Moving and mortgage -v- renting

74jax

My property is mortgaged with 15 years left. Mortgage is around 39k.

My house has lots that needs doing to it and I can't afford to do it. So although I know I won't get the 120k I was told about 4 years ago, I hope to get around 75k.

I'm thinking of renting rather than getting another mortgage. There's no houses I can afford/like as I would like to buy at what I sell at.

Can you give me the pros/cons to this. I've never rented long term and I am very apprehensive at not owning my own home in years to come. However really do just want out of my home before I loose even more money.

Thanks

Thrugelmir

If a lot needs doing. Will it fetch a good rental value?

74jax

I don't think I could rent it as it is. I'd be getting calls all the time from the clients to fix things.

Thrugelmir

Then sell. Rent the bare minimum you need to. Then save money so that you can buy again in the future. Meanwhile lock your equity into good fixed term ISA's and use regular saving accounts to generate good interest returns. .

74jax

Renting is more than my mortgage but I guess I will have the equity locked away with interest being built.

Thanks

Thrugelmir

74jax wrote: »

Renting is more than my mortgage
Thanks

Your LL is responsible for all the maintenance costs though and possibly will suffer if interest rates rise.

michelle2008

To be honest I didn't enjoy living in rented housing - I am a control freak and didn't like the land lord tenant relationship. But you may have a different outlook!

Is your house liveable without the work? Could you do it gradually over a few years while you lived there?

74jax

michelle2008 wrote: »

To be honest I didn't enjoy living in rented housing - I am a control freak and didn't like the land lord tenant relationship. But you may have a different outlook!

Is your house liveable without the work? Could you do it gradually over a few years while you lived there?

It is liveable, just is bringing me down. I've not been well for the last 7 months and feel it's all getting to me.

The conservatory roof leaks really badly so can't use that room, furniture in it ruined but have a living room to use so that's OK. Builders say it needs demolishing and rebuilding, it's pulling away from wall and floor is buckling.

House is single glazed with very bad gaps which over winter was taped up to try and stop the gusts.

Bathroom often leaks down into dining room so all boxing in is apart in bathroom as I have no idea where it comes from.

Kitchen floor is all uneven with ceramic tiles broken and missing.

I guess writing it down yes it is liveable in but I think I have given up the fight to do it.

Interesting point ln renting, it's exactly things like that I'd like to know about. It's scary contemplating different things and know that i'm lucky in that I have no negative equity.

michelle2008

I have rented both in the student type shared house - and when I was a bit older.

I disliked the landlord arriving to do work in the garden with no notice - the appliances came with - and were much poorer quality than I would like(snob!!). I rented on a12 month basis so never really felt it was home.

But ... I have friends who are landlords and they are great - fix any problems immediately etc. And keep the house in great decorative order taking input from tenants. so I may just have had bad luck.

It sounds like your house is getting you down - so it might be a big relief to have a house with no responsibility(apart from paying the rent)