Cant sell my home and am forced to let

mlz1413

zougathefist wrote: »

!!!!!! is wrong with people coming on here and instead of answering questions just making offensive and unhelpful statements about people who are stuck in difficult financial situations. people in glass houses shouldn't throw stones

Like the original poster I am in the same situation where I simply cannot afford to sell my house but have had to let it out and rent elsewhere. then stay there and make the best of it.

I am glad you have been able to sort this out and well done for actually being able to make some money out of renting, I would advose you to overpay on your current mortgage of possible with the extra income as this will be a massive benefit in the long term - I am losing approx £73 per month but it is still better than selling and making a £15,000 loss on my home and being left with about £10000 of a morgage to pay off.

Seriously, if you have nothing productive to add to a conversation keep your typing fingers away from the keyboard

Re the bolding - As pointed out to you before this loss is only in your pocket and not necessarily a loss for tax purposes.

many posters on here are worried about amature landlords going into a business blindly, ok so some posters are blunter / ruder than others - but neither you nor jsambrook appear to have taken on board the business or law aspects of your rentals.

I'm sure you will both be back looking for free advise when a professional tenant finds you. You may then think that a £15k loss was the best option.

Fly_Baby

jsambrook wrote: »

I am starting a family and need something bigger. Have been trying to sell for over a year. Have dropped the price significantly but there is just nobody buying.

Unless you are having triplets and live in a studio I really don't see what's wrong with having a baby even in a 1-bed apartment if that's what you are facing. Been there, done that, survived splendidly. If that concerns you then I would expect you to be more concerned about bringing a baby to the place that isn't your home.

Just my opnion, obviously.

new_home_owner_3

It seems to my a lot of people have got their knickers in a twist, if someone is willing to take the risk of renting there house then fair play to them.

You people go on about scaremongering about profesional tenants, they are out there, but these are very rare, i know a number of landlords and people who rent their single houses out and the only people i see in trouble are ones who rent to mates of mates and people down the pub.

a lot of people on here are jealous of people who have a house, but people who have two and rent one out at a profit are looked on as been demons.

get over it and move on, if you want to buy a house go out and buy one.

Geenie

Fly_Baby wrote: »

Unless you are having triplets and live in a studio I really don't see what's wrong with having a baby even in a 1-bed apartment if that's what you are facing. Been there, done that, survived splendidly. If that concerns you then I would expect you to be more concerned about bringing a baby to the place that isn't your home.

Just my opnion, obviously.

Have to agree with this. "Cut your coat according to your cloth" ie if you can't afford to start a family, wait until you can. OH and I waited 10 years until we were in a position to have children. They are not a given right at any time, not least in the 21st century when we are able to plan and control to a degree our grand parents couldn't.

Even if they do come along, children can share and adapt. What they want is a loving family, no matter what the space.

Graham_Devon

zougathefist wrote: »

!!!!!! is wrong with people coming on here and instead of answering questions just making offensive and unhelpful statements about people who are stuck in difficult financial situations.

Like the original poster I am in the same situation where I simply cannot afford to sell my house but have had to let it out and rent elsewhere.

I am glad you have been able to sort this out and well done for actually being able to make some money out of renting, I would advose you to overpay on your current mortgage of possible with the extra income as this will be a massive benefit in the long term - I am losing approx £73 per month but it is still better than selling and making a £15,000 loss on my home and being left with about £10000 of a morgage to pay off.

Seriously, if you have nothing productive to add to a conversation keep your typing fingers away from the keyboard

Just a question, but how much wil you lose each month when rates go up?

To the OP. As you are going to have a family, will you be able to afford to pay both your rent on your rented home, AND the mortgage on your mortgaged home, if you don't have a tenant for a couple of months? Bear in mind, mortgage costs are likely to go up over the next few years.

That would be my biggest concern, as if you can't afford your rent, you can't just simply swan back in to your mortgaged home.

Threads a bit of an eye opener though....seems people are simply walking into being landlords, with not a clue about what they are doing...and simply asking on forums and shouting at anyone if they don't like the answer.

googler

new_home_owner wrote: »

It seems to my a lot of people have got their knickers in a twist, if someone is willing to take the risk of renting there house then fair play to them.

Nobody is getting knickers in a twist about anything.

OP says 'I need to let it out', others point out that the OP needs to consider this, that and the next thing in case (s)he hasn't been made aware of them already.....

HAMISH_MCTAVISH

jsambrook wrote: »

You wanna come snapping and my bargain? making profit out of other peoples misfortunes? lovely

Sadly, there are a lot of people with a crash-agenda posting here with some very bad advice.

You've seen right through them, so well done.

There's no need to sell at a big discount, just let it out instead and take advantage of the rising rents and strong rental market.

brit1234

HAMISH_MCTAVISH wrote: »

There's no need to sell at a big discount, just let it out instead and take advantage of the rising rents and strong rental market.

Rents have fallen the last two months in a row (LSL) and set to continue falling with the poor economic conditions and housing benefit changes in April.

Queen_of_the_Hive

Been reading through this thread and think some of the comments seem harsh. Yes renting out a place has plenty of pit falls. But as long as you are aware of the potential problems and prepared to deal with them, then why not.

We might be forced to go down this route as well next year - if other measures dont work. The property is in a good central location so will rent well and yes we are aware of the risks.

Sensible information always appreciated.

SG27

brit1234 wrote: »

Rents have fallen the last two months in a row (LSL) and set to continue falling with the poor economic conditions and housing benefit changes in April.

And there is so many available to rent at the moment! I think lots who cant sell are letting instead. I've started looking into renting as my partner is being made redundant and it's cheaper for us. there's loads of choice at the moment compared to when I looked early in last year! I can't see rents going up anytime soon because there are too many sitting empty. People like me will just rent the cheapest and nicest ones. At least we have a nice choice