Loan to help sell/rent house

LegacyUser

I'm unemployed and currently have about 7,600 left on a bank loan for some family-related overseas travel, some years ago.

I worked from 91-94 and 96-07. I thought I would be working again before the end of '08 but it didn't pan out that way and I have no idea when one of my cv's is going to yield something. It's okay, I get by. I'm not in trouble, yet. But it's very, very tight. I've reached the stage of skipping the odd meal here and there to make sure I have enough for the ESB and phone bill.

In the meantime...

I've been left a house in a will.

It's twenty years old and in a town far from where I live. It was valued at 130,000 three years and it's in pretty good shape, despite being empty for almost two years. Just needs cleaning and painting and some minor plumbing upstairs.

I figure I need about 10,000 to be able to sell/rent it.

I don't have that kind of money, frankly I can't afford a bus ticket to go see the house, so it's an asset that has fallen into my hands that I can do nothing with.

The bank and credit union have refused to help. Is there anywhere else I can go?

cantdecide

Not really a personal issue (unless your situation has knocked the s***e out of your confidence in your judgement and decisiveness:D) but...

I'm trying to find a place to rent at the moment and I've found that the hovels are usually €100 - €200 less than the mansions. You can't be buyer and seller, it might very well rent as is for a respectable sum or to sell it, it could be a DIYers dream and if your beef is that all you've been left is €130k....

Nothing stopping you sitting on it for now. I'd love to be given any house FOC...

Agent J

Think you might be looking at things the wrong way around here.

Either you accept the fact that its going to be left sit there for the next few years or you sell it now at whatever price you can get.

Sure you might increase value if you painted it or whatever but you cant afford it.

ji

Where abouts are you? if the house is in good repair how do you make out it gonna cost 10,000 to get it rentable???

Ive rented houses in the past that were pure sh*t and cost up on €100 a week

i do property maintenance i could do up that house for you cheap with the way things are going... Could you even get you hands on money for material's?

Baybay

Some minor plumbing and decoration should surely come in well under 10,000 unless it's a massive house altogether.

Anyway, leaving that aside and without knowing all your details, you have a few options.

1. Sell. Whatever it's worth in it's current state, you will be in profit.
2. Rent it as is. Email a local agent, find out what the going rate is, drop it til you get some rent in and then do the necessary.
3. Have a contract with a tenant so they take over the repairs and decoration while paying a minimum rent for an agreed period.
4. Rent out your own house for three or six months, move down and do all the jobs yourself.

Victor

GregHouse wrote: »

I figure I need about 10,000 to be able to sell/rent it.

Don't bother. You probably won't make the money back.