How to sell my apartment

Zascar

I have a small apartment that I bought about 5 years ago. It's a small 2 bed 1 bathroom in Wexford, nice little gated complex 5 mins from the town. There is approx €115 left on the mortgage. I'm not sure what its worth now exactly, it would have been worth 180k at the peak, Maybe 140k now.

Anyway maybe a silly question but what is the best way to go about selling it? I want least hassle without spending a fortune with realtors etc. I really have little idea what the process is for selling your place. I'm guessing as the market is so bad the agents etc work hard for your business (or am I delusional). How should I choose someone to sell it for me? Do i just choose one or can I give it to many - does it work that way? Will it cost me money up front to do this?

Currently it is not rented out - my last tenant just moved out (I'm sick of the rental hassle so I'm thinking about to selling it now) but I'm trying to find a tenant in the meantime. Should I not, or could I sell it as a potential investment property with tenant included etc? If I'm trying to sell when I have a tenant in there, how does this affect me?

I don't want to spend ages trying to sell it, I'd rather just get the going market rate and be happy. If I cleared 20k profit i'd be happy - I might even be able to get more. After i sell the house, I will have realtor fees and then tax, I believe this is 20%. What other costs do I need to consider?

All and any tips or advice appreciated.
Thanks

sodaev

Zascar wrote: »

I have a small apartment that I bought about 5 years ago. It's a small 2 bed 1 bathroom in Wexford, nice little gated complex 5 mins from the town. There is approx €115 left on the mortgage. I'm not sure what its worth now exactly, it would have been worth 180k at the peak, Maybe 140k now.

Anyway maybe a silly question but what is the best way to go about selling it? I want least hassle without spending a fortune with realtors etc. I really have little idea what the process is for selling your place. I'm guessing as the market is so bad the agents etc work hard for your business (or am I delusional). How should I choose someone to sell it for me? Do i just choose one or can I give it to many - does it work that way? Will it cost me money up front to do this?

Currently it is not rented out - my last tenant just moved out (I'm sick of the rental hassle so I'm thinking about to selling it now) but I'm trying to find a tenant in the meantime. Should I not, or could I sell it as a potential investment property with tenant included etc? If I'm trying to sell when I have a tenant in there, how does this affect me?

I don't want to spend ages trying to sell it, I'd rather just get the going market rate and be happy. If I cleared 20k profit i'd be happy - I might even be able to get more. After i sell the house, I will have realtor fees and then tax, I believe this is 20%. What other costs do I need to consider?

All and any tips or advice appreciated.
Thanks

If the apartment was selling for 180k at the top of the market, realistically you are looking at a current valuation of approximately 50% of that and even then the market for apartments has collapsed.

If you can sell it for 115k all of your christmas's and birthdays have come at once.

Don't forget to include legal fees as a cost.

jmayo

sodaev wrote: »

If the apartment was selling for 180k at the top of the market, realistically you are looking at a current valuation of approximately 50% of that and even then the market for apartments has collapsed.

If you can sell it for 115k all of your christmas's and birthdays have come at once.

Don't forget to include legal fees as a cost.

OP as sodaev pointed out if your place was valued at 180k at peak there is no way in hell it is still worth 140k.
Check out value of current appartments selling in Mullingar (towen at end of motorway to Dublin BTW).
At last a bit of sanity has entered the market, once again courtesy of Johnny Foreigner or in this case Dansk bank owners of NIB.
If only we had a few Johnny Foreigners running the whole damm country.

If you really want out undercut big time all other asking prices for similar properties in the area.
Then if you find someone who believes they are getting a bargain (as some think because they still believe in bubble prices) grab them with both hands and thank God that people don't always make rational decisions.

AARRRGH

sodaev wrote: »

If the apartment was selling for 180k at the top of the market, realistically you are looking at a current valuation of approximately 50% of that and even then the market for apartments has collapsed.

If you can sell it for 115k all of your christmas's and birthdays have come at once.

Don't forget to include legal fees as a cost.

I agree with this.

Zascar, the sooner you sell the better. Joe Public are only beginning to realise it was a bubble, not a boom.

Put it on the market at 125k, and take anything between that and 115k.

