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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 property experts on here? on 17:25 - Sep 20 by ElephantintheRoom
If you are going to rent again, which seems the most sensible option be very careful of any agent you might use. Friends of our rented an ex- parents house near Oulton Broad through a local agent who assured them all was well even though rent payment was becoming somewhat irregular. Then they had a call from the police who had raided the place. All fittings had been ripped out to create a cannabis farm upstairs and a drug factory downstairs. It’s fair to suggest the agent hadn’t visited the property once let alone regularly as claimed. And the damage runs well into six figures leaving them with an uninhabitable property.
Ive got a friend who has that happen to them at a house in Great Yarmouth. They cut a hole in the roof for some reason as well.
The government should be paying me to carry on being a landlord.
This one....Phil will love the fcat ive turned his site into property adverts...
It is in decent condition. The only issue with it i think is to access the conservatory you have to walk through a bedroom.
But a modern bungalow at a good price.
I did used to rent it through the same estate agents and pay that fee. I was annoyed really that their yearly report didnt pick up this obvious stuff.
I hate renting it now. The garden looks a mess most of the time, the walls all need repainting really. I dont expect alot of sympathy for landlords but its a liability for not a huge amount of income. Id get more in interest from a bank account.
Any property experts on here? on 17:47 - Sep 20 by victorysquad
Do you need to sell it? I would rent it out
Look at AirBNB. I know a friend who does a min stay for 2 weeks. It will make the trip up there to tidy up well worth it.
You may be able ot find a local cleaner who to pop in after ever rent. You will be surpised at the extra income you will make.
You can only sell once but you can rent hunreds or thousands of times. Dont take the easy money on the sale. In the future you could refiance to find extra property and do this as a full time job.
Take the chance and become free off this rat race life.
Any property experts on here? on 16:34 - Sep 20 by nodge_blue
Thats partly cos the garage door needs painting lol.
But thanks...yours for a decent offer!
And thanks to all for your comments. Ive appreciated them.
Are you able to slap some tins of cheap paint around the place? Agree with the other poster that more and better quality pics would help too. Focused pics on the good aspects of the property to get interest.
Also hack back the garden to improve those pics too. It doesn't look in a bad state at all just needs a bit of love and care along with marketing its potential.
I was viewing houses over here for a year before buying one. I've seen a lot lot worse repair ones for sale for over double that price.
Any property experts on here? on 15:16 - Sep 20 by DJR
"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."
I can't see this happening because it appears to go against the principles of CGT because it would effectively mean the property was taxed for the increase in value that occurred when she owned it as her home, when it would have been exempt from CGT. And if she had bought it in, say, the 1950s the original value might be only in the thousands.
More likely is an increase in the rate of CGT but I can't see the rates being equalised with income tax. And limiting agricultural or entrepreneurial relief may be even more likely.
Personally, I wouldn't rush into things because you probably wouldn't get much at an auction, and there is always the maxim "more haste, less speed".
[Post edited 20 Sep 2024 15:19]
I just got this in my youtube recommended, probably cos id been googling it. The guy talks about the times article
Any property experts on here? on 19:52 - Sep 20 by nodge_blue
I just got this in my youtube recommended, probably cos id been googling it. The guy talks about the times article
It didn't strike me that that person was really much of an expert on tax matters, and was merely explaining the Times article and posing what seemed to me fairly simplistic questions to his viewers.
For what it is worth, in a former life I used to draft parts of the Finance Bill and other tax legislation, so I think I have a bit more knowledge of the underlying basis of things like CGT, and I would be prepared to give £10 to the charity of your choice if the change he mentions goes through.
He also mentioned in passing the equalisation of CGT and income tax rates but once again I can't see that happening because of the potential adverse consequences of such a dramatic change, but that is not to say there might not be some uplift in the GCT rates.
Concerning your property, it looks to me like a perfect property for an elderly person or couple looking to downsize and with a bit of spare cash to bring it up to date or even extend. My mother moved into a small semi-detached bungalow when she was in her 80s, and in my view such properties (on one level) are much better than retirement flats which often bring with them high service charges and a difficulty to sell. So unless Great Yarmouth is awash with bungalows, I am sure that at some stage someone will buy, if that were the route you wanted to go down.
EDIT: looking at residential property, the CGT rates were 18% and 28% before the this tax year, and 18% and 24% for this tax year onwards, so one easy and relatively uncontroversial change would be to go back to the rates in force before this tax year.
