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Time to sell rental property

advicerequired2024
Posts: 2 Newbie

Hi,
I have a 1 bedroom flat which I rent out, doesn't make any money but keeps the mortgage covered. Last tenant was a nightmare and the property needed lots of work to get it back to a decent standard.
I live with my partner nearby in a lovely home but is getting to be too small with kids getting bigger each day so we would like to upgrade however this wont be happening for a year or two.
Should I keep renting out my 1 bed flat until we are ready to put the wheels in motion to move or should I sell now and keep the money in savings until we are ready.
Thanks
I have a 1 bedroom flat which I rent out, doesn't make any money but keeps the mortgage covered. Last tenant was a nightmare and the property needed lots of work to get it back to a decent standard.
I live with my partner nearby in a lovely home but is getting to be too small with kids getting bigger each day so we would like to upgrade however this wont be happening for a year or two.
Should I keep renting out my 1 bed flat until we are ready to put the wheels in motion to move or should I sell now and keep the money in savings until we are ready.
Thanks
0
Comments
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Sounds like one of those “how long is a piece of string” questions to be honest. Hard to say which will prove the most beneficial without a crystal ball.Sorry to be no help at all, but good luck with it anyway!0
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I'm no fan of buy to let. You can potentially make money over the long term in terms of capital gains - but you will be hit with extra taxes. On a day-to-day bases, since all rental income is taxable, you're lucky if it covers all the costs to keep the place running.If you're wanting to invest for capital growth would I recommend buy to let? No. You'd be much better of investing in a diversified fund rather than a single property.Selling the property would simplify your finances and mean you have a bigger deposit for your new house - so you should therefore get a better mortgage rate
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advicerequired2024 said:Hi,
I have a 1 bedroom flat which I rent out, doesn't make any money but keeps the mortgage covered. Last tenant was a nightmare and the property needed lots of work to get it back to a decent standard.
I live with my partner nearby in a lovely home but is getting to be too small with kids getting bigger each day so we would like to upgrade however this wont be happening for a year or two.
Should I keep renting out my 1 bed flat until we are ready to put the wheels in motion to move or should I sell now and keep the money in savings until we are ready.
ThanksSignature on holiday for two weeks3 -
If the flat is currently empty then it makes sense to sell it now, then when you are moving later you only need to deal with selling 1 property and if you put a new tenant in you'll find yourself restricted in how quickly you can sell it later. If they refuse to leave you could be held up for months.
Will the flat be worth enough more in 1 or 2 years when you want to move? Who knows, but you'll probably want to bias towards readiness should you stumble across the ideal house early (we moved 3 years ahead of plan because the perfect house came up in budget).
3 -
If the BTL is currently vacant and you are considering selling within a year or so, then it would seem to make sense to sell now.2
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advicerequired2024 said:Should I keep renting out my 1 bed flat until we are ready to put the wheels in motion to move or should I sell now and keep the money in savings until we are ready.3
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Signature on holiday for two weeks1
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I would sell it now while it is empty.....would be a no brainer for me....
.."It's everybody's fault but mine...."3 -
Stubod said:I would sell it now while it is empty.....would be a no brainer for me....0
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Mutton_Geoff said:advicerequired2024 said:Hi,
I have a 1 bedroom flat which I rent out, doesn't make any money but keeps the mortgage covered. Last tenant was a nightmare and the property needed lots of work to get it back to a decent standard.
I live with my partner nearby in a lovely home but is getting to be too small with kids getting bigger each day so we would like to upgrade however this wont be happening for a year or two.
Should I keep renting out my 1 bed flat until we are ready to put the wheels in motion to move or should I sell now and keep the money in savings until we are ready.
Thanks0
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