UK-POLOS.NET - THE VW Polo Forum

So, most of you know I'm in the throws of relocating mind body and soul to the great city otherwise known as Glasgow.

Well today things got interesting. I've been trying to find the time to do up my house for renting and am about 80% complete. Just one room left to decorate and some doors to hang. I've got all the paperwork (inspections, certificates, other boring legal stuff) sorted out apart from the mortgage(!) and insurance.

But now a house practically the same as mine has gone up for sale just four doors down the road. It has a garden in good condition while mine is a tip, but I have a really nice garage and they have none (I've got my priorities right!).

To cut to the short of it - this house is up for twice what I paid for mine only four years ago!!!

So, do I put mine up for sale, take the money and run?

The market round here is beginning to stagnate. Lots of people putting stuff up while they think prices are still high, and not much turnover.

I know I can rely on you guys for good advice. No pressure.

The one plus of keeping the house and renting is that my mortgage is tiny (compared to some people's) - the rental income would cover it plus a maintenance budget. So it'd be left building my equity for the future while leaving enough disposable income to cover important stuff like saving for the next VW!


Deek

The one plus of keeping the house and renting is that my mortgage is tiny (compared to some people's) - the rental income would cover it plus a maintenance budget. So it'd be left building my equity for the future while leaving enough disposable income to cover important stuff like saving for the next VW!

^^
Gets my vote

I'd keep the house for a rainy day myself.. if the market is stagnating in your area then it's going to be a hassle to sell it, especially for double the price you bought it for, and it is always useful to have an investment like that stashed away in case you ever find yourself in financial trouble.

I'd keep the house and rent it out, as long as you can get decent long'ish' term tennants, and/or a good agent to keep an eye on it.

I wish I'd bought a house years ago while they were still 'cheap'!

mikegti wrote:I'd keep the house and rent it out, as long as you can get decent long'ish' term tennants, and/or a good agent to keep an eye on it.

I wish I'd bought a house years ago while they were still 'cheap'!

agree.

if you think in long term, at the end of the day, the house will be yours.
so come to think of it, the renting ppl are paying your mortgage!

dxg wrote:great city otherwise known as Glasgow

rent it out mate. get that steady income and sumin u can fall back on just in case!!

get that money each month and spend it on your car!!! get it feature worthy lol

The poll is currently 8-0 in favour of renting your stack

Don't forget to inform the lender - they may require you to convert the Mortgage to a buy to rent.....

It does have the advantage that way you can buy a place in Glasgow and get appreciation on two properties

Just because they've put it up for twice the purchase price doesn't mean it's either worth that or that they'll get anything near it at the end of the day.

If it doesnt cost a fortune might be worth having a quick go trying to sell it (you can always get somewhere similar for it's "real" value if it worth, be quids in AND able to carry out the landlord idea) but then going on to rent and see what the local market does if that doesnt work out.

Two houses huh, flash git.....

usually if you've lived in it for longer than 2 years - you dont have to worry about the morgage being buy to rent.


house prices everywhere either need to fall, or stay the same - the ladder is too high for people to join nowadays.


i doubt they'll fall, much.

keep the house, get the rent and pat yourself on the back for owning a house (something, right now, i can only dream of)

(sell and its high price, whatever you buy also high price...)

Renting it out gets my vote!

Its what i'd do if i could afford to.....and had a house in the first place lol