We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Help with renting out my flat. Should i?

2»

Comments

  • Comms69
    Comms69 Posts: 14,229 Forumite
    10,000 Posts Third Anniversary Name Dropper
    Norman_Castle wrote: »
    The £290 mortgage payment is an investment in the property so not a negative.



    Well that's debateable. You're assuming that the rate of repayment is better than an investment elsewhere. Additionally you're assuming house prices will go up. Most people thought the same in 2006/7 - not that I'm predicting a crash, just saying.
  • Comms69
    Comms69 Posts: 14,229 Forumite
    10,000 Posts Third Anniversary Name Dropper
    Cakeguts wrote: »
    The comment was based on rents ooop north. Greater Manchester.

    Southerner!
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    Also don't forget the extra 3% SDLT. Say your new house be is £200k, how long will it take to break even, from the meagre profits, to recover from the extra £6,000 you'll have to pay ?
    Also, with the equity in your flat instead put into the new house, that may reduce your LTV and mean you can get a lower % mortgage rate, plus you'll be paying less interest anyway. All things to put in the spreadsheet when looking at pros and cons.
    Also, don't write off the risk, one bad tenant, even without causing damage, could wipe out years of profit. Can't say I could be bothered . Been there, done that, too much hassle.
  • Housebuy12345
    Housebuy12345 Posts: 211 Forumite
    I would rent it out!
  • Housebuy12345
    Housebuy12345 Posts: 211 Forumite
    Also look on spareroom.co.uk and OpenRent where you can rent out your own place direct. Expect 6 month rentals, seems to be the norm.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.4K Banking & Borrowing
  • 254.4K Reduce Debt & Boost Income
  • 455.4K Spending & Discounts
  • 247.3K Work, Benefits & Business
  • 604.1K Mortgages, Homes & Bills
  • 178.4K Life & Family
  • 261.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture