How to convince partner to sell flat

TheLearner2008

My partner bought a flat about 5 years ago outside Paris and has always had a tenant in the flat however the flat has never generated enough rental income to cover the mortgage and expenses. Every month he has to pay in more money to keep it going and every year or so the building requires repairs which costs more money. Taxes etc you name it. It's not in a sought after area and not central at all.
I have tried to convince him to sell it, but he says its an investment.
How can I convince him that it is not an investment if he has lost thousands and thousands over the last 5 years?
The other reason why I want to sell it is because he has 67k of debt and only has like 600 per month spare. We have created a snowball and he has agreed to sell his motorbike which costs 500 per month but he doesn't want to sell the flat. How can I convince him?

Suseka97

I guess one way is to put things down in black and white.  Write down how much this flat has cost him over the last 5 years, vs how much income it has generated and also list his debts - a form of balance sheet.  Debts vs Assets.  Then ask him why he genuinely feels keeping hold of it is a better option than selling.  You don't say how much equity, if any, the flat has generated and as its not in a very desirable place I doubt it will have sufficient to clear his debt.  But it'll go someway to reducing it and he'll stop throwing money at it in the future.  If he still sticks with his view that 'its an investment', then I don't see how you can change his mind.

tacpot12

You need to make him understand the impact of him not clearing the debt (when he can) is having on you and your relationship with him. He will either value the relationship more than the investment potential of the flat or less.

bhjm

in addition to suseka97 advice, I would check with your partner if there is a emotional connection to it.
Because emotional facts often overrule logical facts. numbers not help to convince to sell

sourcrates

bhjm said:

in addition to suseka97 advice, I would check with your partner if there is a emotional connection to it.
Because emotional facts often overrule logical facts. numbers not help to convince to sell

I love Paris, and could happily live there, it used to be dirt cheap, away from the limelight areas, once they adopted the euro though, everything changed, its now very expencive, to live, to stay, even to visit.

You`ve done well to get him to sell his bike, the flat as well maybe pushing it somewhat.

ryanm8655

Also a Paris lover, would happily live there if I was fluent in french.

It may still be an investment depending on the capital appreciation but I know nothing about the Paris property market to know whether the capital appreciation is any good. I’d have thought a Paris flat is worth a fair whack though, depending on what he paid for it etc.

theoretica

Are you subsidising his lifestyle?  What are his debts/flat ownership preventing you doing as a couple and does he also want to do them?

enthusiasticsaver

TheLearner2008 said:

My partner bought a flat about 5 years ago outside Paris and has always had a tenant in the flat however the flat has never generated enough rental income to cover the mortgage and expenses. Every month he has to pay in more money to keep it going and every year or so the building requires repairs which costs more money. Taxes etc you name it. It's not in a sought after area and not central at all.
I have tried to convince him to sell it, but he says its an investment.
How can I convince him that it is not an investment if he has lost thousands and thousands over the last 5 years?
The other reason why I want to sell it is because he has 67k of debt and only has like 600 per month spare. We have created a snowball and he has agreed to sell his motorbike which costs 500 per month but he doesn't want to sell the flat. How can I convince him?

If he is not covering expenses then it is a bad investment at the moment but of course things can change.  Are you subsidising your current household expenses because he cannot contribute because of the debt and loss on the flat?  That is assuming you live together but I assume you are not married.  If you are subsidising him then I suggest you stop so he is forced to deal with the debt or the flat.  Otherwise leave him to it as he is obviously not open to the suggestion at the moment. 

TheLearner2008

Thanks all for responses. 

I am paying much more towards rent and living expenses and if we treat ourselves to take out I usually have to pay. 

I agree that I think it’s also affecting our relationship as I don’t see a future without saving towards a home or retirement or at least improving lifestyle. 

madaboutspots

Just supposing this flat did somewhere along the line earn it's keep finally - who would actually benefit from it? Both of you or your partner? If it's in his name only you have no legal right to benefit from it's rent/sale. As such he needs to be paying his way.

Many years ago now I was in a mad relationship with a bloke who rented his flat for incredible amounts and refused to count it as our income/asset. He even suggested I should buy our "family" home as he couldn't get a 2nd mortgage without telling the tax man about his rental income. I scarpered and took my house deposit with me, gave the tax man a head's up which I was told later WAS followed up and fined as a result and I never looked back! 

Sadly people who are happy to let others pay for everything are out there. Best to leave them behind.