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Sell one to buy another - is it a good time?
welshcakes
Posts: 639 Forumite
In a nutshell, I have the opportunity to sell a second home that I have rennovated (specifically for sale/rental) and am well in front financially with the improvements.
The property has bad memories for me (previous matrimonial home out of which I bought ex via divorce settlement and which I did purely as a good opportunity to make money). Furthermore, the property is an hour's drive away and thus difficult to monitor as a rental as I am a busy mum and now have a dependent disabled partner. My business head always said rent it out, don't sell it however from an emotional and practical point of view I just know it's going to be exhausting.
So, it goes on the market this week. The business voice inside of me urges to sell and hold the money in an interest account (advise on best option would also be appreciated) and then later in year buy a do up property close to home and rent that out. I will clear about £60k net profit and do up 2 bed properties around here go for about £120k
Getting a mortgage again won't be a problem and I have access to many friends who are in the building trade who can purchase at builder's rate and will labour well for reasonable money.
My question - what do all of you MSE'ers who are savvy on predicted housing trends think of my plans? Be honest but not brutal - I am a self-confessed innocent when it comes to knowing the market. I appreciate there is no crystal ball but any professional/well informed opinions would be gratefully received.
The property has bad memories for me (previous matrimonial home out of which I bought ex via divorce settlement and which I did purely as a good opportunity to make money). Furthermore, the property is an hour's drive away and thus difficult to monitor as a rental as I am a busy mum and now have a dependent disabled partner. My business head always said rent it out, don't sell it however from an emotional and practical point of view I just know it's going to be exhausting.
So, it goes on the market this week. The business voice inside of me urges to sell and hold the money in an interest account (advise on best option would also be appreciated) and then later in year buy a do up property close to home and rent that out. I will clear about £60k net profit and do up 2 bed properties around here go for about £120k
Getting a mortgage again won't be a problem and I have access to many friends who are in the building trade who can purchase at builder's rate and will labour well for reasonable money.
My question - what do all of you MSE'ers who are savvy on predicted housing trends think of my plans? Be honest but not brutal - I am a self-confessed innocent when it comes to knowing the market. I appreciate there is no crystal ball but any professional/well informed opinions would be gratefully received.
Integrity is a dying art!:p
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