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To buy, rent or sell?
Circus4
Posts: 15 Forumite
Hi,
I would be greatly appreciative of any advice with regards to the following:
My employer is about to move me to N. Wales. They have a very good removals package and will pay stamp duty, solicitors fees, removals, travel etc.
I have an outstanding five-figure mortgage on my current property. I am also lucky enough to be able to pay-off the mortgage and still have a six-figure sum to play with.
My options are:
1. Straightforward option - Do I sell the property and buy a new one in Wales.
2. More complicated option - Do I pay-off my mortgage, keep the property and rent it out (3 bed detached house with parking and garage) and then get another mortgage and buy another property in Wales.
Thanks in advance.
I would be greatly appreciative of any advice with regards to the following:
My employer is about to move me to N. Wales. They have a very good removals package and will pay stamp duty, solicitors fees, removals, travel etc.
I have an outstanding five-figure mortgage on my current property. I am also lucky enough to be able to pay-off the mortgage and still have a six-figure sum to play with.
My options are:
1. Straightforward option - Do I sell the property and buy a new one in Wales.
2. More complicated option - Do I pay-off my mortgage, keep the property and rent it out (3 bed detached house with parking and garage) and then get another mortgage and buy another property in Wales.
Thanks in advance.
0
Comments
-
1) If you want!
2) Mad, till you do the maths on tax. By paying off the mortgage you will be unable to claim tax relief.
Do you want to be a LL?
Do you want to invest in property?
Have you read:
New Landlords (information for new or prospective landlords)0 -
G_M,
Thanks for your reply above.
In answer to your three questions, I have to say 'no'.
To be honest I was, in a manner of speaking, thinking aloud and wondered if anyone had any ideas. It would appear no-one does and I should therefore go for option 1 and live a simple life!!
Regards
C4.0
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