We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Additional property?
turtleneck
Posts: 102 Forumite
Ive got one property (flat/maisonette) rented out and i am living at the parents. Ive paid just over half the mortgage.
Not sure how to go about getting out of the parents as im getting a bit old for it!
My options are:
1. Evict tenant and move back in (however tenant doesnt want to leave)
2. Rent a small place myself until tenant moves out
3. Sell to a landlord and buy something else (maybe a small house)
4. Buy another property reducing equity in each to 25% but paying the 3% stamp duty (could only afford another flat)
Any ideas what would be best?
Not sure how to go about getting out of the parents as im getting a bit old for it!
My options are:
1. Evict tenant and move back in (however tenant doesnt want to leave)
2. Rent a small place myself until tenant moves out
3. Sell to a landlord and buy something else (maybe a small house)
4. Buy another property reducing equity in each to 25% but paying the 3% stamp duty (could only afford another flat)
Any ideas what would be best?
0
Comments
-
....................................................................................................turtleneck wrote: »I
My options are:
1. Evict tenant and move back in (however tenant doesnt want to leave) what tenant wants is irrelevant, but do you want to live there?
2. Rent a small place myself until tenant moves out if you're going to move in there, then evict the tenant (legally!).
3. Sell to a landlord and buy something else (maybe a small house)Finding another LL is hard. Plus you'll lose money.
4. Buy another property reducing equity in each to 25% but paying the 3% stamp duty (could only afford another flat) Do you want to live in a flat or a house? Do you want tto continue asa LL?
5. Evict tenant and sell flat on open market at full value. Buy a house.0 -
Long term i think a house is better investment being freehold.
Id happily live in the flat but feel a bit bad as tenant has made there own and assisted with repairs eg got a new boiler fitted cheaper by her relative.0 -
Make a one-off payment to the tenant to cover the cost of their time/materials for the repairs, and to the relative to bring that price up to market rate.turtleneck wrote: »Long term i think a house is better investment being freehold.
Id happily live in the flat but feel a bit bad as tenant has made there own and assisted with repairs eg got a new boiler fitted cheaper by her relative.
Expecting your tenant to save his LL money is in any case not really the way to run your letting. By putting that right, you then also owe no favour and can make decisions based on your own requirements, and normal LL/tenant relattions, rather than having guilt hanging over you.0 -
Members of my family are selling an inherited house which was an HMO,but the landlords who were interested offered peanuts. It has now been reinstated as a family home.0
-
turtleneck wrote: »Long term i think a house is better investment being freehold.
Id happily live in the flat but feel a bit bad as tenant has made there own and assisted with repairs eg got a new boiler fitted cheaper by her relative.
Ask tenant if they would like to buy the flat and offer discount against the cost of the repairs.0 -
Thanks all. The tenant cant afford to buy has kids and works part time. Is there anyone who would recommend buying a second property oris this seen as a bad move now?0
-
How many threads have you started about this topic? 7, 8, I've lost count.
What advice do you want that you have not already received? What are you finding difficult about making a decision one way or another? Perhaps it would help if you stopped viewing property as an investment and started seeing property as a home.0 -
FYI deleting your posts was pointless because G_M has already quoted you and furthermore it's poor forum etiquette to delete your posts like that especially when people have given up their time for the umpteenth time to try and help you reach a decision.
Do you often suffer from procrastination? You can take or leave this next piece of advice but in my experience more is lost to indecision that bad decision.0 -
FYI deleting your posts was pointless because G_M has already quoted you and furthermore it's poor forum etiquette to delete your posts like that especially when people have given up their time for the umpteenth time to try and help you reach a decision.
Am I missing something? I don't see any posts that G_M has quoted that aren't still in the thread. And (re your other post) I can't see multiple threads that the OP has started on this. Are you sure you've not posted on the wrong thread?0 -
Am I missing something? I don't see any posts that G_M has quoted that aren't still in the thread. And (re your other post) I can't see multiple threads that the OP has started on this. Are you sure you've not posted on the wrong thread?
It turns out that adding someone to your ignore list makes it looks as though the OP has been deleted but as for my other post.....
https://forums.moneysavingexpert.com/discussion/5724107
https://forums.moneysavingexpert.com/discussion/5222949
https://forums.moneysavingexpert.com/discussion/5170796
https://forums.moneysavingexpert.com/discussion/5161483
https://forums.moneysavingexpert.com/discussion/5063145
https://forums.moneysavingexpert.com/discussion/4974973
https://forums.moneysavingexpert.com/discussion/49673040
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards