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Sell It or rent it out?

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  • Sell It or rent it out?

    Hello

    I am new here but just needed some opinions.

    I am currently selling my flat in Sutton surrey and have had an offer yesterday of the full asking price of 170k. First time buyer.

    I had a previous offer of 165k and had around 10 viewings in 10 days.

    I had 4 valuations and only one estate agent thought my flat would achieve this amount. The others were adamant Id only achieve 165k at the very most, I however asked them to put it up at 170k.

    My dilemma is that now its come to light that due to my partner being self employed, we may struggle to get the mortgage we need to buy a house and even if we do manage to get it, we still haven't found a house we like.

    My partner thinks we should sell the flat anyway as we have been offered a very good amount for it and will have 33k equity. He's suggesting that we rent somewhere until we can either get more deposit together if the mortgage is declined or until we find a suitable house to buy.

    I'm in two minds about this as currently my mortgage on my flat is only around £450 a month and I can rent it out for £900 giving us a profit every month to pay off of the mortgage.

    On the other hand, I understand where he is coming from as he thinks that if we don't sell the flat now at this high offer then potentially the prices could end up going down and we would be worse off in the long run.

    Sorry to bang on and hope this makes sense. just so confused about what to do. Are the predictions for house prices to fall in the uk over the next few years?

    Thanks

  • #2
    Re: Sell It or rent it out?

    Hi Vicky,

    It is sad that your Q fetched no replies.... I am not an expert so I cannot give informed advice, but we are in a similar position and explored the possibility of letting it out. I may still come to that but I was put off the idea by the complications, agents and fees, having to get certificates of safety for utilities and equipment, income tax on rent received and complex tax returns with costs set against tax ...any Capital Gains Tax on sale?

    All in all ,unless one sets out to be a landlord permanently, I don't think it is worth the hassle...IMHO only.

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    • #3
      Re: Sell It or rent it out?

      First things first - see if you can secure a mortgage, assess the deposit required, rates and fees then make a decision.

      I specialise in self employed mortgages so I'd be happy to provide suitable mortgage advice. Just let me know.

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      • #4
        Re: Sell It or rent it out?

        SELL IT!!!!

        Only an idiot would want to rent out their home with all the hassle you get and the damage etc.

        Don't become an accidental landlord.
        BRAND NEW HOMES
        Information for UK new home buyers
        New Home Blog The latest news and views

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        • #5
          Re: Sell It or rent it out?

          Hello,

          Having a rental house will help us become more diversified. The additional income will be helpful as well.

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