My advice would be to reduce the price by 10% for every 4 weeks the house is on the market and you will definitely find a buyer.
If the housing market goes into a long slump like the British market did between 1989-1994, you'd be better off doing as an earlier poster suggested and knocking a good percentage off the price early on, as it may take bigger and bigger drops to sell the property in the months and years ahead.
If you could sell now at say a 10-15% lower price than it is currently being marketed at, you could stick the cash in the bank and let it earn a LOT more more in interest than you are currently receiving in rent, minus all the landlord hassles!
Even if the property is lying idle costs will arise that need to be met - e.g. utility bill fixed costs/rental charges if not also usage, vacant property insurance, maintenance, management charges if applicable, LA charges if applicable etc.When you've no mortgage you don't have to worry about covering a mortgage when theres no body renting.
If you hate the whole landlord thing why not let a management company do the running of the house. In most cases this is a satisfactory route. You only have the stress of seeing your bank balance grow each month ..... minus 13% for fees!
Even if the property is lying idle costs will arise that need to be met - e.g. utility bill fixed costs/rental charges if not also usage, vacant property insurance, maintenance, management charges if applicable, LA charges if applicable etc.
My advice would be to reduce the price by 10% for every 4 weeks the house is on the market and you will definitely find a buyer.
The most sound advice so far has been to lower the price until you find its true current market value and it sells. Your current situation is like having over one million stuffed in your matress. It is literally costing you more than €1,000 every week you wait.
There is also the strong probability that if you take this advice that you will see the value of your house plummet by much more than the bank balance increases. Property prices are dropping rapidly and the longer that you leave it, the more the price is likely to fall.
By not selling the property you are preventing yourself from investing the money in something else that is likely to be more profitable, if you choose wisely. What is the point in keeping a property that is depreciating in value?
In this case, the property rising or falling in value isn't the issue. The OP has said they don't want to be a landlord and want to sell the house - they want advice on how best to do that. Reducing the price is one way that will help it sell.
I do think given the type of property it is worth considering that it could be worth more over the next few years, i would imagine in time that type will be at a premium.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?