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reluctant landlord - any advice?
pedro789
Posts: 69 Forumite
I have 2 properties, my own home and one I rent to a relative. I'm desperate to move but my house has been up for 6 months with only a few viewings and no firm interest.
I'm seriously considering renting my own house and moving and using the rent from both houses (approx. 900 per month) to pay mortgate off new home.
I have 20,000 as a deposit and looking in 170,000 - 180,000 price range.
My own house is worth 150,000 and I owe about 30,000. My other house is worth 100,000 and I have no mortgage.
When (or if) I sell my own house I would use it to pay off mortgage on new house.
I probably should sit tight until things pick up and could without the hassle of renting another property out, but I really do want to move.
Sorry if this gone on a bit but I'd really appreciate any thoughts on what other people would do in the same situation.
I'm seriously considering renting my own house and moving and using the rent from both houses (approx. 900 per month) to pay mortgate off new home.
I have 20,000 as a deposit and looking in 170,000 - 180,000 price range.
My own house is worth 150,000 and I owe about 30,000. My other house is worth 100,000 and I have no mortgage.
When (or if) I sell my own house I would use it to pay off mortgage on new house.
I probably should sit tight until things pick up and could without the hassle of renting another property out, but I really do want to move.
Sorry if this gone on a bit but I'd really appreciate any thoughts on what other people would do in the same situation.
0
Comments
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If your own house has been on the market for six months with no firm interest - are you sure that it's worth £150,000? Have you looked at the prices similar properties have actually sold for?
The risk in buying a third house is that the value of your current one fall further. And it comes along with all the risks of tenants - void periods, nightmare tenants, hassle etc.
Have you looked at rents for comparable properties in your area?0
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