Better to leave empty for a while?

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    Better to leave empty for a while?

    Hi there
    Have got my property up for sale.

    It costs about 3.5k a year to run empty

    Its worth about 270k

    If for some reason it doesnt sell, do you think its worth leaving empty and trying again next year /year after rather than let and have to make it look good again afterwards?

    Rent would come to about 7k a year but then youve got the worry of what they are doing to it/will they pay rent/will they go etc

    Thanks

    #2
    Originally posted by Cavan View Post
    If for some reason it doesnt sell,
    Reduce the price.

    There is a 2 bed ex rental up for sale across the road from my house. The landlord originally had it up for sale at £280K, but that's the price of a 3 bed on my street. It was reduced to £260K, and he's had an offer for £250K. This is the stamp duty threshold, and the price of 2 beds around here, but he still won't accept it.

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      #3
      depends where it is and if the market is going up or not. Might be best to just sell up.

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        #4
        Do what you want, it is your decision.
        Plenty of people should be looking for a home to buy/rent come Sept, depending on location etc

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          #5
          Is there an escalator on void council tax where you live?

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            #6
            Re the void council tax escalator- i do not know- i wasnt aware there was such a thing. I will take a look thanks

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              #7
              I would be extremely concerned about the insurance coverage leaving a property empty that long. I dont know if the property is mortgaged but if so unsure if the mortgage company would be too pleased either?
              Any posts by myself are my opinion ONLY. They should never be taken as correct or factual without confirmation from a legal professional. All information is given without prejudice or liability.

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                #8
                not all councils give a void period discount. Mine doesn't.

                But all insurance companies will insure empty properties. Estimate the premium to at least double if not triple though. I know this from experience. BTW, you'll get a better response from insurance companies if you are doing work in the property during a void because at least someone is in or around the property. It may be worth you while getting some work done and letting them know you actually want them to take their time so as to string it out. Get a comparison of insurance quotes to see if it makes a difference. It did with my broker.

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                  #9
                  When we were getting work done on an empty property it was hard - and very expensive - to insure. It would have been cheaper to insure empty as long as we were prepared to commit to checking on it regularly.

                  I'm pessimistic about the market over the next 2 years so I'd reduce the price if it wasnt selling by September.

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                    #10
                    If the property doesn't sell for what it's worth, it isn't worth that amount.
                    A property is worth what someone is prepared to buy it for.
                    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
                    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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                      #11
                      Originally posted by tatemono View Post
                      not all councils give a void period discount. Mine doesn't.

                      But all insurance companies will insure empty properties. Estimate the premium to at least double if not triple though. I know this from experience. BTW, you'll get a better response from insurance companies if you are doing work in the property during a void because at least someone is in or around the property. It may be worth you while getting some work done and letting them know you actually want them to take their time so as to string it out. Get a comparison of insurance quotes to see if it makes a difference. It did with my broker.
                      Thankyou for that info and tip - very useful 👍

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                        #12
                        Thankyou all for your responses . i had no idea that they could escalate the council tax- but four weeks after it was empty I received a letter from a council agent telling me that i should pay 150 per cent rate after two years 😬. Out of interest, I was reading in the 'lighthearted' bit of the forum about the programme ' when the landlords came' . Someone mentioned letting out for less than market value (presumably someone was on the show doing that). I suppose peopke do this when they want to keep the property for capital growth. Does anyone know what the pitfalls are? Do you hink you'd curry good favour from tenants by doing this and they might take care of the house? I'd never considered this before- or even heard of it.

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                          #13
                          Re leaving it empty, we were asked by the insurers to leave the heating on low as part of the cover....

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                            #14
                            Originally posted by Cavan View Post
                            Do you hink you'd curry good favour from tenants by doing this and they might take care of the house?
                            Quite the reverse in my experience:

                            Tenant takes you for a 'pussy', and wrecks the house all the more.

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                              #15
                              I'd take the risk and rent it out.

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