Sell, auction or rent my house

[CE.scheme]

Hi there, I would like your advice please on my situation.

I am a 48 year old woman on a CE scheme earning 208 per week, my partner of 13 years has left and I live on my own.

In 2011 I bought 2 houses, paid cash for both. Town house for 66k and rural house for 79k. They both needed renovation, town house is now liveable, rural house is nearly there.

I have paid all charges and taxes to date on both houses.

I am living in the rural house and trying to finish the work myself so that I can sell or rent. I do not want to live here on my own as I feel scared at night as it is 20 miles to nearest town. It is a large 3 bedroomed house on 1acre.

My question is should I sell with an estate agent, auction or rent the property out? I know absolutely nothing about renting a property and what I would have to do to bring the house up to rentable standard. If I sell at auction do I need to engage the services of an estate agent?

Thank you, I am living very frugally right now and have cut my food budget down to 20 euro per week and using the rest of the 208 euros to try and pay bills and finish the house. I have no debt but also no cash (15 euros in bank) and cannot obtain any form of credit.

 

[Bronte]

I know absolutely nothing about renting a property and what I would have to do to bring the house up to rentable standard.

Then you should not rent it out. I'd try and sell via an estate agent initially, auctions are for those who are desparate, who cannot sell or have problems with the legal title (in general).

Yes you need an estate agent for an auction.

 

[munchy]

It depends on what you can get for the house. It may be hard to sell and you may get very little back for it. Personally I would be tempted to rent it out - which can add to your current monthly income - and hold on for a few years. Eventually it may be worth more and in the meantime you get money into your pocket every month. Use a local letting agent who does all the vetting and maintenance for you, to keep the stress down.

Edited to add: It may be worth getting an agent from the nearby town to come down and have a look. He / she could advise you on what their tenants are looking for and give you both a letting and sales price, and also give you a good idea of how long it may take to find either a buyer or a tenant.

 

[CE.scheme]

Thank you for your swift reply. I did not realise that auctions were the last resort for sellers, I just thought that they were a quick way of selling for less profit for the seller.

 

[CE.scheme]

Thank you munchy. I don't think the house would fetch much more than 85k, there are several letting agencies in town, so I will check them out as well as some estate agents.

The ideal solution would be to sell but I know it's very difficult out there, the rental income would greatly increase my earnings and help me to move on.

 

[Bronte]

Thank you for your swift reply. I did not realise that auctions were the last resort for sellers, I just thought that they were a quick way of selling for less profit for the seller.

Should have added, auctions are also sometimes for unique properties, like period properties etc.

If you're on a CE scheme, I'm presuming some kind of social welfare. Then the property value will be used to reduce your amount paid. You have to weigh up how much rent you could achive, how much the actual house will cost you etc. Can you put figures on those amounts. And then you have to decide if you had the cash what could you do with it to make your life better. Repairs to your current home, help with a big bill etc. If you post up figures and also think what would you do with the money you might get better advice, but you did not ask it in your original post.