Should I sell up?
Discussion
The wife is giving me a little pressure to sell of one buy to let place.
Reason being it needs a new flat roof on the extension, repaint inside, annoying mould problem (double glazed throughout), boiler is very very old so probably needs a new one, roofs looking like it needs retiling within 5 years original 80 years old.
Upside is new bathroom new kitchen new carpets
It washes its face but frankly taking the equity in it and putting that into our offset mortgage would in essence make us mortgage free by summer next year.
Value I guess it's near te £250k and is a 3 bed semi with off road parking for two cars on the drive and a big garden. But it could be a while before it breaks through to the ext stage the £275k level.
So opinions hold out for the long term and invest cash now or sell up and be mortgage free in our forever home before 35. I don't have a huge amount of free time. Hmm what's people's views
Reason being it needs a new flat roof on the extension, repaint inside, annoying mould problem (double glazed throughout), boiler is very very old so probably needs a new one, roofs looking like it needs retiling within 5 years original 80 years old.
Upside is new bathroom new kitchen new carpets
It washes its face but frankly taking the equity in it and putting that into our offset mortgage would in essence make us mortgage free by summer next year.
Value I guess it's near te £250k and is a 3 bed semi with off road parking for two cars on the drive and a big garden. But it could be a while before it breaks through to the ext stage the £275k level.
So opinions hold out for the long term and invest cash now or sell up and be mortgage free in our forever home before 35. I don't have a huge amount of free time. Hmm what's people's views
it would depend on other factors i would think...
what will you be mortgage free on?
what's your attitude to work and your employability?
what's the likelihood of personal circumstances changing? family, finances, job etc...
in a similar position myself...after years of thinking i should always set my house buying budget at what my max equity + max borrowing is, i've realised it's a strategy that was worthwhile 10 years ago but not anymore. considering downsizing slightly to go mortgage free...then i had a pang of guilt; what will motivate me to get up and do something with no mortgage to pay?!
it's a tricky one.
what will you be mortgage free on?
what's your attitude to work and your employability?
what's the likelihood of personal circumstances changing? family, finances, job etc...
in a similar position myself...after years of thinking i should always set my house buying budget at what my max equity + max borrowing is, i've realised it's a strategy that was worthwhile 10 years ago but not anymore. considering downsizing slightly to go mortgage free...then i had a pang of guilt; what will motivate me to get up and do something with no mortgage to pay?!
it's a tricky one.
Mortgage free on our forever home - we love our area and will extend it to five double bed property. But I'd like to be totally debt free first.
We have a family now only one salary, my job is as with any job risky but I have no fear of not being able to quickly to find work if the worst were ever to happen. Have been contracting for many years then switched to Perm and moved again all pretty quickly even through the darkest years of the gloom.
Guess it has to be think of the following
1. How much do I have to spend
2. What's the pay back on that spend
3. What can I sell it for with and without the investment
4. What's the possible price of the house stepping up notably in ten years?
Thing is if I look at it as a long term Investment come 65 it will be giving me an annual income of c£12k pa in today's money
We have a family now only one salary, my job is as with any job risky but I have no fear of not being able to quickly to find work if the worst were ever to happen. Have been contracting for many years then switched to Perm and moved again all pretty quickly even through the darkest years of the gloom.
Guess it has to be think of the following
1. How much do I have to spend
2. What's the pay back on that spend
3. What can I sell it for with and without the investment
4. What's the possible price of the house stepping up notably in ten years?
Thing is if I look at it as a long term Investment come 65 it will be giving me an annual income of c£12k pa in today's money
NorthDave said:
I'd keep it. Why not work on the assumption it can always be sold to get you mortgage free in the future?
I think if you sold you would pay off the mortgage and then be looking round (in a couple of years) for something to invest in.
I'd keep it for exactly these reasons.I think if you sold you would pay off the mortgage and then be looking round (in a couple of years) for something to invest in.
A 3 bed semi with a flat roof and a big garden isn't going to be the best rental to maintain.
You could sell it and buy another one which would require less maintenance.
If it rents easily I would be reluctant to sell it and would do the jobs needed one at a time over the next few years, can you afford not to make a profit from it for a few years?
You could sell it and buy another one which would require less maintenance.
If it rents easily I would be reluctant to sell it and would do the jobs needed one at a time over the next few years, can you afford not to make a profit from it for a few years?
Gassing Station | Finance | Top of Page | What's New | My Stuff