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to rent ot to sell??
charmednot
Posts: 1 Newbie
I'm looking for advice about what to do with my flat, I have recently relocated so I'm living in rented accomodation.
It is currently in negative equity (owe 43,000 and probably lucky to sell for 36-38,000).
I have been looking to rent it out for about £300 a month, which woudl cover costs, however the letting agency keeps highlighting more and more work it needs in order to get it ready; I've probably spent about £1,500 so far and shes now worried about a supporting wall being removed from the flat below and whether it could be unsafe.
I currently have a tracker mortagage so can afford the payments, but I wonder if I should just cut my losses and sell it? How much should I spend on it before it just no longer worth it? Will I ever make any money back/break even in the long run?
Thank you in advance for any advice
It is currently in negative equity (owe 43,000 and probably lucky to sell for 36-38,000).
I have been looking to rent it out for about £300 a month, which woudl cover costs, however the letting agency keeps highlighting more and more work it needs in order to get it ready; I've probably spent about £1,500 so far and shes now worried about a supporting wall being removed from the flat below and whether it could be unsafe.
I currently have a tracker mortagage so can afford the payments, but I wonder if I should just cut my losses and sell it? How much should I spend on it before it just no longer worth it? Will I ever make any money back/break even in the long run?
Thank you in advance for any advice
0
Comments
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House prices are set to continue falling for the next few years so best to sell as soon as possible. January Window you should aim for.
As for doing up, you want neat and cheap. Ie clean, tidy declutter and a little paint.
Good luck:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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charmednot wrote: »I'm looking for advice about what to do with my flat, I have recently relocated so I'm living in rented accomodation.
It is currently in negative equity (owe 43,000 and probably lucky to sell for 36-38,000).
I have been looking to rent it out for about £300 a month, which woudl cover costs, however the letting agency keeps highlighting more and more work it needs in order to get it ready; I've probably spent about £1,500 so far and shes now worried about a supporting wall being removed from the flat below and whether it could be unsafe.
I currently have a tracker mortagage so can afford the payments, but I wonder if I should just cut my losses and sell it? How much should I spend on it before it just no longer worth it? Will I ever make any money back/break even in the long run?
Thank you in advance for any advice
If you sell, have you got the cash to make up the shortfall?0
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