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

finnad
finnad Posts: 9 Forumite
in House buying, renting & selling
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.

Comments

  • libf
    libf Posts: 1,008 Forumite
    Personal decision. Only you know your circumstances/temperment well enough to decide if you want to be a landlord or not.
  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    Triplicate post.
  • csgohan4
    csgohan4 Posts: 10,600 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    colsten wrote: »
    Triplicate post.



    Useless post :)
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • Lord_Baltimore
    Lord_Baltimore Posts: 1,348 Forumite
    Sell up and buy. You have a new family to enjoy and landlording can be time consuming and troublesome.

    You can return to this idea once you have established a lovely family home in which to grow your new son's childhood memories.
    Mornië utulië
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    Sell it and buy your dream home. If you want to invest in property in the future find a property that will give you the best returns rather than letting out a former home.
This discussion has been closed.
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