Advice needed

Rekw2000

I have two properties, one in Oxfordshire and one in Staffordshire.

Do I sell the Oxfordshire one, which is appreciating significantly, take the equity and buy a bigger house in Staffs with no mortgage?

Do I sell it and risk losing out on appreciation but gain from buying a house up north with no mortgage and therefore will save on interest in the long term?

lincroft1710

Depends which county you prefer to live in

Rekw2000

I prefer Oxfordshire but its too expensive!

Question is do I keep Oxford flat as a pension in the long term or sell it now and get the equity out of it to buy a house in a more affordable area?

Pixie5740

Do you live in the property in Staffordshire that you currently own? Is it large enough for you?

Could you afford something larger in Oxfordshire if you sold both properties?

Rekw2000

I rent them both out...Oxford is super expensive, I could get a decent house up north mortgage free but would have to sell Oxford flat

Pixie5740

Is "up north" somewhere you want to live? Is it where your work is, is that near your friends and family? Where do you currently live?

Rekw2000

Ok, I currently live and work in Qatar, but will be coming back in 1 year.....I am from Staffs and have a house there that I rent out, my elderly parents live there, so would like to be near them, and friends.

I did live in Oxford before I came away, in a little flat, which I bought.

I am now thinking where to live with my partner to start a family. We like Oxo, but its expensive, and the flat is small. SO my options are:

1. Move back to Oxo in small flat, keep Stafford rented out, try and get a little house for 300k
2. Move back too Stafford, keep Oxo flat with a view to having it as a pension. Sell Stafford, as its only a terraced house, take out a mortgage and get a family home.
3. Sell Oxford and Stafford - combine equity and buy house in Stafford mortgage free.

Help!

Wonder_Bunny

Can you clarify would you be wanting to rent out the 'mortgage-free' property in staffordshire or is it for your personal use?

It depends on how much risk you want to take and only you can decide that. If you're happy with the tenants you have in Oxfordshire and are comfortably covering the mortgage and maintenance expenses then what's the rush to sell?

On the other hand renting is an uncertain business and if your tenants pulled out, how easily and quickly would you find other ones? Also who knows what's going to happen to house prices in the near future, they could continue to soar or the bubble could burst (particular uncertainty around the impact of brexit).

Weigh your risk and take your choice.

Rekw2000

mortgage free property in Staffs would be for me to live in...

Wonder_Bunny

Depends what you value - location over financial security and I'm sorry but ain't nobody but you that can make that decision.

Rekw2000

Yes, true but,

Do I sell a property to take the equity out and risk any future appreciation that I may lose but gain by saving on future mortgage interest payments?