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Sell or rent out?
Comments
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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.
That's a pretty slim margin. You need some rainy day money for possible voids, non payment of rent, repairs, replace worn out stuff, decorating & etc.
And don't forget the dreaded possible interest rate increase which could wipe your margin out plus a bit more..................
....I'm smiling because I have no idea what's going on ...:)0 -
FreebieLooker wrote: »split bills differently to 50/50
How would you do it then?£5850 in the rainy day fund - target £9000£575 in OH 40th BDay Account - target £5000 by April 2013 :eek:0 -
As I mentioned before, 1 bed flats are typically on the rental market for £675, and my mortgage is currently £630.
The sums don't stack up. One month void and you're out of pocket without taking into account repairs and maintenance. Have you thought about letting agents fees or would you do it yourself. Don't forget rents are also falling, in 12 months time the picture is likely to look very different to today with unemployment much higher and disposable incomes lower which will act as a further drag on rents.
Also don't pin your hopes on a quick recovery in the housing market. In real terms I'd be amazed if we saw prices at 2007 levels in the next 10-15 years.0 -
How would you do it then?
If you're earning twice what she is, you pay double the amount she does
eg you 2/3rds her 1/3rd. If she's receiving child support for her child that needs to be thrown into the equation as well......................I'm smiling because I have no idea what's going on ...:)0
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