What would you do?

ognum

I have inherited a property, detached 3/4 bedrooms (depending on if you want a study). It is in a village with good primary school, it is within walking distance of to train to London Kings Cross and within cycling distance to very large hospital.
The house is worth around £400K as is, my question is should I sell, I dont need the money for anything else so it would be lodged in a bank account/ bond/ investment or should I spend a small amount maybe £10K to update a little, electrics etc and let out. I think it would rent for around £1500 a month. I live relatively close by so could manage repairs etc with tradesmen I know and trust.
I am really stuck to think what my best option would be, any suggestions.

DannyboyMidlands

I'd sell it and buy a speedboat, have a little fun. There's more to life than being a landlord. Especially with only a 4.5% gross yield.

hazyjo

Do you have a mortgage? If you don't, and have a home of your own, I think I agree with Dannyboy! I'd not want to be a LL for love nor money.

I'd either move house, pay off my current mortgage, or just live very comfortably for the next X years!

I suppose a lot depends on your age and what's in your future. Do you have/are you likely to have kids, for example? That's their future paid for right there. Schooling, trips, holidays, etc. Invest the money, I'd say, and leave enough to comfortably live on.

Jx

iheartbristol

I agree with DannyBoy! If it were me I'd be buying a much larger house in a better area with no mortgage, plus a new car, and a holiday.....

Ah, lottery dreams

mj132

At the end of the day it's up to you and what you think suits your lifestyle. Property is the best asset you can have. I'd maybe suggest doing it up a little bit, don't have to spend too much and get more money and sell it!Renting is appealing for the monthly rent coming into your account but then you have the responsibility of being a landlord. :j

LittleMissKitty

Personally? I'd sell it! Being an accidental landlord seems like too much hassle to me and that kind of money could do a lot for the security of your/your family's future.

googler

Read up on what your responsibilities and liabilities would be as a landlord.

Make sure you know what your legal situation would be.

If you did go down the landlord route, would you be prepared for the one in a thousand nightmare tenant who trashes what was a perfectly good (family?) home?

Are you mentally prepared to divorce yourself from that home and detachedly regard it as a business asset, an asset which will be at the mercy of others to take care of on a daily basis?

lincroft1710

Sell......

notatvstar

I'd sell - Some of my mates are LL's and a couple wish they'd never started.

I think I know where you must be (just a guess - I'm not stalking you) and if you are then I think if you were to sell then it would go really quickly regardless of what state it's in.

My sympathies and condolences regarding the bereavement, but congratulations on the inheritance and good luck to you whatever you decide to do.

Procrastinator333

Depends very much on your financial position.

If you are a HR taxpayer, another option if you sold would be to use the proceeds to subsidise your living costs while getting the tax relief on chucking everything over the HR band in to your pension.

If you have no or a minimal retirement provision, think about how to use that cash to create one.

If you are finacially set already, then just blow the lot on having fun.

If you have a needy and deserving family member / friend, give some away.