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Rent or sell advice please
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Some pointers what you would do in my situation...
I brought my flat 10 years ago to get onto the ladder. 10 years later I now want to buy a house.
Would you sell the flat, take equity out as deposit for house (around 30k), or keep flat, re mortgage and rent flat out as future investment. I dont have enough savings for a new deposit so I need to re mortage.
Any help or advice appreciated as to what you would do and why
Thanks in advance.
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By (user no longer on site)
over a year ago
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It all depends on whether you have time or motivation to manage the rental or if your happy to leave it with an agent. In my experience leaving it with an agents just leads to trouble as they are only interested in the commission.
Also I find it's only beneficial if you don't have a mortgage, so your actually making some money because the maintenance cost can soon stack up
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"It all depends on whether you have time or motivation to manage the rental or if your happy to leave it with an agent. In my experience leaving it with an agents just leads to trouble as they are only interested in the commission.
Also I find it's only beneficial if you don't have a mortgage, so your actually making some money because the maintenance cost can soon stack up
"
Thankyou. The renting part and all the scare stories I hear concern me.. |
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"I would sell and buy a bigger property because a) it's bigger and b) you're more likely to 'earn' more per year with it going up in value in proportion to the price you paid than rental income."
Thanks. I am so confused. A big house would be great but with 1 income I dont want to be like some of my friends who got the big houses and now cant afford the nice things in life due to big mortgages..  |
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By (user no longer on site)
over a year ago
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I wouldn't remortgage in order to rent the place out. Also, we rented out our house for a few years before we sold it and it was a fucking hassle. We didn't have an agent, so we did everything - the profit was nice but it wasn't worth my time.  |
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By (user no longer on site)
over a year ago
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I've got a few properties that I rent out, it can be fairly hassle free if you have a management company to look after them but as others have said it can be a pain in the ass.
If you choose to rent then vett your tenants and take no shit from them |
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I started buying and renting property quite a while ago now with my thought process along the lines of so long as the rent is paying all my cost by the end of it I'll be out of all my outlays and be able to sell all the property when I'm ready to retire nice and early with a nice wod of cast to enjoy my retirement extremely comfortable and on the whole it's been bumpy at times but all well on the other hand my biggest nightmare has been bad tennents. I've lost count how many I've avited now or how many thousands I've spent on legal bills court costs and unpaid rent. If I sat and work it out my hair would instantly turn white I guarantee it. Then when you get some of this animals out your property the repair are always fanominal. The only thing that's saved my arse is important compatant at anything building work plumbing kitchens leopards the you name it so my only outlay is only ever materials. The down side to this is I can't now remember last time I had something going on in had to sort out somewhere so yes I'll retire nice and early as I've planned but my life as taken the brunt of it all and I knackered. I'm now selling up as they become empty because money has no meaning if I drop down dead of a heart attack from the constant hasle. It all looks fantastic on paper I agree but take my advice it's purely not worth the hassle and stress. Sell the flat and keep your life mate |
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"I started buying and renting property quite a while ago now with my thought process along the lines of so long as the rent is paying all my cost by the end of it I'll be out of all my outlays and be able to sell all the property when I'm ready to retire nice and early with a nice wod of cast to enjoy my retirement extremely comfortable and on the whole it's been bumpy at times but all well on the other hand my biggest nightmare has been bad tennents. I've lost count how many I've avited now or how many thousands I've spent on legal bills court costs and unpaid rent. If I sat and work it out my hair would instantly turn white I guarantee it. Then when you get some of this animals out your property the repair are always fanominal. The only thing that's saved my arse is important compatant at anything building work plumbing kitchens leopards the you name it so my only outlay is only ever materials. The down side to this is I can't now remember last time I had something going on in had to sort out somewhere so yes I'll retire nice and early as I've planned but my life as taken the brunt of it all and I knackered. I'm now selling up as they become empty because money has no meaning if I drop down dead of a heart attack from the constant hasle. It all looks fantastic on paper I agree but take my advice it's purely not worth the hassle and stress. Sell the flat and keep your life mate "
And proof read your posts if you have a Samsung phone  |
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By (user no longer on site)
over a year ago
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"
I'm now selling up as they become empty because money has no meaning if I drop down dead of a heart attack from the constant hasle. "
If it's affecting your health then get out mate |
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"
I'm now selling up as they become empty because money has no meaning if I drop down dead of a heart attack from the constant hasle.
If it's affecting your health then get out mate"
It's Nothing serious but who knows what's round the corner is all I mean and I already decided that's what I'm doing. Hmm mm Alderley edge wona buy any rentals  |
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By (user no longer on site)
over a year ago
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"
I'm now selling up as they become empty because money has no meaning if I drop down dead of a heart attack from the constant hasle.
If it's affecting your health then get out mate
It's Nothing serious but who knows what's round the corner is all I mean and I already decided that's what I'm doing. Hmm mm Alderley edge wona buy any rentals "
not looking for anymore at the moment, made a move into commercial last year and took a hit on it big time |
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"
I'm now selling up as they become empty because money has no meaning if I drop down dead of a heart attack from the constant hasle.
If it's affecting your health then get out mate
It's Nothing serious but who knows what's round the corner is all I mean and I already decided that's what I'm doing. Hmm mm Alderley edge wona buy any rentals
not looking for anymore at the moment, made a move into commercial last year and took a hit on it big time"
Awch sounds painful. Hope all works out mate |
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"I can only ask Blazey but are leopards easy to plumb in a kitchen and can you use the same in a bathroom or do you have to get the appropriate leopard for the room? "
Blazey  that reminds me I've not returned your veri will get on it tonight |
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"I can only ask Blazey but are leopards easy to plumb in a kitchen and can you use the same in a bathroom or do you have to get the appropriate leopard for the room?
Blazey that reminds me I've not returned your veri will get on it tonight "
Bloody autocarrot |
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