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Dilemma whether to sell.... Or not!
Purple10
Posts: 1 Newbie
I am in a financial dilemma and would appreciate some sound advice! My current situation is that I own a one bedroom flat which I currently rent out for £625 per month but ideally I would love to sell it and take the equity to reinvest in another property.
When I purchased it with my ex husband we paid £90000 and put £45000 deposit towards it however I remortgaged twice for improvements to flat so the equity been eaten into. Currently I owe 65k and today I got it revalued at a disappointing 80k.
I desperately want to move out of a flat I currently share with a partner and take the money to reinvest in another property. It is not feasible I move back to that flat as I have a violent neighbour who previously threatened me and is still there!
Any suggestions if I should sell the flat or keep renting it out? To buy another property I would be relying on equity to provide a decent deposit for another place as where I live is expensive and can afford very little relying on just wages! Renting is also a very expensive option where I live and monthly payments would be cheaper buying somewhere!
Look forward to hearing people's thoughts!
Thanks
Purple10
When I purchased it with my ex husband we paid £90000 and put £45000 deposit towards it however I remortgaged twice for improvements to flat so the equity been eaten into. Currently I owe 65k and today I got it revalued at a disappointing 80k.
I desperately want to move out of a flat I currently share with a partner and take the money to reinvest in another property. It is not feasible I move back to that flat as I have a violent neighbour who previously threatened me and is still there!
Any suggestions if I should sell the flat or keep renting it out? To buy another property I would be relying on equity to provide a decent deposit for another place as where I live is expensive and can afford very little relying on just wages! Renting is also a very expensive option where I live and monthly payments would be cheaper buying somewhere!
Look forward to hearing people's thoughts!
Thanks
Purple10
0
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