An Inherited Property - Sell, Rent or Keep ?

foxy-stoat

Sell it and let someone else buy it to live in - invest the money somewhere, maybe buy a new car or enjoy some of it.

xylophone

You don't want to be a landlord - why keep a property empty?
Remember that it would still need to be insured and you would wish to keep it heated in the winter - you will have fuel bills etc....

In your position I would sell and have done with it.

bouicca21

Me, I'd sell and gift the money to my children.

lookforwards

Thank you everyone for taking time to reply, on the basis of which I don't think I will be renting!

I also didn't realise all the potential problems with keeping the property empty, even though I do live close by and can keep a watch over it.

I'll probably sell and invest the money and take a holiday as suggested :-)

Smi1er

Instead of selling and investing the money elsewhere how about renting it out and investing the rental income?

You can invest it in holidays? Dream lease car? etc etc

Margot123

Speaking from a similar experience, I would advise selling it and investing the money in whatever makes you happy.

I rented my property via a letting agent with a good reputation however it was nothing but hassle. They had allegedly vetted the tenant but accepted a fake reference, never checked his finances as he paid 6 months up front.

So, what started out as renting to a 'professional gent' turned into 'jobless man with girlfriend and 2 teenage daughters, along with various pets' (none of which were approved by me). All I had from the agent was 'at least the rent is being paid'.

He left of his own accord owing nearly £3k in Gas and electric bills, for which I am having to pay as the homeowner, and having to chase him through the courts with no real prospect of payment.
I won't even mention the lead that vanished from the roof and allowed rain to soak through.

NEVER AGAIN. House is now sold and I'm breathing although still seething over the outstanding bills I never realised I'd be liable for.

lisyloo

I didn't mention anecdotal horror stores as I don't believe they are the norm, but hey ho.


Some lanlord friends of mine renting to a woman who was a decent tenant for a while but when she fell on hard times the local authority (of course) told her to stay and not make herself intentionally homes and of course the tenant is going to follow that advice.
My friends had to go to the court and tell me it's at least 4 months to get a court date in my area.

They also had to have the property treated twice for fleas and had to gut and renovate.


I think this is the execption not the norm, but does demonstrate that property can be a LOT more hassle than a diversified portfolio (which would be my choice) on top spending on bucket list items (as opposed to just frittering it away).

hazyjo

Margot123 wrote: »

He left of his own accord owing nearly £3k in Gas and electric bills, for which I am having to pay as the homeowner, and having to chase him through the courts with no real prospect of payment.
I won't even mention the lead that vanished from the roof and allowed rain to soak through.

NEVER AGAIN. House is now sold and I'm breathing although still seething over the outstanding bills I never realised I'd be liable for.

Whose name were the bills in? Did you inform the utility companies, or did the tenant?

Gers

Leaving a property empty can, sometimes, incur an increase of council tax. Here in Scotland more and more councils are imposing 150% or even 200% council tax rates for houses left empty for more than a year.

Double council tax for 15,000 empty homes http://www.bbc.co.uk/news/uk-scotland-45476146

It’s not economically viable. And you’d be ‘depriving’ a family. I use the term ‘deprive very loosely!

davidwood681

Can't believe people are saying sell it and buy a car.