Rent or sell?

MinkyMinky

My boyfriend and I live together in a house that I own - with a mortgage of £108K. He has recently inherited a house that is mortgage free. The inherited house is in very good condition. My question is whether we sell the inherited house whilst the market is bouyant and the house is in good condition or keep the inherited house and rent it out.

poppy10_2

Sell Sell Sell :j

Even the most optimistic of forecasters are saying that property prices will not rise by more than inflation over the next few years, so there is no advantage to hanging on to it. Sell now, while you still can.

busy_b

Depends what your house is worth and what the inherited house is worth!

Do you intend to use the sale of the inherited house to pay off your own mortgage?

Sorry to be nosy but what a gift ! It depends where you are, if you're in an area where the house prices may remain quite stable, I'd consider keeping hold of it if you're not desperate for the money.

The money's at risk in a bank as well as in property in this climate and after all it's money that you've inherited so you could possibly afford to take a risk and rent it out for a while.

Good Luck!

Dreaming_Silver

Sell it and use the proceeds to pay off your mortgage.

If you hold on to the property its value is probably going to fall (possibly by a lot) and at the same time you will be paying interest on your existing mortgage - double whammy.

Fred333

I think you have to look at both houses and figure out which would be better to live in?

IveSeenTheLight

MinkyMinky wrote: »

My boyfriend and I live together in a house that I own - with a mortgage of £108K. He has recently inherited a house that is mortgage free. The inherited house is in very good condition. My question is whether we sell the inherited house whilst the market is bouyant and the house is in good condition or keep the inherited house and rent it out.

Would you consider moving into the inherited house and selling your own house? You could then have the difference between your own house and the mortgage in the bank, oh happy days

If the inherited house is not in your desire to stay there, you really have to look at wherther in your area the rental markets are strong, how much rent you would receive and check that against the money you could receive from a property and the interest that can be made from that some of money.

You need to look at your relationship as well. I notice you said it was your boyfriend who inherited the property.
What does he want to do with it? what happens if you split up next year (not wishing this to happen but what if?)

MinkyMinky

Hmm as I expected a real split of buy vs sell!! Thank you all anyway for your advice. I think that for the time being he will rent as it is in a good area and very rentable and just hope that if we do need to sell it in a few years time (when fingers crossed we won't just be boyfriend and girlfriend!!) it won't have crashed in value.