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Thread: In the current climtae would you Sell or Rent out?

  1. #1
    Regular Member vectraboyy's Avatar
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    Default In the current climtae would you Sell or Rent out?

    Hii,

    Me and the partner are currrently contemplating selling or Renting out our house.

    I'm for Selling as i feel its just alot simpler to sell up and buy elsewhere, whereas the better half wants to rent out then rent where we are going.

    We have a large three bedroomed semi, we are currently finishing decorating the inside to spruce it up. Massive conservatory front and rear garden (albeit not massive) and plenty of off road parking.

    It's in an area with loads of schools and stuff and apparently is a good location..

    However i work 120+ miles away and currently pay Rent, Mortgage and fuel bills which as you can probs imagine are pretty horrific atm and i am rarely here.

    Does anyone else rent there house out and rent elsewhere or been in a similar situation?

    I'm really keen on moving and its going to affect how much work we do to the house ultimately.

    All opinions and advice welcome.

    Many Thanks

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    Regular Member triple595's Avatar
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    rentals seem to be in high demand atm, whereas sales arent going very good might be better off renting it out as long as you can cover the mortgage

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    Regular Member vectraboyy's Avatar
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    Thats the other halfs argument.

    But all that means is im going to pay loads for Renting elsewhere.. surely that negates it?

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    Regular Member triple595's Avatar
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    there is that, or you could look at it as an investment, once things sort themselves out you can sell then and invest in a new place

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    Regular Member vectraboyy's Avatar
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    True,

    Well we are still smartening it up, so may get the estate agents out for valuations and see what it could be realistically rented for i spose.

    even a £100 a month loss is ok as its still cheaper than the £350+ im spending in fuel and rent getting to it lol

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    Regular Member Grumpy1954's Avatar
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    Default

    Quote Originally Posted by triple595 View Post
    rentals seem to be in high demand atm, whereas sales arent going very good might be better off renting it out as long as you can cover the mortgage

    Can you not use the rental to pay the mortgage on a new place?

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    Regular Member Derek Mc's Avatar
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    Unless you have to do NOT sell, as the investment value in a house has dropped massively in the last four years, and will not recover for around another four, keep the house now as it will grow in value better than any savings investment account. if you can that is.
    To make it easier, get a letting agent involved have a chat and see how simple it becomes for you.

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    I currently have 3 properties, 2 are Let and 1 has just gone back on the Let market (none are mortgaged) and would say if you can afford to, then let it out. House prices will rise over the next few years and look to selling then if needs be. I do 2 that are fully managed @ 10% and 1 I did myself, I was lucky enough to get a good tenant, but obviously some can be a nightmare. The one I have on the Let market at the moment has had 4 interested parties and all have failed the vetting (credit check)

    Don't forget to check with your mortgage co if they are OK with the letting scenario.

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    Regular Member vectraboyy's Avatar
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    The biggest issue is the mortgage is quite high. It was got when it was very hard to get and due to the value depreciation on the house we cant remortgage it.

    Therefore i dont htink we will make any money on the property renting it, it's more a loss minimisations.

    IE, if the cost of renting it out is less than the cost of the Mortgage and Fuel costs etc then it will be done.

    Im guessing letting agency is the way to go and not DIY letting?

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    Most mortgage companies will NOT let you rent it out on a residental mortgage. I have been going through this process. You will have to get a buy to let mortgage and most will only let out 65-70% LTV on the property.
    You then need to change your insurance for the property.

    Cut a long story short after looking and going over all this we have stayed put and said sod it for the time being. We do have a house rented out by a good friend and have no probs with that.

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