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The Property Podcast

ASK157: How can I sell this property? PLUS: Should I learn these skills myself?

The Property Podcast

Rob Bence & Rob Dix

Business News, News, Business, Education, Investing

4.82K Ratings

🗓️ 9 October 2018

⏱️ 7 minutes

🧾️ Download transcript

Summary

Welcome to this week’s Ask Rob & Rob. First up with a property question is Mark. He has a HMO in Southampton which is mortgage free and has been self managed for over 20 years. Mark has now moved north but finds the travelling and cost of upkeep is just too much. He wants to sell the property and reinvest the funds somewhere closer to home, however he’s hit a few snags. He’s failed at getting planning permission to alter the property in the hope it would add value, and he’s also considered selling the HMO to both investors and property developers which hasn’t been plain sailing. The developers say the rental income wouldn’t make the money back if they were to rebuild. And unfortunately Mark doesn’t have enough capital to see through a void period whilst he refurbishes the property himself. Remortgaging isn’t an option either. So, what should he do? The Robs have some advice for Mark which covers everything from pricing, refurbishing and also the possibility of an assisted sale. If you’re not aware of how an assisted sale works, tap the play button to find out. Callum has also called on the Robs this week. Callum is 21, from Nottingham and has been avidly saving for his first investment property. He’s been reading, watching and listening to every resource he can find and wants to know whether it would be better for him to learn the trades or go in to project management. Again, from people who have been there, done it and bought the t-shirt, the Robs talk Callum through ways he can get the most value from learning and how they’d approach things if they were in his position. Would the Robs grab a paintbrush or plastering trowel? Or would they leave it to the professionals? There’s also a good few resources shared this week on how Callum can get started - so make sure you tune into this week’s Ask Rob & Rob. Would you like to feature on the next Ask Rob & Rob? If you have a property related question, simply call 013 808 00035 and leave a message with your name and question (normal UK call rates apply). Or if you prefer, click here to leave a recording via your computer instead. The next question on Ask Rob & Rob could be yours. Do you love property and are keen to connect with likeminded people? Head over and join the conversation over in the Property Hub forum. Our active Hubbers are talking property on a daily basis - from breaking news to sharing hints, tips and some very interesting progress journeys. Pop over and introduce yourself today. See omnystudio.com/listener for privacy information.

Transcript

Click on a timestamp to play from that location

0:00.0

Hi, I'm Rob.

0:03.6

And I'm Rob.

0:04.6

And this is Ask Rob and Rob.

0:06.0

Hello everyone and welcome to Ask Rob and Rob, the show where you provide really good questions and we try to match you with our answers.

0:16.2

But what we will do is always answer a good question.

0:18.8

And luckily, Mike and Callum have delivered for us this week. Now if you'd like to be a part of the show. and

0:23.3

if you'd like to be a part of the show get your question answered and by doing so helping a lot of

0:27.6

other people in the process we've made it very simple for you to get involved.

0:31.5

Yes we have all you need to do is drop us a voicemail by calling

0:34.8

013, 808,00035. That's 013, 808,00035.

0:40.4

Or you can do exactly the same thing but on your computer by going to the Property Hub.

0:44.0

Net slash Ask.

0:45.0

So while you're mulling over what you'd like to ask, let's hear from someone who already has.

0:49.0

This is Mark.

0:50.0

Hi Rob and Rob, this is Mark.

0:52.0

Thank you for all your free advice which I've found very useful.

0:56.0

I wanted to ask your advice on how I could sell my HMO in Southampton.

1:00.6

I've had it for 20 years and it's now mortgage free. I self-managed with my family, but I've now moved

1:06.1

to the north and find a traveling and cost of upkeep of such an old house too much and want to sell the property

1:11.9

and reinvests nearer to home. I've thought of adding value to the property by getting planning permission which failed and also selling the property to developers or investors.

1:22.0

The feedback from developers who have viewed the property has

1:25.1

been that the rental income, even though the property is near the university, would not

...

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