[Post edited 20 Sep 2024 20:51]
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Any property experts on here? on 20:34 - Sep 20 with 1839 views
Any property experts on here? on 18:06 - Sep 20 by suffolkpoker
Look at AirBNB. I know a friend who does a min stay for 2 weeks. It will make the trip up there to tidy up well worth it.
You may be able ot find a local cleaner who to pop in after ever rent. You will be surpised at the extra income you will make.
You can only sell once but you can rent hunreds or thousands of times. Dont take the easy money on the sale. In the future you could refiance to find extra property and do this as a full time job.
Take the chance and become free off this rat race life.
That’s not going to work if it’s in an area nobody wants to stay. But otherwise not a bad idea.
The new tax rules are now more challenging for second properties. To avoid the big hike in council tax, in England it needs to be rented out for at least 70 days in the tax year and available for rent for 140. That’s not too bad (it’s far stricter here in Wales), but you do need to be able to hit that 70 day mark, which may not be so easy if it’s not desirable or not in a desirable area.
Factor in maintenance and any service charges for helping with the rent (cleaning mostly) and it could quickly become a financial drain. Sometimes it’s better to let go, but that’s only a choice the OP can make.
Any property experts on here? on 20:21 - Sep 20 by DJR
It didn't strike me that that person was really much of an expert on tax matters, and was merely explaining the Times article and posing what seemed to me fairly simplistic questions to his viewers.
For what it is worth, in a former life I used to draft parts of the Finance Bill and other tax legislation, so I think I have a bit more knowledge of the underlying basis of things like CGT, and I would be prepared to give £10 to the charity of your choice if the change he mentions goes through.
He also mentioned in passing the equalisation of CGT and income tax rates but once again I can't see that happening because of the potential adverse consequences of such a dramatic change, but that is not to say there might not be some uplift in the GCT rates.
Concerning your property, it looks to me like a perfect property for an elderly person or couple looking to downsize and with a bit of spare cash to bring it up to date or even extend. My mother moved into a small semi-detached bungalow when she was in her 80s, and in my view such properties (on one level) are much better than retirement flats which often bring with them high service charges and a difficulty to sell. So unless Great Yarmouth is awash with bungalows, I am sure that at some stage someone will buy, if that were the route you wanted to go down.
EDIT: looking at residential property, the CGT rates were 18% and 28% before the this tax year, and 18% and 24% for this tax year onwards, so one easy and relatively uncontroversial change would be to go back to the rates in force before this tax year.
[Post edited 20 Sep 2024 20:51]
Yeah, I only posted it really because I don’t have a digital subscription and I was half wondering if I had misunderstood the whole article. But he did pick out the section from the times giving an example.
It would be really flawed anyway as you’d just be encouraging people to move home late in life to reset their floor.
I agree about the simple bungalow and that’s mainly why my mum lived there. I thought it would be in some demand.
I guess we will find out in another month. I wonder if some of their ideas get leaked deliberately to guage the public mood.
This one....Phil will love the fcat ive turned his site into property adverts...
It is in decent condition. The only issue with it i think is to access the conservatory you have to walk through a bedroom.
But a modern bungalow at a good price.
I did used to rent it through the same estate agents and pay that fee. I was annoyed really that their yearly report didnt pick up this obvious stuff.
I hate renting it now. The garden looks a mess most of the time, the walls all need repainting really. I dont expect alot of sympathy for landlords but its a liability for not a huge amount of income. Id get more in interest from a bank account.
You *must* get a floor plan - the bedroom that you have to go through to access the conservatory could always be repurposed into a living room, and the living room turned into a bedroom instead. Most buyers want to put their own stamp onto a place anyway, esp a relatively modern one.
And get the lawn cut! Then take new photos of the garden. The current ones of it with scruffy lawn give an awful first impression, ie the place hasn’t been cared for at all.
As you’re a reluctant landlord already, who’s had experience of not-great tenants, I’d suggest you sell now rather than continue letting the place. Things are going to get even tougher for landlords re bad/antisocial tenants, with Labour committed to abolishing Section 21 “no fault” evictions (likely to go through in summer 2025 we’re told), meaning that if you’re lumbered with tenants who refuse to pay rent, trash the place, are antisocial to neighbours etc., you won’t be able to shift them without a very lengthy court case.
I don’t know if the TV series ‘House Doctor’ is still in production, but if it is, your bungalow sounds like a great candidate! The changes they make, usually for a relatively small cash outlay, always seems to radically change potential buyers’ views of a property in a very positive direction!
Any property experts on here? on 03:39 - Sep 21 by Ryorry
You *must* get a floor plan - the bedroom that you have to go through to access the conservatory could always be repurposed into a living room, and the living room turned into a bedroom instead. Most buyers want to put their own stamp onto a place anyway, esp a relatively modern one.
