Rent or sell inherited house

Comms69

Do not become a landlord.


Atleast not with properties you're emotionally connected to

need_an_answer

I'll give you my view having been in the same situation.

I inherited a property in 2013 ling standing family home,much attachment didn't want to sell but wanted to become a LL

£50k was the renovation costs to bring the tired round the edges property back to life and to a very reasonable mid range rental standard.

I too had the EA's round who told me that unmodernised the property was worth one value and modernised I was probably likely to break even so no chance of really flipping even if I had wanted to.

You have to want to be a LL in my opinion otherwise it's unlikely to work out for you.Agent fees can be high and there are the regulations that you need to comply with together with factoring in void periods when the property is empty.

I wanted to keep the family home and it has evolved,I still have an attachment to it but its also been a solid rental which has actually led on to the purchase of some additional properties in the years that have followed.

Worked for me but I wanted it to.All too often it doesn't work out but I would suggest that you really do the sums on it all and whilst I'm not against letting agents find yourself one who will share their knowledge with you rather than try and tie you into a % full management contract.

Its far better to learn the ropes if you intend to do it properly rather than pay for a service which can wipe away any profit if you let it.

If you have any doubts about being a LL then my advice would be sell and enjoy the inheritance especially if you have no one to share it with or gift it to...now is your time to shine,whichever way that may be

Tom99

You will be living bang next door to you tenant and that will be vary handy for them when the boiler packs up at 2am.