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The Property Podcast

ASK434: Is now the right time to sell this property? PLUS: What do I do about this arrangement fee?

The Property Podcast

Rob Bence & Rob Dix

Investing, Education, Business News, News, Business

4.82K Ratings

🗓️ 25 June 2024

⏱️ 5 minutes

🧾️ Download transcript

Summary

It’s time for your weekly dose of Ask Rob & Rob!

  • (0:42) Gary’s recently inherited a flat in Notting Hill that he plans to sell and use the proceeds to invest in a cheaper property with better growth potential. But the current value is about 20% less than its original purchase price, leaving him unsure whether to hold off for better market conditions or sell now for the best possible price.
  • (3:28) Ryan’s wondering if he should add his arrangement fees to his mortgage or pay them off in full, so he turns to Rob & Rob for their advice.

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Transcript

Click on a timestamp to play from that location

0:00.0

Hi, I'm Rob. And I'm Rob. And this is Ask Rob and Rob.

0:07.0

Welcome to Ask Rob and Rob. It's Tuesday. That means two questions, two answers.

0:11.0

Bosh, let's do it.

0:12.0

Rob, how do people send their questions in?

0:14.4

Bosh love it Rob okay go to property hub dot net forward slash ask there you can find a

0:21.9

place to record your message directly you can find a place to record your message directly, you can find our contact number if you want to leave an answer phone message, or you can submit your question for the Sunday times if you prefer to write things down.

0:32.2

Whatever you prefer, we're good with.

0:34.8

So now you know how to get involved,

0:36.4

let's get involved with some juicy questions.

0:38.6

Rob, who've we got up first?

0:39.8

Well, our first question today is from Gary.

0:42.0

Hello, Rob, this is Gary here from Vauxhall.

0:45.0

Thank you for all your advice over the years.

0:47.0

I'm very lucky to have recently inherited a property in Notting Hill.

0:50.0

It's a small second floor two-bed flat on a prestigious road, so most of its values stems from the location.

0:58.0

My plan is to sell it and use the proceeds to invest in cheaper property in areas with higher growth potential.

1:04.0

However, as it stands, the value of the flat is down about 20% from the 2014 purchase price.

1:10.0

My question is, should I hold out for more positive sentiment in the prime London market

1:14.8

or accept whatever price I can get for it now, even if that is considerably less than what it was bought for,

1:20.4

so that I can focus on using the capital on a more diversified and strategic portfolio.

1:25.0

Thank you in advance.

1:27.0

Gary, thank you for your question.

...

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