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Advice wanted please - Rent, Sell or Stay put
Options
minnie123
Posts: 2,133 Forumite
Hi I have another thread about renting out my house but am being advised against it - just wondered what everyones advice was as I am confused what to do for the best.
I live in a small 2 bed house with virtually no garden and now we have a 1 year old we are desperate for more room and a garden.
My house is worth about £137k - £140k and I have a mortgage for £130k
The mortgage is fixed until October 2010 and approx fees to get out of it are £3k.
First option - sell up and rent a bigger house
Second Option - rent my house out and rent one of my dads big houses at a vastly reduced rent of £500pcm (should be approx £850pcm).
I can get a rent of £575pcm and my mortgage payment is approx £680
My dad is easygoing and would not expect me to pay rent if my house was empty at any time
Third Option - Stay here (really unhappy here)
We are not expecting our house to rise but are hoping it will - the plan is to save save save so we have enough of a deposit to move up the ladder.
Thanks for all your input
I live in a small 2 bed house with virtually no garden and now we have a 1 year old we are desperate for more room and a garden.
My house is worth about £137k - £140k and I have a mortgage for £130k
The mortgage is fixed until October 2010 and approx fees to get out of it are £3k.
First option - sell up and rent a bigger house
Second Option - rent my house out and rent one of my dads big houses at a vastly reduced rent of £500pcm (should be approx £850pcm).
I can get a rent of £575pcm and my mortgage payment is approx £680
My dad is easygoing and would not expect me to pay rent if my house was empty at any time
Third Option - Stay here (really unhappy here)
We are not expecting our house to rise but are hoping it will - the plan is to save save save so we have enough of a deposit to move up the ladder.
Thanks for all your input
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