Almost Mortgage Free - Just hanging on in there....

gallygirl

Hello :wave:.

Am interested in why you are planning on selling a btl as that forms part of my own retirement plans? Passive income is not to be turned down lightly

hanging_on_in_there...

gallygirl wrote: »

Hello :wave:.

Am interested in why you are planning on selling a btl as that forms part of my own retirement plans? Passive income is not to be turned down lightly

Hi there! Our current btl is a 4bed.semi. Looking at our local btl market, We feel we could sell the 4 bed and buy a 2 bed bungalow at half the price. The income would be approx £100 LESS per month, however, we
be able to stash the difference between selling the 4 bed and buying the 2 bed bungalow. We were considering selling up and stashing the lot, but as you say, passive income is not to be turned down.

All the best!
Bo xx

hanging_on_in_there...

gallygirl wrote: »

Hello :wave:.

Am interested in why you are planning on selling a btl as that forms part of my own retirement plans? Passive income is not to be turned down lightly

Hi there! Our current btl is a 4bed.semi. Looking at our local btl market, We feel we could sell the 4 bed and buy a 2 bed bungalow at half the price. The income would be approx £100 LESS per month, however, we
be able to stash the difference. We were considering selling up and stashing the lot, but as you say, passive income is not to be turned down.

Thanks for stopping by!
All the best!
Bo xx

hanging_on_in_there...

Hi gallygirl ! Just wanted to add... We have good tenants at present, but we have heard some horror stories and we did wonder that, as we got older, could we cope with that, even if we employed an agent, so that was another reason for a total sale and stash of cash...as per no.9 on my rambling list above! If that makes sense?!
Bo xx

gallygirl

Am generalising here, but I'd expect 'better' tenants in a 2 bed bungalow (or maybe that's just because our best tenants are in a 2 bed bungalow ). Definitely worth selling and buying for that difference in equity and you'll find your maintenance costs drop as well :T.

Although if you got say 2% interest on all the equity how much less would that be a month than the lower rental income plus interest from the balance?

A nice dilemma to have .

hanging_on_in_there...

I know what you mean re 'better' tenants.... But we've fell really lucky with the ones we have in the 4 bed and they are really looking after the place. We prob won't sell unless they decide to leave. I'm enjoying you're thoughts and comments, thanks so much for posting. Good food for thought and great to see another perspective .:j

Alchemilla

I find the idea of BTL very scary.

hanging_on_in_there...

Alchemilla wrote: »

I find the idea of BTL very scary.

Hi there! Thanks for stopping by! Re btl... It can be difficult to get your head around the fact that you've taken on more debt! But as long as you can afford to pay motgage if you are tenant free for awhile, it can be a good way to go. ESP.if you have time on your side! Ie. You're young enough! :j :money:

hanging_on_in_there...

Well, as I said on alchemilla thread, I was sorting out one particular kitchen cupboard today which is driving me mad! ...
I open the door..stuff falls out...nuff said!

well I opened said door, and yes stuff fell
out, so with a very sharp intake of breath I got the rest of the stuff out! Was inwardly groaning all the while! But, long afternoon short! I put all my baking stuff in the pan drawer and put pans in said cupboard! Threw a couple of things out that were useless to all and not worth selling (last years plastic xmas pudding bowl?!)
So it all looks more manageable now! Just sorry did not identify more things to sell! Need to get harder.... Why oh why am I keeping that glass xmas platter that lil sis gave me that had never been out of the box?!
Well, things are tidier... Hope you are all faring better in your endeavours!
y'all have a good weekend!
Bo xx

Alchemilla

Well done. You are one step closer to clutter free.