And get the lawn cut! Then take new photos of the garden. The current ones of it with scruffy lawn give an awful first impression, ie the place hasn’t been cared for at all.
As you’re a reluctant landlord already, who’s had experience of not-great tenants, I’d suggest you sell now rather than continue letting the place. Things are going to get even tougher for landlords re bad/antisocial tenants, with Labour committed to abolishing Section 21 “no fault” evictions (likely to go through in summer 2025 we’re told), meaning that if you’re lumbered with tenants who refuse to pay rent, trash the place, are antisocial to neighbours etc., you won’t be able to shift them without a very lengthy court case.
I don’t know if the TV series ‘House Doctor’ is still in production, but if it is, your bungalow sounds like a great candidate! The changes they make, usually for a relatively small cash outlay, always seems to radically change potential buyers’ views of a property in a very positive direction!
I have had the grass cut, but the trouble is it keeps growing!
Not living that close doesn’t help. I’d hoped that people could see past the walls need painting etc, and just say it’s a tidy little bungalow.
The previous tenants did use the small walk through bedroom as the lounge and then had a bigger main bedroom at the front. Really it’s a one bedroom property for an old couple with a separate dining room.
I’m with you oni just want to sell it. That’s my frustration, cos I’ve dropped the price a lot and each month I’m paying the bills on the place. And the window I have keeps reducing. It has to go before my council tax doubles.
Any property experts on here? on 07:08 - Sep 21 by nodge_blue
I have had the grass cut, but the trouble is it keeps growing!
Not living that close doesn’t help. I’d hoped that people could see past the walls need painting etc, and just say it’s a tidy little bungalow.
The previous tenants did use the small walk through bedroom as the lounge and then had a bigger main bedroom at the front. Really it’s a one bedroom property for an old couple with a separate dining room.
I’m with you oni just want to sell it. That’s my frustration, cos I’ve dropped the price a lot and each month I’m paying the bills on the place. And the window I have keeps reducing. It has to go before my council tax doubles.
It is a shame local authorities don’t purchase properties and add to their rental stock. I believe they are allowed to do so but don’t. Have you spoken to them?
Any property experts on here? on 10:53 - Oct 17 by Ryorry
That’s good for the OP but a shame for local young people priced out by second-home owners.
Of course, it's a double-edged sword but the rationale for reducing the rate to 28 to 24% was that it would lead to more CGT receipts by encouraging people not to hang on to second properties.
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Any property experts on here? on 13:52 - Oct 17 with 1172 views
My Mother passed away last year and we have recently put her house on the market. It has been unoccupied prior to this awaiting probate. If it sells at a price higher than registered for probate - unlikely in this case, but possible I suppose - does that make us liable for any gain? Or is there some time frame before CGT kicks in?
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Any property experts on here? on 14:23 - Oct 17 with 1111 views
Having been through this twice when my parents and the in-laws passed away I’d give you my tuppence worth.
The in-laws went first and their property was an ideal doer upper. So I did it up having sold our house to fund the extension and sundry other works. It sold within a week but I spent far too much time and money on it and was glad to get out. Too many memories.
My mum left a Victorian semi which I thought was unsellable after over 50 yrs of living there + clutter but didn’t want to spend any time or money on it. Too depressing. That sold surprisingly quickly as it was too to a couple who were Victorian enthusiasts despite being empty and in need of quite a revamp.
You’d have to go some to get entangled in CGT - and long distance looking after a house is a pain in the proverbials.
Any property experts on here? on 13:52 - Oct 17 by longtimefan
Jumping in on the thread with a related question.
My Mother passed away last year and we have recently put her house on the market. It has been unoccupied prior to this awaiting probate. If it sells at a price higher than registered for probate - unlikely in this case, but possible I suppose - does that make us liable for any gain? Or is there some time frame before CGT kicks in?
Yes it would. Any gain you sell it for would be subject to CGT. You currently get a 3k a year limit (think its that) and any profit over that is subject to CGT.
So a house at probate is £100k. You sell for £120.
17k would be subject to CGT. The rate depends on your current income tax level.
Any property experts on here? on 10:53 - Oct 17 by Ryorry
That’s good for the OP but a shame for local young people priced out by second-home owners.
Local young people more than welcome to buy the bungalow! No interest at 180k. Even though by my reckoning a mortgage would be about the same as the rent.
In terms of tax, bearing in mind you still are paying circa 20% to 25% tax, i dont think thats unreasonable.
