Shall I Sell To Become Mortgage Free?

sun8eam

Hi,

I am thinking of selling one of the two properties that I own in order to pay the other one off. There has been enough equity built up to allow me to clear the mortgage of the home that I intend to live in.

I am really not sure on whether to rent it out again as I have done previously or whether to sell and become mortgage free.

Is it really worth me being a landlord again with the hassle of two mortgages to pay in the years ahead or shall I sell it and save/invest for my retirement instead?

Thanks

sun8eam

quicklee99

Good question and surely a nice "problem" to have.

I guess it depends on your attitude, do you want total security (sell one pay off the other) or do you want to play the long game and keep both. Perhaps maybe give some figures/percentages as that would help people rationalize what they would do.

resilie

Don't forget capital gains tax will be due on the property if it's not your main residence currently!

sun8eam

Thanks for your advice. It has been my main residence for the past 2 years so not sure how much CGT would be due?