WWYD Inherited run down flat but also need own house work doing

moneyistooshorttomention

Sell....

Just think of the amount of hassle to get the flat done up - and renovating places always seems to cost (a lot) more than bargained on.

Then add hassle of dealing with tenants - and the risk of that is all the greater for being in a bad area.

On the other hand - should anything happen to your job at some point - then it's better to have got rid of the flat and put the money into your own home (where it couldn't be used as an excuse to reduce benefits due to you). Also the fact of having lower mortgage payments to find on your own home would make you that bit more secure in the event of any job loss.

getmore4less

lizeratsi wrote: »

WWYD I have a run down flat I have inherited worth in current state 35 - 40 grand.

It needs larger bathroom and kitchen all ripping out and re configuring.. it would need a few grand spent on it to rent it out or basic stuff doing to new kitchen and bathroom but still ££££. Its also a long way away.

Or sell it if I can! And use the money to do desperately needed kitchen extension on my own house which is in a better area. And when we sell this place will gain ££ too in the house.

Is it really worth hanging onto inherited flat or worth selling> Its also attached to another property

That's the deal breaker, first to get the place done up you will either need to get people in or spend a load of weekends traveling doing or take time off work to get a run at the job.

then you have the long distant relationship to deal with, that can go great tenant prompt payer helps keep the place wants to stay long term, or not.

Getting stuff done needs paying people or travel/stay time, you can't pop round to fix something.

OH..... there is a shop as well who owns the freehold for these places?

Back to the flat why does it NEED a bigger bathroom if it is to be a rental?

What's the ceiling price for places.

Distance is the show stopper but that applies to the shop as well, first sign of problems will you want the hassle, if ticking over now it may be a keeper for a while.

don't the shop people want a flat?

whats the shop worth with £8k income?

getmore4less

more info here
https://forums.moneysavingexpert.com/discussion/5667967


not straightforward sale if just the flat


how long have you had this place?

Murphybear

Red-Squirrel wrote: »

Get it sold, auction if need be.

If you'd inherited £40k, would you consider buying a shabby flat in a far away run down area with it?

I watch Homes under the Hammer a lot :eek:. There is always a lot of interest in what the American call a "fixer upper" no matter the area. Some of them go for a lot more than the guide price.

I would concur with the majority, get it sold at auction ASAP. It will give you the capital to sort out your own house and you really don't want the experience of being a "reluctant landlord" on one basic property a distance from home. I'm afraid there are a lot of regulations to being a landlord, it's a lot more involved than just watching the rent roll in

Good luck with it, whatever you decide

lizeratsi

yes I understood what you meant thanks it was a funny way of putting it into perspective , there is nothing wrong with being light hearted and cheering people up.

lizeratsi

Shop is worth about 80 ish grand - at least if tennant in there I can sell with that in mind....also once their business is up and running I cant see many issues cropping up, when my dad had it main issue was after a few years tenants did a runner.

I have had both for only 2 months my poor dad passed away so its all a very steep quick learning curve.

martindow

I think something like this could do surprisingly well at an auction. Naive people used to London prices are likely to think they can't go wrong at such a modest price. If they've been watching Homes Under the Hammer they'll know it's bound to be a great success.

lizeratsi

its just the flat I would be selling although have spoken to the council about them putting someone on a waiting list in there then i could sell it with a sitting tennant too, not sure. i would be happy to get 35 grand for it - have been told worth 40 - 44.

Kevie192

lizeratsi wrote: »

its just the flat I would be selling although have spoken to the council about them putting someone on a waiting list in there then i could sell it with a sitting tennant too, not sure. i would be happy to get 35 grand for it - have been told worth 40 - 44.

Why are you so set on keeping the shop? I'd sell both and use the money on something that wouldn't cause me a load of hassle!

Mojisola

lizeratsi wrote: »

once their business is up and running I cant see many issues cropping up, when my dad had it main issue was after a few years tenants did a runner.

Kevie192 wrote: »

Why are you so set on keeping the shop? I'd sell both and use the money on something that wouldn't cause me a load of hassle!

Despite father's experience, lizeratsi thinks the shop will bring in easy money.