I love my flat. Should I sell it, rent it or just wait?

Asinfo

Partner and I bought a 1 bedroom flat in cash in Glasgow, Anniesland end of 2020. We absolutely love the flat, but the area doesn't work for us.

We want to move to Edinburgh in a slightly bigger property (with mortgage).

We have explored many options but can't decide.

1. Rent our flat in Glasgow and live in a rental until we find a place to buy in Edinburgh
2. Sell it now if the offer is good. Rent and buy when we find the right place at right time
3. Stay here and watch Anniesland become the new Brooklyn?

What would you do?

Thank you

housebuyer143

Do you have 4% extra for stamp duty? Unless you plan to sell it before buying the new one you need to factor this in.

p00hsticks

If you love it that much are you emotionally detached enough to handle it if you rent it out and the tenant trashes it ?

Hannimal

Personally I'd get a mortgage and rend the flat you've bought outright out. Anniesland property values will not be decreasing and property in either Glasgow or Edinburgh is a fairly secure investment that in all likelihood will be worth more than cost of mortgage. Well done for being financially in such a good spot.

[Deleted User]

Don't become a landlord, is immoral.

simon_or

1 Rent it out

Flugelhorn

[Deleted User] said:

Don't become a landlord, is immoral.

why? not everyone can by a house so need to rent - also if you move to work somewhere you can't always buy quickly enough.

Slithery

[Deleted User] said:

Don't become a landlord, is immoral.

Where are all the people that choose to rent meant to live?

Asinfo

Thank you for all your replies. Really appreciate it.

MovingForwards

Sell it. If you love the flat, how would you feel having tenants in who don't take as much care with it as you do? Accidents happen, so does deliberate damage.

scottishblondie

As a local to the area I feel slightly offended  I've always thought that Anniesland is well placed - good access to transport links, decent shopping options, and easy to get to the trendier and more expensive areas of the "West End" of Glasgow.

If you love the flat do not rent it out - if you get a careless tenant who damages the place then it won't just be the bank that is broken.  If you want to move now, I would sell it and have the cash in the bank ready to buy a place you love just as much in your desired area.  Maybe rent there first to make sure you do like it!!

Buying a second property would come with a 4% ADS on the LBTT for the new place, and we only get 18 months up here to sell the previous main residence in order to reclaim that.  Renting is not a cheap business - you would need to adhere to all the regulations (e.g. gas safety cert, EICR, smoke alarms, LL registration), pay tax on the income, etc.  Plus you get all the stress.