Empty Property

[Davycc]

Hi all.

Firstly hello all and hope I'm doing this right.

I need a little advice or rather confirmation that I may be right. I am in the situation where my mortgage is paid off and thankfully can still live quite comfortably in the present finacial climate. My parents home is now empty and has been on the market for about a year. Innitially it was on the market for £250.000.00 but understandably the price has dropped to the point were myself and my brothers have had an offer of £140.000.00. My question is, as we are not in a situation were we must sell I believe we should hold on even for another year or so to sell (possibly rent in the meantime) rather than take what is quite a low valuation even in todays market. My brothers believe we should sell now as things will only get worse. I would appreciate any views on this.

Thanks DC

[brian]

Well, no one knows for sure how long the downturn will last, but current expectations are that it will continue for another year.

Also, credit markets are completely frozen up at present, so it's increasingly hard for a number of buyers to access mortgages.

What may be worth considering is a cost-benefit analysis of selling now compared tiwh later, and also consider rental options. After all, do you really need to sell now, during a downturn?

[pippaw]

I would look at renting the property, you'll be kicking yourself next year if you could have got more money for it.

At the end of the day if you don't need to sell don't. Hang on to the property and weather out the storm.

Pippa