Should I sell my apartment in Navan?

Cashmerewrap

I'm looking for any thoughts or advice. I have a 3 bed duplex in Navan town and is like to be free of it and all the hassle that goes with renting. I also have a young family and got into renting accidentally so i dont have the time to deal with it. I have excellent tenants at the minute but have had a few horrific ones over the past few years. I'm just wondering what kind of price could I expect to get as I still have a mortgage on it and how quickly would it sell as I can't afford to be without rent for long to cover the mortgage. Ive been in touch with one auctioneer who said he'd have a deal closed in 4-6 weeks. Has anyone got any experience of selling in Navan lately? Ideally I'd love to sell to an investor and keep the tenants in situ as they are brilliant but the auctioneer said that the place would have to be vacant in order to sell it. Thanks very much for reading.

the_syco

Cashmerewrap wrote: »

Ideally I'd love to sell to an investor and keep the tenants in situ as they are brilliant but the auctioneer said that the place would have to be vacant in order to sell it.

Selling it to an investor would be selling to a smaller market, and thus the price that it'll be sold for will be less.

Cashmerewrap wrote: »

Ive been in touch with one auctioneer who said he'd have a deal closed in 4-6 weeks.

Did you/he say what the price would be? And do you own it, or is there a mortgage on it? If so, would it be in negative equity?

Cashmerewrap

There is a mortgage on it. I owe about 200,000. The auctioneer said I'd get 200+ for it but I don't see that happening. I'd let it go if I could get enough to cover what's left on the mortgage but equally I can't afford to have it vacant if it doesn't sell or if it sits on the market for months on end.

august12

If you log onto daft and filter for similar houses in the area, you should get a list at bottom of screen of the houses which have sold recently and prices obtained, also the property register will have all house sales listed from 2010 onwards, you can filter by county, townland, year etc.

Cashmerewrap

Thanks a million, I'll do that.

utmbuilder

I know of a old couple had a bid of 175k on a 2 bed, which sold for 180k

very very very limited downgrade able stock so a old couple with an empty nest selling for 350k have Notting to buy

You will get 200k for it , stay under that as new builds are 225k

utmbuilder

200+ is not realistic only one person in meath would value at that price is his first name Barry.

The Ging and I

Have you factored in capitol gains tax plus EA fees ?

selfbuild17

The Ging and I wrote: »

Have you factored in capitol gains tax plus EA fees ?

Doesn’t sound like he is going to make a profit on it so CGT is probably not relevant

April 73

A quick look on MyHome shows 2 beds in Navan ranging from €145k to €170k. Unless the place is utterly amazing I can’t see how the OP is going to get to €200k.

Panrich

The OP said a 3 bed duplex though or am I missing something?

April 73

Panrich wrote: »

The OP said a 3 bed duplex though or am I missing something?

No you’re right. I read it wrong. 3 bed might make €200k so.

seamus

Auctioneers are lying bastards, don't believe anything they say.

He's telling you 5-6 weeks to get you to list with him. It might close 5-6 weeks after going sale agreed, it won't close 5-6 weeks after going on the market.

Aside from the good suggestions above, I'd suggest approaching your tenants and seeing if they want to buy. You don't need an auctioneer to sell, and being able to cut him out and lots of other hassle, might be preferable for everyone?

If they don't want to buy, then at least they know you have that in mind and will be waiting for your eviction notice to come in.

Cashmerewrap

Thanks to everyone for their input. I think I will approach the current tenants on the off chance that they'd like to buy it. I'd like to give them the opportunity anyway as I said they're excellent. Thanks again

The_Conductor

If you're trying to sell with sitting tenants- you're looking at a cash buyer (as no-one can get a mortgage without vacant possession).
The fact that its second hand and has had tenants in the last year- takes at very least 15-20% if not more off its sale price- compared to new properties.
Its a second hand property- so you're unlikely to get a first-time-buyer interested in it- as they can't get their 10% inducement from the government on a secondhand property- i.e. a new property is automatically 10% more expensive than a secondhand property- and a secondhand property with a sitting tenant- is an albatros that you're simply not going to shift...............

If you want to sell in 5-6 weeks- I'm sorry- its simply not going to happen. 8-12 weeks would be a good and reasonable target- and if you can't afford to have it vacant for this length of time- I'm sorry- you're not going to sell it.

Barry- yep, I know very well who the poster has in mind- and I'd seriously suggest you take what he says with a grain of salt. Its nice to see that he is still in the business- however, giving unduly rosy ideas to sellers- really isn't fair.

The market is good- and if you price it well- it will sell. Its not a completely and utterly mad market though- people will not buy at any price........

Keep in mind- you can get a very nice 4 bed like this for 180k........ and there are plenty of fairly central 3 bed duplexes for under 200k

Suggesting you'll sell in 4-6 weeks- when there are 124 properties in Navan on the market at the moment- aside from new builds- at under 250k- is a bit of an ask.............

Cashmerewrap

utmbuilder wrote: »

200+ is not realistic only one person in meath would value at that price is his first name Barry.

No it was Ed

utmbuilder

oh there's a Barry in that office too trust me