Should I sell

Paula1981

Hi, I currently own my property outright but i am considering moving to a less remote location in the hopes of finding work. Originally i thought i would rent my property out for a year, make sure i am happy with my new location etc but then i started to wonder if i would be better to sell & done with it. By selling, i can pay off my loans, credit cards etc. Get my kids their first bikes & maybe even treat them to a real holiday. It would also be less hassle in terms of having to find tennents, deal with rent, trying to fix things if anything goes wrong like the roof falling off. BUT on the other hand, the property is paid for, its a security mesure if things dont work out & i need to come back home. It will always be an investment, something to leave to the kids, BUT i probabaly wont ever be in a position to buy a house again leaving me in rented housing, which on the plus side, its not my issue of the roof blows off but ive also got less securtiy. Any advice or suggestions please? 

cymruchris

Paula1981 said:

Hi, I currently own my property outright but i am considering moving to a less remote location in the hopes of finding work. Originally i thought i would rent my property out for a year, make sure i am happy with my new location etc but then i started to wonder if i would be better to sell & done with it. By selling, i can pay off my loans, credit cards etc. Get my kids their first bikes & maybe even treat them to a real holiday. It would also be less hassle in terms of having to find tennents, deal with rent, trying to fix things if anything goes wrong like the roof falling off. BUT on the other hand, the property is paid for, its a security mesure if things dont work out & i need to come back home. It will always be an investment, something to leave to the kids, BUT i probabaly wont ever be in a position to buy a house again leaving me in rented housing, which on the plus side, its not my issue of the roof blows off but ive also got less securtiy. Any advice or suggestions please? 

I'd sell and relocate - and then if you don't like it - sell again and relocate. Becoming a landlord is not for the faint hearted, way too many costs/hurdles/headaches to make it worthwhile.

Paula1981

cymruchris said:

Paula1981 said:

Hi, I currently own my property outright but i am considering moving to a less remote location in the hopes of finding work. Originally i thought i would rent my property out for a year, make sure i am happy with my new location etc but then i started to wonder if i would be better to sell & done with it. By selling, i can pay off my loans, credit cards etc. Get my kids their first bikes & maybe even treat them to a real holiday. It would also be less hassle in terms of having to find tennents, deal with rent, trying to fix things if anything goes wrong like the roof falling off. BUT on the other hand, the property is paid for, its a security mesure if things dont work out & i need to come back home. It will always be an investment, something to leave to the kids, BUT i probabaly wont ever be in a position to buy a house again leaving me in rented housing, which on the plus side, its not my issue of the roof blows off but ive also got less securtiy. Any advice or suggestions please? 

I'd sell and relocate - and then if you don't like it - sell again and relocate. Becoming a landlord is not for the faint hearted, way too many costs/hurdles/headaches to make it worthwhile.

But once i sell, i wont ever be in a position to buy again

RHemmings

Paula1981 said:

cymruchris said:

Paula1981 said:

Hi, I currently own my property outright but i am considering moving to a less remote location in the hopes of finding work. Originally i thought i would rent my property out for a year, make sure i am happy with my new location etc but then i started to wonder if i would be better to sell & done with it. By selling, i can pay off my loans, credit cards etc. Get my kids their first bikes & maybe even treat them to a real holiday. It would also be less hassle in terms of having to find tennents, deal with rent, trying to fix things if anything goes wrong like the roof falling off. BUT on the other hand, the property is paid for, its a security mesure if things dont work out & i need to come back home. It will always be an investment, something to leave to the kids, BUT i probabaly wont ever be in a position to buy a house again leaving me in rented housing, which on the plus side, its not my issue of the roof blows off but ive also got less securtiy. Any advice or suggestions please? 

I'd sell and relocate - and then if you don't like it - sell again and relocate. Becoming a landlord is not for the faint hearted, way too many costs/hurdles/headaches to make it worthwhile.

But once i sell, i wont ever be in a position to buy again

Why do you say that? 

cymruchris

Paula1981 said:

cymruchris said:

Paula1981 said:

Hi, I currently own my property outright but i am considering moving to a less remote location in the hopes of finding work. Originally i thought i would rent my property out for a year, make sure i am happy with my new location etc but then i started to wonder if i would be better to sell & done with it. By selling, i can pay off my loans, credit cards etc. Get my kids their first bikes & maybe even treat them to a real holiday. It would also be less hassle in terms of having to find tennents, deal with rent, trying to fix things if anything goes wrong like the roof falling off. BUT on the other hand, the property is paid for, its a security mesure if things dont work out & i need to come back home. It will always be an investment, something to leave to the kids, BUT i probabaly wont ever be in a position to buy a house again leaving me in rented housing, which on the plus side, its not my issue of the roof blows off but ive also got less securtiy. Any advice or suggestions please? 

I'd sell and relocate - and then if you don't like it - sell again and relocate. Becoming a landlord is not for the faint hearted, way too many costs/hurdles/headaches to make it worthwhile.

But once i sell, i wont ever be in a position to buy again

As above - why not?

You mention about going on a spending spree if you did sell - that probably wouldn't help things as much as you want the best for your kids.

Paula1981

@RHemmings because i will never earn enough to get a mortgage, im only mortgage free because of inheritance. 

lincroft1710

I may be missing something, but if you sell your present home, won't that give you enough money to buy your next home?

Paula1981

@lincroft1710 no house prices on the island are lower than mainland scotland, my 3 bed flat with sea views is maybe about £95k so say i had £90k after expenses, i would struggle to get a 2 bed terraced house for that

cymruchris

Paula1981 said:

@lincroft1710 no house prices on the island are lower than mainland scotland, my 3 bed flat with sea views is maybe about £95k so say i had £90k after expenses, i would struggle to get a 2 bed terraced house for that

In the short term while you were getting the work and establishing a salary that might get you a small mortgage a year down the line - would there be an option of buying a 1 bed house/flat - and use the lounge as a second bedroom until you got yourself back on your feet? What I'm trying to say is - make sure you think of things from as many angles as possible to get a short term solution to a problem that would allow you to get yourself into a better position further down the line. It might be a bit of a squeeze - but you've clearly decided you want to try a different path to try and better yourself - but I wouldn't sell up completely as rentals are expensive and your money would get eaten away quite quickly.

Paula1981

@lincroft1710 I have 2 kids (7 & 8) & a husband & a dog. I don’t think we would survive! But I understand & it has crossed my mind about paying rent. It would be about £800 a month for a 3 bed house in the country 

cymruchris

Paula1981 said:

@lincroft1710 I have 2 kids (7 & 8) & a husband & a dog. I don’t think we would survive! But I understand & it has crossed my mind about paying rent. It would be about £800 a month for a 3 bed house in the country 

Can you get rid of the husband? (that's not a serious point!) Yes - that's something I'd worry about - in that you'll be paying £800 a month into someones pocket for no benefit of your own. If you got the job, and it only just covered the rent and bills, you wouldn't be much further forward. Are there any other locations that might fall closer to budget? (and I appreciate it's a limited budget you're working with).