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Do I sell or do I rent out my property?
jedhallam
Posts: 1 Newbie
Hi all,
Total n00b, but couldn't find anything (recent) on this so thought I'd start a new thread!
My fiance and I are thinking about moving to another city and we currently own our own flat (mortgage for 75k, flat worth 120k) and we're not sure whether or not to sell it or rent it out. We'll have to rent when we move (it's an expensive city we're moving to) so would it be best to stay on the property ladder and face the terrors of being a landlord or should we sell up and bank our equity until we're ready?
I'd love to keep the money in property, but I'm worried that it'll be a lot of hassle and that we'll end up losing money (the rental value is probably £850, and our current (non-buy-to-let) mortgage costs us £233 a month, which would obviously increase once we changed mortgage type).
HELP ME PLEASE!
Total n00b, but couldn't find anything (recent) on this so thought I'd start a new thread!
My fiance and I are thinking about moving to another city and we currently own our own flat (mortgage for 75k, flat worth 120k) and we're not sure whether or not to sell it or rent it out. We'll have to rent when we move (it's an expensive city we're moving to) so would it be best to stay on the property ladder and face the terrors of being a landlord or should we sell up and bank our equity until we're ready?
I'd love to keep the money in property, but I'm worried that it'll be a lot of hassle and that we'll end up losing money (the rental value is probably £850, and our current (non-buy-to-let) mortgage costs us £233 a month, which would obviously increase once we changed mortgage type).
HELP ME PLEASE!
0
Comments
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I would say sell it and bank the equity. I've been a landlord and it can be a nightmare!0
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My opinion would be to stay on the property ladder. I'm a landlord and I absolutely love it. I manage the property myself and I've been lucky with the tenants (though my vetting is thorough, so it's not all luck). There are a lot of rules and regulations to get through though, so you might want to consider a letting agent which, of course, will take a large slice off your rental income. So it may not even be worth it to rent it out.0
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