why dont landlords never sell up

ognum

stu12345 wrote: »

chuck do you advise me exersisng my right tobuy then, and hence leaving my asset to the gov or care home or continue renting and having cash in the bank its made me think why folk like richard branson, warren buffettt dont just sell up and have a wicked time

or why folks buy big homes in the country only for the gov to take them when they die, maybe they be best renting a big home with their cash until they die and run out of cash

Stu are you for real, do you seriously believe Warren Buffet and Rich Branson don't have a wicked time because they own property. I don't think so!

Only you can make the choice between cash/renting and buying. We all have to make that choice and we choose different things for different reasons.

I have some rental property, will I sell it? yes if it becomes unprofitable to keep. The biggest thing that may make me sell would be new legislation on LL. Until then I will keep it until I can give it to my kids and grand kids!

chucknorris

stu12345 wrote: »

chuck do you advise me exersisng my right tobuy then, and hence leaving my asset to the gov or care home or continue renting and having cash in the bank its made me think why folk like richard branson, warren buffettt dont just sell up and have a wicked time

or why folks buy big homes in the country when retired eg escape to the country, only for the gov to take them when they die, maybe they be best renting a big home with their cash until they die until the cash is gone

I don't try to understand what and why what other people do, but we have no children, if we did, I would want to leave it behind for them, but we don't, maybe Richard Branson and Warren Buffet do have children.


But I'm sure that both Warren Buffet and Richard Branson have enough money to fully enjoy their lives to the full, without dipping into their capital anyway.

stu12345_2

i do have a chance to buy flat and maybe sell up when older, but would sell up if i could remain in a tenancy for life till i dies using the profit i got from selling my flat. how do i do that. or if not remain in flat as owner but have a pension that is worth manytimes the value of the flat as many folk do it the wrong way have tiny pension in a owned small house and live hand to mouth

the dilema i have is i live in a nice town with a smallish income, where if i buy i could sell up and move up north in a worst town with cash in my pocket, most of my family and friends are from rundown towns up north and i have to ask myself is it better to live in a desirable area and be skint or move to cheap run down town near family and have cash

do you get buy living in poole, brighton, exeter or do you sell up to be near friends in glasgow and have cash in ur pocket

Old_Git

I have two BTL properties .I know it makes sence to have an interest only mortgage ,but I paid mine of .Yes I will pay a bit more tax but I get to keep more money .For me it was the right choice.

Anatidaephobia

stu12345 wrote: »

i have to ask myself is it better to live in a desirable area and be skint or move to cheap run down town near family and have cash

do you get buy living in poole, brighton, exeter or do you sell up to be near friends in glasgow and have cash in ur pocket

:rotfl::rotfl::rotfl:

stu12345_2

my flat is worth more than flats in glasgow if i do right to buy, thus if i sell and buy cheap place in glasgow plus cheaper water rates, council tax, better public transport, no need for a car, than the cons of living in the west country, eg devon and cornwall and the wages are higher in scotland than in cornwall.
just house prices are much higher here and if i can capitalise on that it means i have more overal liquid capital
my only worry is moving north to the wind and rain and ned culture. but family live there

i could easily buy in hamilton, east kilbride, kilsyth etc compared to house costs in cornwall, but does having more cash in pocket in a cheap town equate to a better lifestyle

owitemisermusa

stu, please stop.

chucknorris

Old_Git wrote: »

I have two BTL properties .I know it makes sence to have an interest only mortgage ,but I paid mine of .Yes I will pay a bit more tax but I get to keep more money .For me it was the right choice.

It is very subjective and depends what you feel comfortable with, my wife has 3 houses in Hackney and she has paid off the mortgages on those properties. I have 4 flats in Battersea that used to have high LTV mortgages, but inflation has reduced them to only about 25%, we also have a jointly bought house with a 50% mortgage, plus I bought our home for cash, so no mortgage there. Instead of paying off my mortgages I preferred to invest the money in fixed pension and shares, to build up additional income for my retirement.


I'll probably be selling up in about 8-10 years, I may just keep one property, plus the one shared with my wife, I do like property. But I need an exit strategy, before the next market correction, I'll be in my late 60's then, so it will be at a time that suits me, I don't want to be in 70's and still have to deal with many tenants/properties and also be in the middle of a house price crash.

carefullycautious

You are in this dilemma because no matter what you do you are not going to be any better off.


Buying a home comes with responsibility of upkeep.


I would say that the amount of rent you pay via Local authority per annum will probably be used for up keep of any property you buy.


Although you will make equity on the flat, that will need to be used to purchase another property up north in a decent area.


I would never want to have cash in my pocket and live in a bad area.


I have known a lot of older people living in owner occupied homes that are stuck because they have no money for repairs etc, and usually end up in Local authority sheltered accommodation due to age/disability anyway.

kinger101

The question is pointless in that it is a generalization.

Some sell, some don't, depending on individual circumstances others have mentioned. Not being able to have a mortgage beyond a certain age for example. Or wanting their capital back rather than a small income once they draw closer to their appointment with Mr. G. Reaper.