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To sell or let?
Rosa49
Posts: 9 Forumite
Bought a house for student son to live in with friends. He's moved on and now I want to sell it.There is still one tenant living there, but the rent is not much. Local council tell me I'm still liable for the council tax as the rent is too low for the whole house! My son has a friend who says he wants to buy and redevelop it, but has to sell his property first. The house needs major refurbishment. Someone else has shown interest in renting it long term and would be willing to do a lot of the work themselves.Or, I could spend and pay someone to refurbish it for me, then rent or sell on. The house is at the other end of the country from me to make things more difficult. Any suggestions please as to the best way forward?
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I wouldn't pay someone to refurbish it. Contractors charge the earth. By the time they've taken their cut, you may as well have just sold it as it was.
Whether you rent it to this long term tenant would depend on the return you would get on your money compared to just having it in the bank!Everything that is supposed to be in heaven is already here on earth.
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