially you-the lower end market in quantity will always bring you more than one or two "desirable" properties.For buying,set your price and stick to it-dont get carried away in the moment-if you cant get it cheap-walk away-theres always more round the corner.


Good advice - we spoke about reinvesting it, maybe even look at the redevelopment idea you suggest. So you think it is/will become a buyers market?
banned#14
boothy
JonnyTwoToes
boothy
JonnyTwoToes
boothy
aScottishBloke
Might be worth selling at the moment. Too many employers paying the minimum wage, many public service jobs to be cut and with the Government planning to reduce Housing Benefits, expect rentals to plummet. Of course I'm not an economist, but you did ask in this forum :)






Comedy overload......can i hear a woooooooooshhhhhhhhhh




Not biting. ;)



You just have......mr naive tory boy


Trolling at all?



Nope see post 1


And don't dish it out if you cant take it.....check the code of conduct its in the rules


Boothy, your persistent desire to comment and take my threads off topic is flattering but is becoming somewhat disconcerting. You can simply ignore me if you want to you know.
#15
No thanks,i have just had the biggest laugh a few days.......





Edited By: boothy on Oct 28, 2010 08:52: Hghhgbh
#16
i have been out of the property market for a while - about 5 years and mine doubled as well and thats why i sold it - however since i sold it, it has been sold again about 1 year ago for a loss on what the guy paid me - so i got the intrest from the bank on the money i made and he probably did not do too bad as he had a place to live and just lost a few £1000's.

What i see happening now though is that inflation is going to erode the value of houses, £20 is going to be worth £15 in a year or so - and one day we will be paying £20 for a loaf of bread - so this is making me want to get back into the property market - but yeah, i will be making a cheeky 20% BMV cash offer if I find somewhere I want.
banned#17
boothy
No thanks,i have just had the biggest laugh a few days.......


Or maybe 'for' a few days? Either way, let me know if you feel I should take out a restraining order. ;)
banned#18
officegimp
i have been out of the property market for a while - about 5 years and mine doubled as well and thats why i sold it - however since i sold it, it has been sold again about 1 year ago for a loss on what the guy paid me - so i got the intrest from the bank on the money i made and he probably did not do too bad as he had a place to live and just lost a few £1000's.

What i see happening now though is that inflation is going to erode the value of houses, £20 is going to be worth £15 in a year or so - and one day we will be paying £20 for a loaf of bread - so this is making me want to get back into the property market - but yeah, i will be making a cheeky 20% BMV cash offer if I find somewhere I want.


I think with house prices in London still being SO high, this may be the case. But will the rest of the country catch up, or will London's price plummet?
#19
Off to work. But will leave you with this.....


http://www.bbc.co.uk/wales/history/img/themes/society/industry/arthur_scargill_446.jpg
banned#20
Even if you make a loss. I'd advise to sell and remove the embarrassment of admitting you own property in Leicester. (Serious.)

It'll take a while, but in time the stigma will diminish. (Hopefully)

If you own outright, sell and treat yourself with the money to a holiday in Benidorm or anywhere else you can cover the costs. I think that would be truly beneficial.
#21
Look you obviously have a degree of aprehension regarding input from HUKD followers.

Have a look at this from your favourite newspaper.
I resent tory housing minister Grant Shapps saying house isnt investment
#22
guv
Even if you make a loss. I'd advise to sell and remove the embarrassment of admitting you own property in Leicester. (Serious.)It'll take a while, but in time the stigma will diminish. (Hopefully)If you own outright, sell and treat yourself with the money to a holiday in Benidorm or anywhere else you can cover the costs. I think that would be truly beneficial.

Thought Benidorm was a retirement destination?
banned#23
http://newsimg.bbc.co.uk/media/images/39399000/jpg/_39399648_tory_boy203.jpg
#24
No way could he afford a benidrom holiday,he would have to sell 2 flats in leicester to pay for that
banned#25
..... X)
1 Like #26
vibeone
http://newsimg.bbc.co.uk/media/images/39399000/jpg/_39399648_tory_boy203.jpg

Thought we were no longer allowed to post other peoples Facebook profile pictures without there permission?
banned#27
Adam2050
vibeone
http://newsimg.bbc.co.uk/media/images/39399000/jpg/_39399648_tory_boy203.jpg


Thought we were no longer allowed to post other peoples Facebook profile pictures without there permission?


Not so good. 8)
banned#28
Give it to the homeless :p
banned#29
DLM
Give it to the homeless :p


Good idea.....

Boothy, Adam, Guv, fancy a nice roof over your heads? It'll beat those wet cardboard boxes.
banned#30
JonnyTwoToes
DLM
Give it to the homeless :p


Good idea.....

Boothy, Adam, Guv, fancy a nice roof over your heads? It'll beat those wet cardboard boxes.


Leicester you say? They'll probably take the wet cardboard boxes.. as would I.
banned#31
JonnyTwoToes
DLM
Give it to the homeless :p
Good idea.....Boothy, Adam, Guv, fancy a nice roof over your heads? It'll beat those wet cardboard boxes.

I might need it :p
#32
I dont get all the negative comments about leicester, i was there a couple of weeks ago and the centre seemed quite nice, does it turn into a warzone at night or something?
banned#33
Randa1
I dont get all the negative comments about leicester, i was there a couple of weeks ago and the centre seemed quite nice, does it turn into a warzone at night or something?


I could have a place in Chelsea and they'd find fault with that that Randa. :D They haven't anything better to do than chase an argument.
banned#34
officegimp
i have been out of the property market for a while - about 5 years and mine doubled as well and thats why i sold it - however since i sold it, it has been sold again about 1 year ago for a loss on what the guy paid me - so i got the intrest from the bank on the money i made and he probably did not do too bad as he had a place to live and just lost a few £1000's.

What i see happening now though is that inflation is going to erode the value of houses, £20 is going to be worth £15 in a year or so - and one day we will be paying £20 for a loaf of bread - so this is making me want to get back into the property market - but yeah, i will be making a cheeky 20% BMV cash offer if I find somewhere I want.

lol - inflation isnt 33% you know! oO
banned#35
JonnyTwoToes
Randa1
I dont get all the negative comments about leicester, i was there a couple of weeks ago and the centre seemed quite nice, does it turn into a warzone at night or something?
I could have a place in Chelsea and they'd find fault with that that Randa. :D They haven't anything better to do than chase an argument.

Don't worry JTT they hate me more than you :p
banned#36
DLM
JonnyTwoToes
Randa1
I dont get all the negative comments about leicester, i was there a couple of weeks ago and the centre seemed quite nice, does it turn into a warzone at night or something?
I could have a place in Chelsea and they'd find fault with that that Randa. :D They haven't anything better to do than chase an argument.


Don't worry JTT they hate me more than you :p


I'll see your hate, and raise you bias moderation!
banned#37
JonnyTwoToes
I'll see your hate, and raise you bias moderation!

I am sure the report button doesn't work on certain member's posts oO
banned#38
DLM
JonnyTwoToes
I'll see your hate, and raise you bias moderation!


I am sure the report button doesn't work on certain member's posts oO


Can't say I've bothered trying on more than a handful of occasions. Some of them are actually quite funny, and some of them are actually quite 'funny' X)
banned#39
DLM
JonnyTwoToes
Randa1
I dont get all the negative comments about leicester, i was there a couple of weeks ago and the centre seemed quite nice, does it turn into a warzone at night or something?
I could have a place in Chelsea and they'd find fault with that that Randa. :D They haven't anything better to do than chase an argument.


Don't worry JTT they hate me more than you :p


The threads not that bad, DLM I see what you're doing by the way.

JTT can handle this on his own, he knows perfectly well why some members may jump in, but likewise he's smart enough to ensure he won't fall foul of the code of conduct.

Now back to the topic.


Leicester - Hmm, bit of a dump to be honest in my opinion. However when I returned back from Barbados, rather than basing myself back in the Scottish Borders, I took the opportunity to spend as much time there as possible. Action/Activity v's Peace and Quiet, I guess it's just a matter of preference.



Edited By: aScottishBloke on Oct 28, 2010 10:53: formatting
banned#40
aScottishBloke
DLM
JonnyTwoToes
Randa1
I dont get all the negative comments about leicester, i was there a couple of weeks ago and the centre seemed quite nice, does it turn into a warzone at night or something?
I could have a place in Chelsea and they'd find fault with that that Randa. :D They haven't anything better to do than chase an argument.


Don't worry JTT they hate me more than you :p


The threads not that bad, DLM I see what you're doing by the way.

JTT can handle this on his own, he knows perfectly well why some members may jump in, but likewise he's smart enough to ensure he won't fall foul of the code of conduct.

Now back to the topic.


Leicester - Hmm, bit of a dump to be honest in my opinion. However when I returned back from Barbados, rather than basing myself back in the Scottish Borders, I took the opportunity to spend as much time there as possible. Action/Activity v's Peace and Quiet, I guess it's just a matter of preference.




Calling Leicester a dump is like calling London a nice place to live. Pretty silly of you to class such a large area as 'a dump'. Some parts are dire, I will agree, other parts are rather splendid.

http://www.rightmove.co.uk/property-for-sale/property-14718135.html

or

http://www.rightmove.co.uk/property-for-sale/property-26604022.html

Shows the diversity I guess.

And this is just Leicester.... LeicesterSHIRE (where I live) is another matter:

http://www.rightmove.co.uk/property-for-sale/property-22110586.html

:D

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