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Sell or rent out?

Tillyanna · 2007-12-05 16:25:12

Hi everyone My mother is in the process of selling her flat. She is moving into a rented warden assisted flat and wants to use the proceeds of the sale to pay the rent on her new place. Two days after putting the flat on the market she found a buyer, but that was in August. Since then the buyer has had difficulty getting a…

Comments

missile Posts: 11,774 Forumite

7 December 2007 at 5:37PM

Never easy to manage property rental from afar. Finding a GOOD agent is not easy either. I guess you have little experience in property rental? Property rental is not risk free and there are many potential problems. Would you have to spend money on the property to make it suitable for rental? Unless you are very fortunate, you are unlikely to better 7% return. Obviously, that depends on the condition of your mums property and the location.

IMHO you would be best to sell. I would speak to the estate agent and try to get some assurance that the buyer will complete as a matter of some urgency. If not get the property back on the market asap.

"A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
Ride hard or stay home :iloveyou:
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