For the agony aunt's/uncles amongst us, heres the situation i am in....i currently have my house for sale and i want to leave England for the long term/for good. I'm desperate to get away but the housing market here is very slow and it could take months and months to sell (4 months it's been on the market already). So what to do.
1. I want to go at the end of April, house sold or not, i have enough money to cover my mortgage for 4/5 months, but if the house doesn't sell in that time i would have to come back and work until it did sell to cover the mortgage.
2. Wait until it sells then go, but this could mean i am here a long time. I am totally fed up and the thought of being here for too much longer distresses me. I have been in my job 5 years, been shiftworking all my life and need a break from both as soon as possible.
3. Rent my house, however the rent would not cover the mortgage (about £150 shortfall each month) plus if something major goes wrong i would have to pay for it and end up coming back to work in the uk for a short time anyway. Plus if i rent i won't be able to sell my house for at least 6 months.
Basically i have a pot of money that could take care of all these options short term , but the big picture isn't clear to me. Financially option 2, then 3 , then 1 is obviously the most sense, but i don't want to rent and i don't want to hang around here any longer.
Any ideas/thoughts would be much appreciated.
Hmm... if you really are desperate to get away fast, how about selling it at a lower-than-market price to attract potential buyers?
I have been in your shoes (or pretty close too it) I would hold off until May...try to stash as much as you can in the mean time, and keep your fingers crossed!!
I also had to lower the asking price of my house TWICE! (pissed me off to no end! I knew what it was worth, but it got me out of there)
Every situation is different, in the end...you have to do what is best for YOU!
Much luck Dave!!
That's a tough one Dave:
Option 1: You go the end of April
You're never going to be able to fully relax if you have to worry about meeting the mortgage repayments at home. The last thing that you would want to do, I'm sure, is root up again and move back home in order to meet the payments again.
Option 2: Wait until it sells, then go.
This is what I would do - i know it means waiting an undetermined length of time, but when you would eventually sell it that would be it. You could take off, unburdened, everything paid off and really start on a clean slate.
Optio 3: DONT RENT - unless you have someone who will act as a stand-in landlord to deal with all the usual hassles while you are away, then this will be a major pain in the ass. There are too many things that could/would go wrong in this situation....you would have responsibilties to your tenants..etc...
I would say choose between option 1 or 2. You could go with option 1 and hope for best, i.e. that the house would be sold within4/5 months.
If you want to do it the safe way, wait until the house is sold and you are really free to make new plans. Fingers crossed - it might sell sooner than you think!
How long has the house been on the market already?
Personally, I would wait till the house was sold and leave with more money and peace of mind. That's me, though - I know the unsold house and the possibility of having to return early would gnaw at the back of my mind. However, if staying and waiting will drive you into the loony bin, I'd say leave before the men in white coats come knocking...
How long has the house been on the market already?
It's been on 4 months. November to Feb was bad with viewings. March has picked up with 6 so far and i have just redecorated throughout and it looks pretty good now. 2 wanted to buy but have properties to sell. It's on at the right price, i am prepared to drop a little, but not too much as this money is to be used to start a new life. My temptation at the moment is to go in April and come back in July for a couple of weddings and re-assess the situation. If it's sold, fine, i just get back on the plane. If not, continue with option 1.
I should have pointed out that i'm confident it will sell at around this price, but because houses cost so much these days, not many people are around to buy them.
Sorry, 1 more thing, the money i make from the house i will not take away with me. It is for use at a later date when i'm settled somewhere.
My temptation at the moment is to go in April and come back in July for a couple of weddings and re-assess the situation. If it's sold, fine, i just get back on the plane. If not, continue with option 1.
That sounds like a good idea - if you're going to be coming back anyway, then you dont really have to make this decision until then.
My Dad is trying to sell at the moment and he has had similar problems. The winter months are terrible - no-one's thinking in terms of moving/buying. When the Spring comes there's always an upsurge. Like you, he's just had the entire place painted and he's hoping that will help things.
I would bet that you'll have it off your back by the summer Dave.
hi ive just gone through the same situation tried selling but it just wasent going to happen at that time of year oct-jan so what i dedcided to do was take out extra on my mortage/ went interest free for two years/and got a letting agency to take over rental of the house they usualy charge 10/15% of the rent for doing so but no hassels as such wich leaves me free to leave mid april. the whole lot took 6 weeks to sort out which i thought wasent bad time wise
hope this might help
Hey Dave, I personally like to leave things in place before I go anywhere for my own piece of mind. Like Evelyn said, you are not going to be able to fully relax until the house is sold and even if you are away, you cant plan much ahead of time if the house is still in the market by then.
I would go with Option 2 as my first option but I would consider renting it as long as I have a very very reliable person in line ready to live and take care of the house as if it were theirs. Then you can technically wait until whenever the house sells, heck the real estate market may even go up during that time and this way you dont have to take less than asking price even. You dont want to sell under pressure, you will regret it later.
Something else to think about...the grass isnt always greener...you may be gone for a year or two and maybe decide that you want to come back home. Then, you may regret selling your house and not keeping until you knew for sure you were settling somewhere else. I have considered your situation in the past and I always figured I would keep my house in the States until I knew for sure (whilst away) I wont be coming back...keep the house as the "back up" plan...