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
To sell or not to sell...
Wakeysue
Posts: 1 Newbie
Hi all,
Looking for advice from landlords and/or where to go for professional financial advice about this. My partner and I are in rented and my friend lives in my house. She needed somewhere to live at a time when my partner and I wanted to try living together so the timing was great. We are now looking for a house together but as you all know the market has been all over the shop lately! My friend is now in a position to buy her own house and is in the process of doing so. My question is, is it worth me keeping hold of my house (small two bedroom mid-terrace) to rent out (which I would do through a managing agent). I have let a property before through a letting agent and it was fine but I had a great tenant. It is on a consent to let currently so there is the cost of changing mortgage and having to see what that would be, then the cost of the managing agent. Ideally my partner would buy the next house as a first time buyer and after a couple of years on a fixed rate we could re-mortgage together as I sell my house. This stops buying being dependent on my selling as well. I just wonder if the speculation about house prices decreasing over the next couple of years means I may be better off just selling now, avoiding the hassle and banking any profit. The alternative is we live in my house whilst looking for one to avoid paying additional rent. We've been looking for a year with no joy so it could easily go on for a year or more trying to find somewhere, then if there is a chain etc even if it is turning more into a buyer's market currently. I know I do not have the knowledge and experience to make this decision so any input greatly appreciated!
Looking for advice from landlords and/or where to go for professional financial advice about this. My partner and I are in rented and my friend lives in my house. She needed somewhere to live at a time when my partner and I wanted to try living together so the timing was great. We are now looking for a house together but as you all know the market has been all over the shop lately! My friend is now in a position to buy her own house and is in the process of doing so. My question is, is it worth me keeping hold of my house (small two bedroom mid-terrace) to rent out (which I would do through a managing agent). I have let a property before through a letting agent and it was fine but I had a great tenant. It is on a consent to let currently so there is the cost of changing mortgage and having to see what that would be, then the cost of the managing agent. Ideally my partner would buy the next house as a first time buyer and after a couple of years on a fixed rate we could re-mortgage together as I sell my house. This stops buying being dependent on my selling as well. I just wonder if the speculation about house prices decreasing over the next couple of years means I may be better off just selling now, avoiding the hassle and banking any profit. The alternative is we live in my house whilst looking for one to avoid paying additional rent. We've been looking for a year with no joy so it could easily go on for a year or more trying to find somewhere, then if there is a chain etc even if it is turning more into a buyer's market currently. I know I do not have the knowledge and experience to make this decision so any input greatly appreciated!
0
Comments
-
What is the potential yield (net, not gross) on letting the property after all the expenses of being a professional landlord, versus what you could get by investing your money elsewhere and having none of the numerous statutory responsibilities of an LL? Using an LA does not relieve you of any of these responsibilities, as you retain all legal liability.I
f you let and then need to sell at a future date, it could take you up to a year to gain a possession order to be able to sell with vacant possession, if your tenants decide not to leave at the end of their notice period. Which means your vendors may lose patience and go elsewhere.No free lunch, and no free laptop
2
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards