I hate being a Landlord, but everyone tells me not to sell. Who is right?

cgfw201

TBagpuss said:

If you hate it, sell. 

No one can say for certain whether it will give you a better financial return in the long run if you keep it, but if you find it stressful and don't want it, sell, you can'tput a finacial value on your pece of mind. 

If you don't want to be a landlord there are other options for investment - you could put it in a savings account (especially if you xpect to need the funds within a short space of time)  but equally could look at putting money into stocks & shares - you can invest in mixed funds so you spread your risk over a range of different investments rather than having all your eggs in one basket. Or put some of it into a savings account and some into investments. Or put (some) of it into a pension and use it to start to build up security for the future that way.

Property has historically been a good investment but there are other things you can invest in,  

I'd say keep it if you thought it was likely thaty ou would want to move back to Lodon in the foreseeable future, otherwise, do wha you feel comfortable with..

You could also consider buying a home to live in - (although I realise that if you are living on a family farm your home may be very secure) or buy a local property to rent out if you feel that that might be easier to manage.

Moving back to London not likely to be on the agenda. A more local property is an option, also would consider looking at the holiday let market, that way I could at least get some enjoyment from the property a week or two a year in theory. Current tenants are in until Jan 2024, and fixed rate mortgage is up Jan 2025 so that window is when we'd be likely to actually do something about it.

newsgroupmonkey_

I wouldn't feel guilty, particularly in London, about letting a flat. I mean, if you lived in a cheap area that is being held artificially high by BTL landlords, I'd understand.

London is a thing. It's a way-of-life for many people. They have no wish to own (or certainly couldn't afford a mortgage on a £560k 2 bed flat). There's a thread on here today about someone earning £60k and can they afford to rent and socialise in London.

If buying a property was high on their agenda, working in London probably wouldn't be in their sights.

smipsy

If you hate it, sell it, it isn't really that much of a choice

lika_86

newsgroupmonkey_ said:

London is a thing. It's a way-of-life for many people. They have no wish to own (or certainly couldn't afford a mortgage on a £560k 2 bed flat). There's a thread on here today about someone earning £60k and can they afford to rent and socialise in London.

If buying a property was high on their agenda, working in London probably wouldn't be in their sights.

On the contrary, pretty much everyone I know in London really wants to buy, the reason most are in rental accommodation is either because they are saving up to be able to afford the deposit plus stamp duty or because they can't afford to buy at all. The reason people tend to leave London is because they reach a point in their life where they realise that their only chance of buying a house or a house that meets their needs is to move out. 

Buying a house can be high on your agenda if you live in London, but you may have to accept it will take longer or that it will take a backseat in the short term.

mrsammyp

I think over the long term it's always worth keeping a foot on the ladder but understand from personal experience that a BTL can be a bit of a drain, especially if your the one having to deal with it.

In your shoes and whilst in rented accommodation, I would probably keep it ticking over.

sidneyvic

If your wanting to sell, you have probably missed the boat, have you not seen the news on interest rates ?

london21

If you are really fed up then sell it.

Been a landlord has its pros and cons but if you are not interested can sell.

But been desperate to sell might not get the max price.

cgfw201

sidneyvic said:

If your wanting to sell, you have probably missed the boat, have you not seen the news on interest rates ?

yeh well aware of that. We're fixed til Jan 2025 at 1.7% so won't be making any rash decisions.

Thanks for replies, glad I'm not completely insane for thinking this. Will have a look at best options, not planning to sell with tenants in the house, and not going to sell if the market falls to pieces. But if I can find a less pain in the !!!!!! option for all this equity I'm definitely going to swap it. 

smipsy

not selling with tenants in the house and not selling if the market falls to pieces, with those options you're more or less committed to keep it then. the market is likely to be tattered for some time, so if I were you I would to commit to keeping it if you're not selling now.