What would you do? keep renting it out or cut your losses and run???!!!

Yorkie1

Greenst wrote: »

Thanks for that everyone, I don't think the house is unhabitable yet but as you say if things aren't addressed soon they will only get worse.

Is there anywhere, ideally intrnet site, I can gently point her in the direction of that lists the responsibilities of a landlord? She may have been given info by the letting agents, not sure.
I think she may be worried about paying the mortgage if no tenants in there!!!

See also this thread by G_M.

jc808

Sleazy wrote: »

Oh the benefit of hindsight!

£200 per month for 6-7 years roughly equates to £15000 and could have gone more than a long way towards more maintenance and the house would no doubt be worth more than it presently is.

Your friend needs to decide what she wants - if she doesn't want to sell, she needs to maintain. If she doesn't want to maintain, she needs to cut her losses and run as fast as she can. Unfortunately she can't have her cake and eat it. The subsidence is a big worry and will also potentially put off buyers however ...

Spending all your yield on house repairs would be madness from an investment pov but if you did and held onto it a few years more it would be money well spent imo

my advice? if their thinking of moving down south, sell it at auction to an investor as a going concern or kick out the tenants and sell it via ea/ aucton as a doer upper

hassle gone

Thrugelmir

jc808 wrote: »

Spending all your yield on house repairs would be madness from an investment pov but if you did and held onto it a few years more it would be money well spent imo

That's the fallacy of BTL in its entirety. Profit (i.e. cash) from renting needs to be put aside for longer term maintenance issues and capital expenditure. All the focus is on instant return rather than total return over the entire period of ownership.