Sell or rent out?

nick1977

Thanks for the link
Looks like my assumption was right, the swines!

PasturesNew

Option 5: Find a new gf who doesn't have any biological clock ticking.

You're really rushing at this!

nick1977

PasturesNew wrote: »

Option 5: Find a new gf who doesn't have any biological clock ticking.

Award for the most unhelpful comment so far.

PasturesNew wrote: »

You're really rushing at this!

Well that's a matter of opinion. Personally I think dating, going away together etc for 17 months is long enough for us to know we are ready to take the next step of living together. How long would you suggest we wait given that 17 months is "really rushing"?

mlz1413

Nick have you thought about a lodger, this will give you income of upto £75pw without paying tax.

Lodgers are less commitent than letting, but you will need to live there whilst you find a lodger you like and trust, then in a few months, say May, when you have a lodger you like you could spend more and more time at your partners if you have a good lodger this could easily be for a year with just the odd day a week/fortnight back at your place to check everything is in order.

Ref your comments you can't to the odd day here and there at your partners due to shifts and her child, I don't see the problem. If you live together full time your shifts won't change the child will still only see you at certain times. Being there one day and not another really shouldn't effect a child unless the mother tells the child it is wrong which I'm assuming she isn't!

nick1977

mlz1413 wrote: »

Nick have you thought about a lodger, this will give you income of upto £75pw without paying tax.

Lodgers are less commitent than letting, but you will need to live there whilst you find a lodger you like and trust, then in a few months, say May, when you have a lodger you like you could spend more and more time at your partners if you have a good lodger this could easily be for a year with just the odd day a week/fortnight back at your place to check everything is in order.

Ref your comments you can't to the odd day here and there at your partners due to shifts and her child, I don't see the problem. If you live together full time your shifts won't change the child will still only see you at certain times. Being there one day and not another really shouldn't effect a child unless the mother tells the child it is wrong which I'm assuming she isn't!

Thanks
Lodger idea is good, if I had more than 1 bedroom! And if I had more than 1 bedroom there wouldn't be an issue as they could just move in here anyway.
I can understand what you say about the shifts etc, but it's just not the way we want to approach it. I guess it depends on your own viewpoint but me being there some of the time is not the way we want to do it.

I thought of my own option 4 by the way, which is:

Sell my place and buy a 3 bed place (can probably just about stretch with some family help). Then Partner can pay half of the bills and half of the interest part of the mortgage.

Anyone else with any ideas?
Nick

Errata

Sell my place and buy a 3 bed place (can probably just about stretch with some family help). Then Partner can pay half of the bills and half of the interest part of the mortgage.

That would enable you to stay settled as a family for as long as you need to.
Splitting things 50/50 works for some people but it's very unfair if one partner has/earns considerably more money than the other one. Don't know how you're fixed, but have you considered both of your making a % contribution to bills and mortgage+interest ?

mlz1413

Errata wrote: »

That would enable you to stay settled as a family for as long as you need to.
Splitting things 50/50 works for some people but it's very unfair if one partner has/earns considerably more money than the other one. Don't know how you're fixed, but have you considered both of your making a % contribution to bills and mortgage+interest ?

If you do split bills differently to 50/50 ensure you have an agreement that in the event of the house being sold the proceeds are xx/xx. When you sign jointly you are normally deemed to be equally liable.

Nick I missed you had a one bed place earlier, guess a lodger would be difficult!

nick1977

Errata wrote: »

That would enable you to stay settled as a family for as long as you need to.
Splitting things 50/50 works for some people but it's very unfair if one partner has/earns considerably more money than the other one. Don't know how you're fixed, but have you considered both of your making a % contribution to bills and mortgage+interest ?

Well we had decided that we were going to split the bills 50/50 to start with anyway. If we then got married later down the line things would probably change.
We both felt happy with that agreement as I earn more, but she feels it is her responsibility to pay for her duaghter, so in reality it balances out.

Nick

llh189

After 17 months I would be really excited about living with someone that I loved and was thinking about starting a family with. I am not suggesting that you don't take care of your finances and rush in regardless but you can't base your whole life and therefore your happiness on whether you will lose money on your property investments.

My advice would be to check out your local one bed rental market, find a very good letting agent and properly explore the possibility of renting, with the hope of providing you a nest egg for the future or until the market turns itself around in the short to medium term and then you will be able to sell or continue to rent it out.

With regard to living together maybe renting somewhere new together can be equally exciting as buying somewhere together and it will give you time without the pressure of buying somewhere is really enjoy the beginning off your new life together.

Very goodluck for the future

nick1977

llh189 wrote: »

My advice would be to check out your local one bed rental market, find a very good letting agent and properly explore the possibility of renting, with the hope of providing you a nest egg for the future or until the market turns itself around in the short to medium term and then you will be able to sell or continue to rent it out.

This is the way I am thinking to proceed. As I mentioned before, 1 bed flats are typically on the rental market for £675, and my mortgage is currently £630. If I took this route I would consider it a long term investment, either selling if the market really picked up again, or once the mortgage was finished and I wanted the capital.

llh189 wrote: »

With regard to living together maybe renting somewhere new together can be equally exciting as buying somewhere together and it will give you time without the pressure of buying somewhere is really enjoy the beginning off your new life together.

Again, exactly what I was thinking! All we want is to be together, whether it be rented or bought, it doesn't matter. That said I still want to make a decision that makes as much financial sense as possible.

Nick