To Sell or Let?

jrawle

It's best to sell. Don't think of it as selling for "a loss". If you are buying somewhere else, that will also be cheaper than it would have been five years ago. If you are moving to a more expensive property, the saving by buying now will be greater than the loss from selling your flat. For the last five years, you have saved money by paying only interest rather than throwing it away on rent.

If you become a landlord, think of all the extra costs: maintenance, new fittings and cleaning when tenants trash the place, service charge, insurance, landlord's insurance, letting agent or advertising costs... The rent won't cover as much of your mortgage(s) as you think.

gersin008

You have put up a strong argument, now I'm really struggling

gersin008

Other question

Is it better to just use an LA for set-up or use the full Management Service?

This obviously has a bearing for the mortgage company

sstteeww

gersin008 wrote: »

Other question

Is it better to just use an LA for set-up or use the full Management Service?

This obviously has a bearing for the mortgage company

I would suggest using the full LA service if this is your first let. There is really a lot of regulations to follow on top finding good tenants. Use a LA for at least the first year, then go solo after you have learned the ropes.

However, there is a lot to be said for selling up. This will be much less hassle and less unknowns than letting out your flat. Letting out your flat is a business investment, it requires effort, time and money on your part. With any investment, you can make a profit or a loss. That's why I recommend using the full LA service the first year, it'll get your business off to a solid start.