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Should I rent out my flat or sell? Any advice/help please??!!
DawnKC
Posts: 6 Forumite
My partner and I have have been given the opportunity to live in a property for practically free by my partner's parents.
At the moment we live in a 2 bed flat in a nice area since Oct 2008 with a mortgage from C&G.
It's a great opportunity for us to get some savings behind us as currently we are just making ends meet. We went for our mortgage at really bad time in the market but we didn't want to throw our money away on rent. We gave a 10% deposit on our flat priced at £130,000. Our fixed rate is due to run out this Oct.
My main question is it better to rent out our flat that way keeping ourselves on the property ladder or selling and try to renter the market again in a few years?
The property in my area is still selling quite strongly at the moment so I don't see a problem with either finding a tenant or selling.
My main worry is that we won't make much of a profit as the rent obtained would either be the same or slightly more that out mortgate payments, along with all the fees etc and months that the flat is empty.
Or should we maybe try renting it out for a while first?
Any advice is appreciated, as you can tell I'm pretty inexperienced in this case!!
Thanks!!!!!!
At the moment we live in a 2 bed flat in a nice area since Oct 2008 with a mortgage from C&G.
It's a great opportunity for us to get some savings behind us as currently we are just making ends meet. We went for our mortgage at really bad time in the market but we didn't want to throw our money away on rent. We gave a 10% deposit on our flat priced at £130,000. Our fixed rate is due to run out this Oct.
My main question is it better to rent out our flat that way keeping ourselves on the property ladder or selling and try to renter the market again in a few years?
The property in my area is still selling quite strongly at the moment so I don't see a problem with either finding a tenant or selling.
My main worry is that we won't make much of a profit as the rent obtained would either be the same or slightly more that out mortgate payments, along with all the fees etc and months that the flat is empty.
Or should we maybe try renting it out for a while first?
Any advice is appreciated, as you can tell I'm pretty inexperienced in this case!!
Thanks!!!!!!
0
Comments
-
Become a landlord & you will never regret your decision.
There is never a good time to do anything, that is why most people stay with what they know & do not try out new ventures.
At the worst if things do not work out then you will still have your flat, you will have had the experience of running your own business & who knows what this opportunity will mean to you, your finances & your future?.
Regards,
N.Never be afraid to take a profit.
Keep breathing. :eek:
Just because I am surrounded by FOOLS does not make me wise. :j0 -
Thanks for your advice Nosht! It was the wee push that I needed!
I think your right, mostly scared of trying it and it not working out, but more scared of not taking the risk and missing out on something good!!
I've still a lot to learn and figure out all the ins and outs of renting our flat out but hopefully will be worth it in the long run!
Thanks again,
Kind Regards0
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