Sell or let to buy

littlepixel72

wolfplayer wrote: »

Can't wait for all the BTLers to begin saying hello to Section24.

That seems a little hostile. :smileyhea:smileyhea

/goes back to agonising over the ethical implications of owning a second home :grouphug:

Guest101

littlepixel72 wrote: »

No worries, Hoploz! :cool:



That makes a lot more sense, AdrianC :rotfl:



We would probably use an agency. My sister's been letting a flat for 16 years and not had that problem.

I'm more concerned about whether this is the right property to be investing in. It's always going to go up in value more slowly than others in the area because it's ex-local authority. Weighing that up with moving costs, and what we can afford to buy.



I guess the point is that the BTL mortagage should be the smaller one? We would need to release some of the equity to fund the new purchase.

Not sure what an agent has to do with it?

Circumstances can change for everyone. I know someone who's suffered a stroke in his mid 40's, his earning potential is significantly reduced now- he was well over 70k a year.

My question was important as if you can't afford to be without income for that period, you risk losing it all.

AdrianC

littlepixel72 wrote: »

That seems a little hostile. :smileyhea:smileyhea

NAHAY?

/goes back to agonising over the ethical implications of owning a second home :grouphug:

Woah! Stop there. Yes, RIGHT there... One major detail you've forgotten. This will not be your second home. This will be somebody else's one and only home. You will own two properties, but only one will be your home. The other is a business investment. No more than that. You have to break all emotional involvement in it, otherwise you WILL go mad. Renting a property out is a business activity, with the primary intent of making you an income. The best way to maximise that income is to ensure that your customer - your tenant - is happy, because then you won't have unpaid rent and voids. Some of the long-term income from your business is from capital growth over time, sure, but don't forget the effects of inflation and the lost-opportunity costs, especially if it means you incur interest charges elsewhere.

FBaby

The best way to maximise that income is to ensure that your customer - your tenant - is happy, because then you won't have unpaid rent and voids

How convenient! Found that not be the case on the opposite and that the best way is to be choosy over who your customer is, not full proof, but certainly minimising the risks.

AdrianC

FBaby wrote: »

The best way to maximise that income is to ensure that your customer - your tenant - is happy, because then you won't have unpaid rent and voids

How convenient! Found that not be the case on the opposite and that the best way is to be choosy over who your customer is, not full proof, but certainly minimising the risks.

I think you're agreeing with me. That's certainly one of the other benefits of ensuring a good tenant is happy - you don't have to play tenant-roulette as often.