Zascar

Funny thing is that there is currently one a few doors down on the market for 180k. he's dreaming though. There is also a 1 bed on for 115k.

I need a proper valuation really. What is the best way to go about this?

mathie

Zascar wrote: »

Funny thing is that there is currently one a few doors down on the market for 180k. he's dreaming though. There is also a 1 bed on for 115k.

I need a proper valuation really. What is the best way to go about this?

Have a look at your area and see who the top EAs are.
Enquire about a few properties and pretend you're a buyer.
See how they treat you as a buyer.

I'm guessing as the market is so bad the agents etc work hard for your business (or am I delusional)

Unfortunately yes you are delusional.
As far as I can see - and I bought and sold in the last few years - EAs are doing about as much now as they did a few years ago. Very little.

If you want to sell then find out the average price for your property and undercut the opposition.

Where we sold houses were on the market in our estate for 50% more than ours. They're still on the market a few years later.

Be the best value out there. Whatever market there is for apartments you need to be the first they see!

Good luck!

kennyb3

Zascar wrote: »

Funny thing is that there is currently one a few doors down on the market for 180k. he's dreaming though. There is also a 1 bed on for 115k.

I need a proper valuation really. What is the best way to go about this?

being on the market and selling are two different things. even the one on teh market at €115k will sell for 20% below asking.

ask yourself who would want to buy your apartment and why?

Get rid of it and fast is my advice as prices will only continue to fall (given rising interest rates, unemployment, the next budget etc etc i could go on).

Bugnug

Zascar wrote: »

I have a small apartment that I bought about 5 years ago. It's a small 2 bed 1 bathroom in Wexford, nice little gated complex 5 mins from the town. There is approx €115 left on the mortgage. I'm not sure what its worth now exactly, it would have been worth 180k at the peak, Maybe 140k now.

Anyway maybe a silly question but what is the best way to go about selling it? I want least hassle without spending a fortune with realtors etc. I really have little idea what the process is for selling your place. I'm guessing as the market is so bad the agents etc work hard for your business (or am I delusional). How should I choose someone to sell it for me? Do i just choose one or can I give it to many - does it work that way? Will it cost me money up front to do this?

Currently it is not rented out - my last tenant just moved out (I'm sick of the rental hassle so I'm thinking about to selling it now) but I'm trying to find a tenant in the meantime. Should I not, or could I sell it as a potential investment property with tenant included etc? If I'm trying to sell when I have a tenant in there, how does this affect me?

I don't want to spend ages trying to sell it, I'd rather just get the going market rate and be happy. If I cleared 20k profit i'd be happy - I might even be able to get more. After i sell the house, I will have realtor fees and then tax, I believe this is 20%. What other costs do I need to consider?

All and any tips or advice appreciated.
Thanks

Hi there,

I think you are being very optimistic valuing your apartment at €140k. I would suggest that your apartment would be closer to €90k in value, if you put it on the market at €115 and took €90k to €95k you would be doing well. One of the girls I work with purchased a large brand new two bed apartment in Balbriggan 3 months ago in a gated development close to railway services and about 30 min drive from Dublin city centre for €112. There is no problem seeling property at the moment as long as people are realistic about price expectations. Look at the 44 apatments that sold in Mullingar yesterday.
We are currently selling our house and we are doing everything through an estate agent, also get yourself a solicitor so that they can retrieve the deeds to put together a contract.

One easy way to value your property is to ring around local estate agents.

Good luck.:)

Dinkie

I'm not a pro, but it will only cost about E30 to get your house valued (thats all it cost me in Wexford about 18 months ago).

I'd do this, see what its worth and then decide.

billybigunz

Maybe 140k now.

ha, sorry to be the bearer of bad news but I think you should halve that figure.

There is an enormous amount of stuff in Wexford which should never have been built. A nothing town like Gorey has over 800 properties for sale. The only thing propping up the asking (not selling) prices at this stage is NAMA and the banks being nationalised.



Where are the jobs in Wexford? Mortage rates up another .5% today. The banks are looking for people to have 20% deposits for apartments.
Try your hand now and you might get somebody to snap if you are lucky.