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

rachel230

Hi funny to read this dilemma as I`m going through exactly the same (but without the shop attached.
Inherited a shabby flat 400 miles away but has a great tenant who has been there for years. The rental income is not to be sneezed at. However because the flat has been neglected for years, there are major issues with it and I actually had to fly up there today as I had organised a structural survey. Some scary issues e.g. cracks in outer walls, rotten windows and possibly floorboards. Also, I have the added difficulty of having to co-ordinate 9 other owners in the block!
I am going to sell because I can`t undertake all the stress but I will miss the rental income for sure!! Don`t let anyone knock a regular income!
In your shoes I would definitely keep the shop (a good and steady income which mounts up) but sell the flat. My flat is also in a bad area but I`m very lucky with the tenant. However she wants to leave and I could not cope with the stress of a possible non paying, troublesome tenant.

rachel230

P.S. Also want to add that (IMO of course) telling you to just "get rid" (of shop specifically) I think is very short sighted. I totally get where you are coming from when you say you may want to keep it (the shop).

Mojisola

lizeratsi wrote: »

I have no income, and dh is on a low wage

Even £50 a week would be brilliant for us. MOney is tight

harz99 wrote: »

Having just seen your other thread it seems not only are you on a low income as a family, but your paying a mortgage as well?

Even more reason to sell. Clear your mortgage from the proceeds which will ease your current "tight" budget, give your family a secure home and give you more disposable income from your OHs pay.

As harz says - sell up, keep a lump sum for emergencies and put the rest into the mortgage.

Extra money in your pockets without the stress of being a LL.

lizeratsi

rachel thank you for your post.
There is a lot to consider....giving something away could come back to shoot me in the foot when I am elderly and with no pension and need money....its tricky! I went to see the flat this weekend and it needs a lot of work. I have a relative who may want to buy it and has more money than me to do all work necessary but I would be happy to keep the shop.
The electrics are not too bad at all, about £600 for issues to be sorted, there is no gas etc and all repairs and issues are problems of tennant.

lizeratsi

I think if we sell flat ( if we can ) we can do a loft room in our own home, create a new bedroom and bathroom and move the rental potential to our own house....