Loosing money on house sale

reckless_b · Trackday Trickster Joined: 22 Feb 2009 Karma :

just been looking at a three bed semi up here in south yorks,up for same at £40k, its a repo and has been up for sale for a while although it was up at £45k to start with, considering making an offer in the near future
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40 years on the road on and sometimes off bikes with a very recent OFF

reckless_b · Trackday Trickster Joined: 22 Feb 2009 Karma :

sorry folks the "same" should have been "sale", I'll have to wear my specs more,
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40 years on the road on and sometimes off bikes with a very recent OFF

Aff · World Chat Champion Joined: 05 May 2011 Karma :

crazymotorbik... · Nearly there... Joined: 05 Mar 2006 Karma :

Hey,
Thanks for all the info.

Currently paying 370 which is due to come down to roughly 290 in May.

Its worth more than 45K.....A shell of a house 3 doors down sold for 45K very recently

I would move up the ladder but i'm already struggling to pay 370 a month. My GF is currently ill also no matter how many jobs she applies for she never even seems to get any interviews. I'm also unskilled so getting another job that pays even half as much as i'm on now wouldn't be easy.

Renting it out seems like the way to go. Not sure i want all the hassle tho. For example my boiler works fine but sometimes plays up. Last thing i need is a tenant demanding a complete new system!

I'll hopefully be moving into my Grans old 4 bed bungalow next year. Dad owns it so the rent is 200pcm. This is why i was looking at selling in the first place. Wish i was moving well away from GRIMsby but that's not going to happen anytime soon.

Cheers,
Shaun.

syl · World Chat Champion Joined: 05 Dec 2005 Karma :

If you're looking to sell it, the mortgage company will often let you rent it out anyway without switching to a buy to let mortgage. When I moved across the country, mine just wanted me to fill in a "consent to let" form and pay a £10 one-off charge. I ended up not renting it out in the end as I sold it (but the sale kept falling through - sold it 5 times in the end).

If you can get a similar arrangement, you might decide to sell it for whatever you bought it for, and just keep renting it out (for years if need be) until it goes back up again and sells.
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Current bike: Kawasaki Z750S

elgard · Scooby Slapper Joined: 20 Sep 2007 Karma :

Well Shaun.

If it makes you feel any better, I'm stuck in this shit hole as well.
So your not on your own.

Chin up mate.

dgo1212 · Brolly Dolly Joined: 06 Dec 2008 Karma :

crazymotorbik... · Nearly there... Joined: 05 Mar 2006 Karma :

Hey,
This isn't my sh*t hole. I was lucky to grow up in a village called Tetney which is in the sticks.

Coming into Grimsby was limited to going to college, seeing GF's and going out on the p*ss. Even then i thought it was a dump. Living in the place has made me see it is even worse than that. Don't get me wrong not everyone is bad here but there is a very high ratio of scum.

Cheers,
Shaun.

yambabe · World Chat Champion Joined: 12 Jul 2004 Karma :

Shaun we all have to start somewhere.

You have a job, a partner, a kid and a house that you can afford to live in. For a lad in his 20s and especially at the moment that's not bad going. Thumbs Up

Stick it out. Keep yourself to yourself ignore the scumbags as best you can and wait for the right opportunity. You've got this far, you can go further but you need to be patient and keep working towards it.
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Sod falling in love, I wanna fall in chocolate. Very Happy