Should I rent my home out whilst doing my Masters?

katepower

I am a 30-year-old female who is about to go and do a Masters at Oxford University. I had planned to sell my house and move in with my partner. My partner and I have now split up. Whilst I can still afford to go to Oxford, I am unsure what to do with my home. My two options are to either sell now, and then buy another house once I have completed my Masters, or rent it out for the year and then move back in once I have completed my course. There was always the option to live with my parents in any inbetween time.

If I were to rent out my house, there would be some pieces of work needing doing to it that would be over £1000. I’m also unsure whether Brexit will have an effect on my house price, and whether that would cause issues for me if I did decide to sell in the years time. I’m also aware it will be extra money to sell and buy another house. I just wondered if anyone had any advice for me at all?

00ec25

rather than rehash countless threads "predicting" (ie opinionated speculation) the brexit effect, I would have thought a much more relevant consideration for you is what do you intend to do after the Masters?

Presumably it is intended to enhance your career prospects, but will you be returning to your current job or have you left that and will need to find another? Will you be mobile enough if you are tied to the current property?

Obviously some income whilst a student is better than none, but are we realistically talking about a useful sum by the time expenses (and tax if applic) have been deducted?
What sort of work will cost £1,000 and why does it "need" doing?

Have you done any research on the rental market and demand for your specific type of property in that specific location?
What if it takes 3 months to get your first tenant and they want to stay for a year? You'll have a void to start with and then problems with timing your repossession....

dimbo61

It costs money to sell and then buy in a new area !
However your home maybe easy to rent or sell ? Your decision.
Only you will know what you want to do after completing your Masters.

steampowered

Brexit is very unlikely to have a significant impact on your house price in the short term, because your house price is denominated in pounds.

Brexit could certainly impact the exchange rate - the pound has for example dropped by about 15% against the Euro since the referendum result. But unless you are planning to move your assets into another currency (e.g. if you want to move overseas), that should not be a concern in terms of £-denominated house prices.

If you think you might want to move back into that house in future, personally I would keep it. A year is not very long - it is probably not worth the stamp duty/conveyancing fees/mortgage fees for the sake of a year.