Q:Hi,
We have recently (in the last week) put our house on the market, but my instinct is telling me it's not going to shift as the whole market appears to have ground to a halt. Lots of house for sale, prices reduced, no buyers.
Both of our jobs have relocated so together, my partner & I are driving in total about 150 miles a day (in the same direction) to get to and from work. Obviously we want to reduce this and rent somewhere closer.
If we tried to let our property:
1. How much will it cost us / agent fees / tax etc.?
2. How do we decide the right rental value?
3. How long would we need to do this, and how much notice to sell?
It's a lovely place we've spent a lot of money on, so we don't want it trashed – - that's our only real concern!
Price your house to sell and get rid of it.
Rent something closer to your new jobs (together/alone) while you work out what to do next.
6 months down the line it will be worth a lot less.
Yes, possibly; it's only been marketed for 1 week, 1 viewing so far. So I'm not going to take immediate action on the price, especially as it's well priced currently compared with other properties in the area. I do get the impression though that there are a lot of for sale boards, and not a lot selling. Want to keep my options open in terms of either reducing the price or letting, not sure which way to go yet but don't know anything about letting property.
6 months down the line it will be worth a lot less.
I'm afraid you'll have to drop any sentiment and attachments to your current home. Other than causing damage, it'll the tenants house to do as he/she pleases and can they deny access for viewings.
If we tried to let our property:
1. How much will it cost us / agent fees etc.? 10-15% Dependant on Agent
2. How do we decide the right rental value? Ask an Agent for a Rental Appraisal
3. How long would we need to do this, and how much notice to sell? You would need to give a six month tenancy, then after that revert to a Periodic Tenancy (that would run month to month) You would then be able to serve two months notice to the Tenant to quit. Once the two month notice has been served, the Tenant can leave at anytime without giving you notice.
It's a lovely place we've spent a lot of money on, so we don't want it trashed – - that's our only real concern!
IMHO you would be best going with a local reputable agent who will be able to advise you on points above. They will also reference your tenants to ensure the best quality tenant possible. There is no way of removing all risk, but it can be minimised. Ask the agent about landlords insurance or check www.letsure.co.uk.
HTH