| Any property experts on here? 14:41 - Sep 20 with 7805 views | nodge_blue |
I inherited my mums little bungalow in Bradwell when she died and for the last 10 years Ive been renting it out. Not because I particularly wanted to be a landlord, but it seemed one of the two options.
But in February I realised the disrepair it was in (because the tenant hadn't told me they had broken kitchen units and the wooden conservatory was rotting). I decided to sell it. I repaired the kitchen and did enough to the conservatory to at least make it sound again.
But despite the estate agents initial optimism etc it hasn't sold. Well it did once but then the buyer pulled out with a week to go.
So Ive dropped the price a lot now. But it's still not selling. Im paying council tax on it and next year Ive been told it will be double as it would be viewed as a second house holiday home! So that would be 3.5k a year on a bungalow in Bradwell that clearly isn't a nice holiday home in North Norfolk.
And now the Times said at the weekend that CGT could be applied at the October budget, so that the bungalow is dated back not to when I inherited it, but to when my mum initially bought it. So basically I could end up paying about 60k tax on a house worth 180k.
So Im totally fed up.
Is it worth me just putting it into an auction and try and sell it in October - before the budget? Im not even sure if that's possible. I think that a sale at auction is legally binding, but Im I have to say that Im not sure the contacts are exchanged there and then - so I still might miss end of October.
Anyone got a feel for how much you get at auction v selling on the high street?
I might end up renting it out again, even though I just don't want that responsibility of maintaining two homes anymore. This is currently making me wake up at night.
Any thoughts? [Post edited 20 Sep 2024 14:46]
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| Any property experts on here? on 18:47 - Oct 18 with 472 views | nodge_blue |
| Any property experts on here? on 16:13 - Oct 18 by flykickingbybgunn |
Ideas as they occur to me.
I live in the parish next to Bradwell. Bungalows are at a premium. There are not many about locally.
Bradwell is a bit away from the beach for a sucessful airbnb.
Rental prices are well up south of the river as yours is. I know several people in the same situation as you that are doing well renting out their parents old properties.
Most of Yarmouth has been let out to asylum seekers with for right or wrong a drop in rental values there.
Personally I would spend to do it up and carry on renting.
Good luck. |
Next parish being Burgh Castle? | |
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| Any property experts on here? on 10:12 - Oct 19 with 312 views | flykickingbybgunn |
| Any property experts on here? on 09:09 - Oct 19 by nodge_blue |
I meant where you live?
I grew up in Burgh Castle before moving to Gorleston.
As an aside to this I may take it to auction. The auctioneers have suggested a reserve of160k but their fees are about 5k all in with £600 an upfront non refundable auction fee. |
Gorleston me. Let me know if I can help. |  | | |
| Any property experts on here? on 10:13 - Oct 19 with 311 views | flykickingbybgunn |
| Any property experts on here? on 09:09 - Oct 19 by nodge_blue |
I meant where you live?
I grew up in Burgh Castle before moving to Gorleston.
As an aside to this I may take it to auction. The auctioneers have suggested a reserve of160k but their fees are about 5k all in with £600 an upfront non refundable auction fee. |
But not until later. Now leaving for the match. | | | |
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