To buy or not to buy, that is the question!

finnad
finnad Posts: 9 Forumite
edited 30 October 2015 at 8:16AM in Mortgages & endowments
Morning all,

I have a bit of a dilemma which i would really appreciate some advice about. I currently live in a 2 bedroom apartment with my wife and new born son, the mortgage is in my wifes name and we have around £53,000 left to pay, it was originally purchased for £130,000 and similar properties in the area are now selling for £170,000.

I have just inherited £60,000 and im usnsure whether to pay off the remainder of the mortgage and save for a new deposit and rent this property out, or to just sell the property and buy the family home we have always wanted. Similar properties in the area are renting for around £825 PCM.

Any advice would be appreciated!
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Comments

  • csgohan4
    csgohan4 Posts: 10,587
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    What does your wife want to do? that is more important than a bunch of strangers


    pro tip, don't post the same post in 3 separate forums, it's irritating.
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • finnad
    finnad Posts: 9 Forumite
    Thanks for your useless comments!
  • csgohan4
    csgohan4 Posts: 10,587
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    finnad wrote: »
    Thanks for your useless comments!



    Your welcome to post that 3 times as well
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • colsten
    colsten Posts: 17,597
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    I'd better not post a response, in case it gets shot down as useless :cool:
  • csgohan4
    csgohan4 Posts: 10,587
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    Two options:


    -Keep the house for rental and buy another small house so you get the rental income for your mistress/ Alimony while your wife leaves you


    -sell the house and get the forever home you and your wife and son can fit in and live comfortably in. She will adore you.


    So which is it? Greed or love?
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • chelseablue
    chelseablue Posts: 3,288
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    If it was me I wouldn't bother renting it out, I'd sell and put the money towards a family home
  • Get the nice family home
  • JimmyTheWig
    JimmyTheWig Posts: 12,199
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    Do you want to become a landlord?
  • Put it on red and do both...
  • dgtazzman
    dgtazzman Posts: 1,140 Forumite
    Csgohan4 had a very valid point, so no reason to shoot him down. You should be discussing it with your wife first, instead of with a bunch of strangers.

    However, if it were me, I wouldn't want the hassle of being a landlord and I'd want the house my family could comfortably settle in, which wouldn't be a 2-bed flat when I already have a newborn in the mix.

    Do your family and yourself a favor and get a nice 3-4 bedroom house to live in...
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