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To sell or to rent?
Options
rowanh
Posts: 14 Forumite
Hi All,
Advice needed please. We plan on moving to a larger house next year our current house is 80% paid off.
Do we sell our current house and use all the money for the new house?
Or
Do we rent the current house to help us pay the mortgage on the new house?
Which is best in the long run and how do I calculate my options.
Thanks in advance for any tips or answers.
Cheers
Rowan
Advice needed please. We plan on moving to a larger house next year our current house is 80% paid off.
Do we sell our current house and use all the money for the new house?
Or
Do we rent the current house to help us pay the mortgage on the new house?
Which is best in the long run and how do I calculate my options.
Thanks in advance for any tips or answers.
Cheers
Rowan
0
Comments
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Property letting is not easy money. There are many risks for the newbie LL. Can you afford to pay two mortgages for void periods?
This question has been asked several times, I would suggest you search the forum for other opinions."A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
Ride hard or stay home :iloveyou:0 -
i would sell if it was me.0
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loads of unanswered questions, what deposit do you have? how much research have you put into being a landlord? why do you think renting is an option?Aug 24 - Mortgage Balance £242,040.19
Credit Card - £8,141.63 + £4,209.83
Goals: Mortgage Free by 2035, Give up full time work once Mortgage Free, Ensure I have a pension income of £20k per year from 20350 -
If you have 80% equity in your current property in your situation I'd sell up and buy another but it all depends on how risk-averse you are and how secure your employment is. Hope for the best outcome but be prepared for the worst. How would you be fixed if your tenants never paid you a penny after moving in and it took you six months or more to get shot of them and they trashed the place while ll this was going on? Could you afford to support two mortgages and the repair costs for that length of time?0
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Hi All,
Just wanted to say thanks for the replies and you are right I need to do a bit more research.
Cheers
Rowanh0
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