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Should I sell my shop?
BigDecisionTime
Posts: 3 Newbie
We have a commercial property worth about £125k and business borrowings of about £85k. Would you let the property which would bring us in around £1,000 pm and continue to make the monthly payments of £2,100(which of course includes interest), or sell the property and pay off the debt?
Should I let go of this asset or hang on to it?
(Our income isn't an issue as we have another business).
Should I let go of this asset or hang on to it?
(Our income isn't an issue as we have another business).
0
Comments
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It's costing you £1100 a month to keep hold of it? Sounds like a no-brainer to me.
Always depends on personal circumstance and what the long term plan is etc. and how much interest you're paying on the borrowings.I'm an estate agent. :j0 -
You're right.
I think I needed to be told, it's my only asset and I was clinging on for dear life but it doesn't really make sense.0 -
Thankyou
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IMHO it's your lender's asset, and your liability.BigDecisionTime wrote: »it's my only asset0 -
It could cost a tenant around £20,000 a year to run that shop with a FRI lease before they switch a light on, do you believe you will find a tenant in this climate who won't default?0
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