Your opinion please - Sell or Let?

cashbackproblems

I would also sell unless you plan to return to that city fairly soon, otherwise it doesn't seem worth it. You can use that cash to buy where your working.


You can have problem tenants and court fees if they don't leave, you will probably be out of pocket as you have to factor in agent fees (usually 10%), cost of repairs, landlord insurance and as a landlord you will have tax returns to fill in annually.

Cakeguts

Not every house lets easily. You may think that you could get 700pcm but unless you can get that for every month without any gaps you are going to find yourself paying the mortgage without any rent coming in at some time. You cannot assume that just because you liked the house enough to buy it that any tenants will like it enough to rent it.

If you get a problem tenant and they don't pay the rent how are you going to pay the mortgage and the rent on the place in the town you are moving to. You might have to do this for 6 months can you afford it?

The simplest option is to sell it.

loveyourmoney

I'll throw my tuppence worth in - doesn't it depend where the house is located though? I am in a similar ish situation myself. What if the house is in a very desirable area - might it not be worth keeping for the amount it will go up in value?

Cakeguts

loveyourmoney wrote: »

I'll throw my tuppence worth in - doesn't it depend where the house is located though? I am in a similar ish situation myself. What if the house is in a very desirable area - might it not be worth keeping for the amount it will go up in value?

What happens if the house is in a desirable area and you get a problem tenant who doesn't pay the rent? This means that you will still have to pay the mortgage and for repairs but have no money coming in as rent. You can only keep the house if you can afford the mortgage payments and the rent on the current home from your salary. The fact that the house has risen in value doesn't help you to pay the mortgage payments if you aren't getting any rent.

Wanderfree

Thanks everyone for the responses - they really helped. I've decided to sell

Frugal_Wells

If it was my money I would probably sell but it's hard giving up property.
You could use the money to buy a more suitable rental property if that were something you were interested in.

dimbo61

I would try renting for at least a year and wait till your fixed deal has finished.
Your tenants may love the property and want to buy off you.
They will have a home to live in and you will get rent until the day you sell !

Fuzzyness

ak102 wrote: »

Hi Fuzzyness - thanks for your response. Would you mind sharing what in particular you didn't enjoy about the experience?

getting phone calls from the tenants informing me that things weren't working and then having to organise someone to go round and fix it. i was 260 miles away from my house so it wasn't like i could just pop round and have a look myself. it always filled me with dread getting one of these calls as i wanted to keep my tenants happy but knew in doing so there would be a cost and hassle factor involved.