Im only a second home owner through inheritance rather than as a business. And no one views Bradwell as a destination of paradise lol.
Any property experts on here? on 14:46 - Oct 17 by nodge_blue
Local young people more than welcome to buy the bungalow! No interest at 180k. Even though by my reckoning a mortgage would be about the same as the rent.
In terms of tax, bearing in mind you still are paying circa 20% to 25% tax, i dont think thats unreasonable.
Im only a second home owner through inheritance rather than as a business. And no one views Bradwell as a destination of paradise lol.
I know, wasn’t thinking of you as a 2nd hol home owner causing huge issues in attractive areas like seaside towns due to their *choices*.
Any property experts on here? on 14:46 - Oct 17 by nodge_blue
Local young people more than welcome to buy the bungalow! No interest at 180k. Even though by my reckoning a mortgage would be about the same as the rent.
In terms of tax, bearing in mind you still are paying circa 20% to 25% tax, i dont think thats unreasonable.
Im only a second home owner through inheritance rather than as a business. And no one views Bradwell as a destination of paradise lol.
In my experience and based on looking at the other sold and for sale houses around this one, I think it's too high an asking price at the current market.
There's 3 bedroom ones going for less or around your current asking price, and although you've done a bit of work, any buyer would be thinking of the spend they'd have to put their own touch on it, like the dark wall room, the curtains etc.
Little touches to might help, I can't see it in the photo but is there a shower screen in that bath? if not, that may help.
The conservatory, from a viewing point, is that a blind in the right hand side of the photo, if it is, maybe give that a bleech to give a nice shine. Also, how big is it, the picture doesn't really show anything, so doesn't give the viewer any sense of how they could make use of it... can it become a kids play room, or is more of a 2 chair and a small table conservatory, can it be a summer house etc etc
Garden defo needs work, needs to look really maintenance free, so defo keep that grass cut.
Kitchen, photo people haven;t been kind, if you look at the gap of where washing machine goes, some marks on the wall, potentially viewers may look at that and think mould.. and if im thinking it, there will defo be others that do too. Whilst talking of mould, how are the windows, any signs of any? if so, make sure their sorted.
Something else I did do with one property was give it a slight paint job in regards to the non white effect, something like a grey to make it look cosy not clinical like.
I'd also make sure the garage photo was also shown, it says it in the write up, but as a visual it may catch someones eye who's not bothered to scroll down to the writing part. Garages can be a sought after room, so defo get that on there.
All the above are just my opinions obviously feel free to completely ignore them.
Any property experts on here? on 15:17 - Oct 17 by FrimleyBlue
In my experience and based on looking at the other sold and for sale houses around this one, I think it's too high an asking price at the current market.
There's 3 bedroom ones going for less or around your current asking price, and although you've done a bit of work, any buyer would be thinking of the spend they'd have to put their own touch on it, like the dark wall room, the curtains etc.
Little touches to might help, I can't see it in the photo but is there a shower screen in that bath? if not, that may help.
The conservatory, from a viewing point, is that a blind in the right hand side of the photo, if it is, maybe give that a bleech to give a nice shine. Also, how big is it, the picture doesn't really show anything, so doesn't give the viewer any sense of how they could make use of it... can it become a kids play room, or is more of a 2 chair and a small table conservatory, can it be a summer house etc etc
Garden defo needs work, needs to look really maintenance free, so defo keep that grass cut.
Kitchen, photo people haven;t been kind, if you look at the gap of where washing machine goes, some marks on the wall, potentially viewers may look at that and think mould.. and if im thinking it, there will defo be others that do too. Whilst talking of mould, how are the windows, any signs of any? if so, make sure their sorted.
Something else I did do with one property was give it a slight paint job in regards to the non white effect, something like a grey to make it look cosy not clinical like.
I'd also make sure the garage photo was also shown, it says it in the write up, but as a visual it may catch someones eye who's not bothered to scroll down to the writing part. Garages can be a sought after room, so defo get that on there.
All the above are just my opinions obviously feel free to completely ignore them.
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.
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Any property experts on here? on 16:16 - Oct 18 with 836 views
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.
If you would like me to ask about who is a good local estate agent for renting let me know.
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Any property experts on here? on 16:57 - Oct 18 with 805 views
Any property experts on here? on 16:57 - Oct 18 by ArnieM
A bit radical I know but demolish bungalow, and sell the land?
I have no idea what land is worth but builders might pay for any patch of land to whip a house up on.....
Would not get planning permission if the area has been dedicated to single storey housing. You might get permission to extend but gardens in Bradwell are not noted for the large size of their gardens.
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