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Q&A » Renting your home
879By 1 year to go, do you mean that you have nearly paid it off or is that the end of a fix?
Is that £40K a penalty or is it negative equity?
If it is only a price reduction in the current market then that would probably be the situation where you want to move to. If both are down £40K then you wouldn't lose anything because you would have the same differential regardless of the value.
Please bear in mind that it is difficult to make a profit from renting if you have to employ people to do everything which would be necessary if you are moving far.
Mike
Posted on 11 February 2012 |
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0I have almost paid it off and the current selling prices are around £40k less than i paid in 2007 when I bought it.
If I rented it out and in turn rented myself, I could possibly sell when things improve.
My other option is to part exchange for a new build but would have to take out a mortgage and at 64 years old and widowed, it is a big consideration to have a ten year mortgage which would be a struggle.
Posted on 11 February 2012 | Love 0 loves
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879When you sell and buy, you should only consider the difference in prices. Both are going up and down with the market, probably at the same stage, so the actual price doesn't matter so much.
If you are selling at a low point, it probably means that you would also be buying at a low point.
At 64 I wouldn't recommend you starting to be a landlord especially at a distance.
Why does it have to be a 'new build'? They are charged at a premium which would be lost as soon as you buy. A similar fairly new property might be cheap enough to buy without a mortgage.
Mike
Posted on 11 February 2012 | Love 0 loves
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