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Should I sell or rent out my property?
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Unfortunately I agree with 1983returnsforeal as I haven't found a good deal with BTL yet!
Maybe I'm missing something....We are always in it but the depth varies!:D0 -
iwantbargains wrote: »Unfortunately I agree with 1983returnsforeal as I haven't found a good deal with BTL yet!
Maybe I'm missing something....
Your not missing anything.
Gone are the days of paying a couple of hundred for an agreement from your mortgage company.
So far as I am concerned so long as the insurance company are happy & are notified & the right premiums are paid who cares...
The mortgage companies are out to cane as much money out of the BTL market as possible & this includes normal people who have to contemplate this as a way out from financial ruin.Not Again0 -
Ideally I'd love to let the property out and sit on it until the market recovers. Then I'd like to buy another that needs renovating and then rent that out. With the way the BTL mortgages are at the moment this is stopping me from doing that. Then there is Capital Gains Tax but don't get me started on that!!!We are always in it but the depth varies!:D0
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iwantbargains wrote: »Ideally I'd love to let the property out and sit on it until the market recovers. Then I'd like to buy another that needs renovating and then rent that out. With the way the BTL mortgages are at the moment this is stopping me from doing that. Then there is Capital Gains Tax but don't get me started on that!!!
No way around tax...Not Again0 -
1984ReturnsForReal wrote: »So far as I am concerned so long as the insurance company are happy & are notified & the right premiums are paid who cares...
Er... THE TENANT?!?! If you didn't pay your mortgage and got repossessed, then the lender wouldn't even know the tenant was living there, and the poor tenant could end up getting a couple of weeks to move out by the bailiffs! It's becoming more and more common these days unfortunately.
I really hope you're not a landlord!Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
iwantbargains wrote: »Hi Pinkshoes
1)My mortgage is £80000
2) Similar properties are selling for £125-130k
3) Rental 575-600pcm
Based on these figures, I don't think this is a good property to let out. Your gross rent is 5.5% of the property value, and from that you'll have a load of deductions, eg voids when it's unlet, EA fees, insurance, maintenance, so the rent may well not not cover the mortgage. There's loads of hassle as a landlord, and it looks like you will have to contribute to the mortgage each year for the privilege.
If you let it out, you are gambling that prices will improve, or at least will stop falling off a precipice.2) Similar properties are selling for £125-130k
You mean being sold at that price or being offered at that price?No reliance should be placed on the above! Absolutely none, do you hear?0 -
Er... THE TENANT?!?! If you didn't pay your mortgage and got repossessed, then the lender wouldn't even know the tenant was living there, and the poor tenant could end up getting a couple of weeks to move out by the bailiffs! It's becoming more and more common these days unfortunately.
I really hope you're not a landlord!
Errrrrr???? Who is talking about not paying the mortgage??
Silly post.Not Again0
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