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House won't sell should we try to rent?
Comments
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We did this, and I wouldn't recommend it unless you have a buffer in the bank. We was literally waiting to exchange contracts when we was selling our house and then the buyer dropped out, due to the brexit result.
We was already knee deep in the process of buying a house so decided to rent the old one out. This worked for a year or so. We used a letting agent who handled all the legal stuff and maintenance (this can be a right headache if you get it wrong so was worth the 10% rent).
However after about a year, the tenant stopped paying rent, which put us in a tight spot. Luckily we saved enough to cover the mortgage, but getting the tenant out was a nightmare. It was taking months and months to sort but finally we got them out. In the end we just dropped the price massively and got rid, wasn't worth the drama.
If you know what you are doing and have the money then it can be worth it, but if you are looking to rent it out as a quick fix to move on, id drop and sell.0 -
We did this, and I wouldn't recommend it unless you have a buffer in the bank. We was literally waiting to exchange contracts when we was selling our house and then the buyer dropped out, due to the brexit result.
We was already knee deep in the process of buying a house so decided to rent the old one out. This worked for a year or so. We used a letting agent who handled all the legal stuff and maintenance (this can be a right headache if you get it wrong so was worth the 10% rent).
However after about a year, the tenant stopped paying rent, which put us in a tight spot. Luckily we saved enough to cover the mortgage, but getting the tenant out was a nightmare. It was taking months and months to sort but finally we got them out. In the end we just dropped the price massively and got rid, wasn't worth the drama.
If you know what you are doing and have the money then it can be worth it, but if you are looking to rent it out as a quick fix to move on, id drop and sell.
Good advice.0
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