investing faff-please help

AnotherJoe

havingaball74 wrote: »

I worked out the figures by the interest only mortgage being around £100, £50 letting fees, £30 insurance, £100 tax. This is all very rough and I may have overestimated the tax and insurance. The rental income would be £500-£525.

I know what you mean about upsetting the buyer. I am annoyed at myself for my change of heart and indecisiveness, but I also don't want to spend the rest of my life regretting selling it. If I could turn the clocks back, I would do this all very differently...

How do you know that if you had let it out, you'd now be dearly regretting that as you were involved in costly court action to evict your tenants who were not paying rent? Plus you'd spent £5k doing the place up for letting.

TallGirl

I'm letting my former marital home out as I'm unable to buy in expensive London and want to stay on the property ladder. If you really want to become a landlord there are other properties out there and you could always do it at a later date. I get all the scares about evicting tenants and the hassle factor and I think you have to want to be landlord otherwise think carefully about it. I do want to be a landlord I've got an other half that's a housing solicitor and I'm using an agent for at least the first year so feel clued up enough. Just saying don't regret things - move forward - concentrate on paying your mortgage off completely and then enjoy the freedom you have, to reduce your work hours retire early or indeed buy another property. Good luck whatever you decide